Nov. 10 (Bloomberg) -- Vivendi SA, owner of the world’s biggest music company, may hold out to get a higher price for its 20 percent stake in NBC Universal because it faces little pressure to sell right away.

The Paris-based media company may drop out of the running for GVT (Holding) SA after Spain’s Telefonica SA increased its bid last week for the Brazilian phone operator, reducing any pressure the French company may have faced to raise money from the NBC stake sale. Vivendi can notify General Electric Co., which owns the rest of NBC, during an annual window between Nov. 15 and Dec. 10 whether it wants to sell the stake.

“Without GVT there is no pressure on Vivendi and they can be a bit more greedy to try and squeeze more money,” said Alexander Wisch, an analyst at Standard & Poor’s Equity Research in London. “They can play the game because they are not desperate.”

Vivendi’s decision on its NBC Universal stake is key to a plan being put together by GE and the largest U.S. cable company Comcast Corp. to combine their media assets. GE is in talks to sell a majority stake in the unit to Comcast via a joint venture, people with knowledge of the discussions said last month. Comcast could take full ownership of NBC Universal in seven years, the same people said.

Vivendi spokesman Simon Gillham said today that he stood by comments he made last week that the company is in “no hurry” to sell the stake. He said he had no new comment. Vivendi Chief Executive Officer Jean-Bernard Levy has described NBC Universal as “non-core” and said he wants to expand in emerging markets.

NBC Plan

“If they walk away from GVT, now is not the best time to sell a stake in an ad-funded business,” said Paul Gooden, an analyst at ABN Amro Bank NV in London. “It will depend on how badly they want the cash for acquisitions.”

Philadelphia-based Comcast and GE this week agreed to value NBC Universal at about $30 billion, according to people familiar with the matter.

Comcast would own more than 50 percent of the joint venture formed with GE and contribute $4 billion to $6 billion plus cable channels E! Entertainment, Golf Channel and Versus, one of the people said.

NBC Universal operates theme parks, a movie studio, broadcast networks and TV channels including Bravo, USA and CNBC.

Vivendi’s stake is valued on the company’s 2008 balance sheet at about 4.3 billion euros ($6.3 billion).

“NBC is a non-core asset and on a medium-term time frame they will exit it and they do want the funds to make acquisitions,” said Gooden.

Emerging Markets Push

Vivendi, which owns Maroc Telecom and French mobile-phone company SFR, has unused credit lines of about 6 billion euros for assets, Levy said in September. Through Maroc Telecom Vivendi picked up African phone stakes in Mali, Mauritania, Burkina Faso and Gabon in the past few years.

Vivendi in September offered $3 billion for GVT to increase its presence in Latin America. Madrid-based Telefonica, Europe’s second-largest phone company, countered the bid with an offer of $3.7 billion and then raised it last week to about $4 billion. Brazil is Telefonica’s second-biggest market after Spain.

“It’s pretty unlikely Vivendi will put in a higher bid,” said Gooden.

Vivendi has walked away from acquisitions in the past on price. The company in July halted talks with Kuwait’s Zain to buy a majority stake in its African telecommunications assets. Vivendi reports third-quarter earnings Nov. 12 and a decision on GVT could be announced at that time, Gooden said.

“Without GVT I don’t see why they should hold cash,” Wisch said. “There’s less pressure on Vivendi to do the deal with NBC Universal than last month.”

To contact the reporter on this story: Kristen Schweizer at kschweizer1@bloomberg.net

Last Updated: November 10, 2009 09:15 EST