Summer blockbuster Hulk is among Vivendi's assets

Some of Hollywood's best-known assets, including Universal's film, TV and theme parks, are up for grabs in the multi-billion dollar auction.

The Universal business - home to the latest blockbuster movies "The Hulk" and "Bruce Almighty" - is expected to raise in excess of $10bn (�5.6bn).

Vivendi also said it would "examine all available legal actions" to challenge the decision by a US tribunal to award its former chief executive Jean-Marie Messier severance pay of more than 20m euros ($23.5m; �14m).

Sell-off

Jean-Marie Messier bought the Universal assets from the Bronfman family three years ago as part of his grand plan to build a giant to rival AOL Time Warner.

The French mogul spent heavily on turning Vivendi from a water company into a huge media empire, but built up a vast debt pile in the process.

Mr Messier was ousted a year ago after shareholders became increasingly angry about the company's finances.

Vivendi's new chief Jean Rene Fourtou has made selling the US entertainment business a central part of his drive to cut debts this year.

Last month, Vivendi said it had identified six potential buyers for the business.

It was reported that the bidders included oil billionaire Marvin Davis, former Universal owner Edgar Bronfman, General Electric, Metro-Goldwyn Mayer, Liberty Media and US media group Viacom.

"After two months of work, the process is moving at sustained pace and a very significant competition has arisen," Vivendi said in a statement, following a board meeting on Tuesday.

However, the firm did not specify which of the bidders were on the shortlist.

Vivendi also reiterated its determination to oppose Mr Messier's 20m euro severance pay package.

On Monday, Mr Fourtou had described the tribunal's decision as "scandalous".