For weeks, Vivendi has been sitting upon the decision on whether they would make General Electric (GE) make a big payout to Vivendi to buy their stake in NBC Universal. They finally revealed on Thursday that they wouldn't exercise its right to sell a part of their 20% stake in NBC Universal to the parent GE company. If they had exercised that right, GE would have had to pay out around $3 billion as a result. Rather, the two companies have extended their partnership to 2017.
The current total stake that Vivendi has in NBC Universal is worth about $8 billion at this time; the original contract would have made GE buy back a part of that stake in January if the issue was forced.
The companies have changed some things, and in the new agreement, Vivendi will have the option each November to sell its stake in NBC Universal through an initial public offering (IPO). Starting in May of 2011, GE will have the option of buying 
back Vivendi's stake if they choose to as well.
The two companies merged their entertainment assets in 2004. The new company, which is made up of Universal Studios and NBC television, is owned 80% by GE.
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