Vivendi Universal, the troubled Franco-American media giant, has increased the size of its asset disposal programme by €2bn ($1.96bn) to at least €12bn and hopes to achieve the divestments within 18 months, six months sooner than previously stated.

Jean-René Fourtou, the chairman and chief executive of Vivendi Universal, presented details of the media group's future strategic direction and confirmed that it had sold Telepiu, Vivendi's Italian pay television subsidiary, to News Corporation for €1bn. Together with the sale of Canal Plus Technologies for €190m, and the disposal of a number of internet and publishing assets earlier in the month, Vivendi has now made a €2bn dent into its €19bn debt pile. It hopes to have achieved at least €5bn in asset disposals within the next nine months.