Vivendi said yesterday it has bought out Barry Diller’s personal stake in Vivendi Universal Entertainment for $275 million.
The buyout was widely expected, and first reported in The Post last month.
Diller had a 2.5 percent personal stake in VUE that he obtained when he sold USA Networks to Vivendi in 2001, which in turn was merged with NBC to create a new company called NBC Universal.
Diller’s e-commerce giant InterActiveCorp will maintain a 5.4 percent equity stake in VUE, a holding that will be wrapped into NBC Universal.
Diller has opted not to exercise IAC’s so-called “tag along rights” and take a board seat at NBC Universal, NBC chief Bob Wright said this week.
Diller was unavailable for comment yesterday, according to an IAC spokeswoman.
In the months that NBC sought to close its deal for Universal, Diller’s holdings represented a significant headache for executives. But in late-April, Diller agreed to accept letters of credit to back IAC’s preferred interest in VUE – worth about $1.9 billion – and essentially dissolve any rights Diller had to interfere with the merger.
Diller and Vivendi are still tussling in court over taxes. Diller alleges that Vivendi owes IAC some $620 million to pay for taxes, a claim with which Vivendi takes issue.