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Vivendi Chief Says Music Biz Doom Exaggerated


01/27/2008
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(Reuters) Vivendi Chief Executive Jean-Bernard Levy has no plans to spin off the music unit Universal and he said on Saturday he believed the gloom surrounding the industry had been over done.

Speaking at the annual Midem conference, Levy said the music industry was going through a huge transition at the moment, with new business models for mobile and Internet services appearing all the time.

"I think altogether today there is an exaggeration in the industry," he told the conference. "Of course it is not doing that well, but look at us, we have flat revenues, a good two digit margins and it's not as dark as what many people describe." - He's not done yet.

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