Liberty Media Awarded 765 Million Euros in Damages

ENGLEWOOD: Liberty Media has been awarded 765 million euros ($955 million) in damages from Vivendi in a lawsuit related to a stock swap deal over USA Network.

The jury awarded the damages as a result of "breach of contract and fraud" related to the 2001 deal in which Liberty Media swapped shares in USA in exchange for shares in Vivendi. The Paris-based conglomerate says it intends to appeal the ruling.

"Vivendi … strongly disagrees with the decision," said a company statement. "Vivendi believes that there are many grounds for appeal and continues to believe strongly that it did nothing wrong and will continue to vigorously defend itself in any subsequent appellant proceedings."

Announcing the damages award, Liberty said it "is confident that…the jury’s decision will stand."