Vivendi Universal Announces Extension of Contracts for President, Chairman

By | December 21, 2001 at 12:00 AM

Vivendi Universal (NYSE: V; Paris Bourse: EX FP) announced today it has extended for five more years the contracts of Ron Meyer, President and Chief Operating Officer, Universal Studios, and Stacey Snider, Chairman, Universal Pictures.

In making the announcement, Jean-Marie Messier, Chairman and Chief Executive Officer of Vivendi Universal, said, “I am thrilled to recognize the extraordinary accomplishments of these two outstanding leaders. As the head of Universal Studios Group’s businesses, Ron has brought the studio to new heights. With the recent creation of Vivendi Universal Entertainment (VUE), Ron, under the leadership of Barry Diller, will now expand his responsibilities to include all of the TV activities of VUE. I have every confidence that he will continue creating long-term value for the company.”

Mr. Messier added: “Stacey’s unique balance of creative and management expertise has led Universal Pictures to unprecedented success during the last three years, by consistently delivering exceptional films to audiences around the world. We now have the distinct privilege of ensuring management continuity at Universal Studios for years to come.”

“Ron and Stacey’s renewed commitment comes at the time of the creation of VUE, with Barry Diller joining as CEO, and stands to show the outstanding talented team that will lead VUE to new growth and development,” Mr. Messier concluded.

The formation of Vivendi Universal Entertainment (VUE) was announced on December 17, 2001. VUE brings together Universal Studios Group and the USA Entertainment Group.

Universal Studios Group encompasses the production and distribution of theatrical television and home video entertainment through Universal Pictures; and the operation of theme parks around the world through the Universal Studios Recreation Group.

USA Entertainment Group is one of two groups comprising USA Networks, Inc. and includes USA Cable, Studios USA and USA Films. USA Cable consists of the top-rated USA Network, one of cable television’s leading providers of original series and feature movies, sports events, off-net television shows and blockbuster theatrical films; SCI FI Channel, now a top-10 cable network in primetime, featuring cinematic hits, new and original series, and special events, as well as classic sci-fi, fantasy, and horror programming and an award-winning Web site, SCIFI.COM; and Emerging Networks TRIO, Newsworld International (NWI) and Crime. The Group’s network development and production, as well as first-run production and distribution division is Studios USA, responsible for some of the biggest dramas, action and talk hits on television. Also in the Group is USA Films, a motion picture production, marketing, and distribution company comprised of Gramercy Pictures, October Films, USA Home Entertainment, and certain domestic PolyGram Filmed Entertainment assets.

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