Matsushita sells of remaining stake in Universal Studios

Matsushita Electric Industrial is selling of their remaining share in the Universal Studios to the Vivendi Universal. The deal is worth around $1.15 billion. This expects to boost earnings for the new owners. Vivendi has said in a statement that they expect their earnings to be boosted by around $30 million in 2006 after acquisition costs.

The deal was announced by the two companies in Paris and Tokyo on Thursday though they have not revealed how that money would be transferred between the two companies. Matsushita would now be transferring the 7.66 percent stake in Universal Studios Holding Corp. they have in this unit, which owns the Universal Music Group, the world’s largest music company.

The company added in a statement released to the media: “Through this acquisition, Vivendi Universal is allocating resources to strengthen its position in global content activities and to further simplify its corporate activities.” Vivendi also added in another statement that they are further looking at boosting their stake in the NBC Universal.