Spin off a separately listed company, incorporating Universal Studios, Universal Music, VU Publishing, and former USA Networks TV holdings. Value: $20 billion to $28 billion.PAY-TV
Sell Canal +. Value: up to $5 billion.TELECOM
Sell stakes in France's Cegetel and other holdings. Value: up to $7 billion.UTILITIES
Continue selling off 42% stake, currently worth $4.7 billion, in Vivendi Environnement.