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Vodafone buys Vizzavi stake
Posted: 31-Aug-2002 [Source: Media Guardian]

[Vodafone buys out Videndi's stake in Vivazzi and chooses to abandon the name and incorporate its services into Vodafone Life! set to launch this fall.]

by Owen Gibson -- "Vodafone has completed the acquisition of Vivendi Universal's stake in their mobile internet joint venture Vizzavi, once valued at over 2.5bn, for 90m.

The widely anticipated move allows the troubled Vivendi Universal to avoid putting any more money into the cash-guzzling unit, which has already burned through at least 500m since launching two years ago.

The move also marks the final nail in the coffin for ousted chief executive Jean Marie Messier's master plan of putting the company's content at the heart of a converged multimedia world. He once called Vizzavi "the first portal of the second internet age"."

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