Vivendi Universal has signalled that it is mulling the disposal of its 21.3% stake in Sogecable, a Spanish satellite TV operator, in a transaction that could raise more than €330m ($386m) for the troubled Franco American media group.

Groupe Canal Plus, Vivendi's pay TV subsidiary which owns the stake in Sogecable, confirmed that it would not renew a shareholder pact set up in 1999 with Grupo Prisa, a Spanish media company that also holds a 21.3% stake in Sogecable. The pact, which was due to be renewed at the end of this year, prevented either party from altering their stake in Sogecable without mutual agreement.