IAC Shares jump on Sale of Vivendi Universal Entertainment Stake

IAC/InterActiveCorp has sold their 5.44% stake in Vivendi Universal Entertainment (VUE) LLLP to NBC Universal for $3.4bn (in cash and shares – 56.6 million IAC shares worth $1.4bn). IAC shares gained 4.8% ($1.17 to $25.81) in early trading today (Wednesday) upon release of the news. This leaves VUE now wholly owned by NBC Universal, and the deal cancels litigation that was pending between the two companies (IAC and VUE).