How to Turn Vivendi's Business Around

In 2009, it looked like you would run out of cash. You'd been in that same position at Vivendi. Right. So a few things simultaneously. We had to go after cost, and so we adjusted the cost structure by about half a billion dollars. But also simultaneously looked at what's the best trajectory for each one of these business? What's the strategy that's going to take each of these assets and make them the best possible? And third, we looked at the portfolio. If you're a family-owned company, you don't have the access to the financial markets for investment. So which was the best configuration of the portfolio? And we decided to sell one of the