Media Mogul Diller Steps Down

(AP)  Barry Diller has resigned as co-chief executive of Vivendi Universal Entertainment, saying Wednesday that it was appropriate for him to get out of the way while its cash-strapped French parent company is seeking to sell its assets.

The entertainment unit includes Universal Studios and Universal's theme parks.

Diller, who earlier in his career turned the fledgling Fox television network into a success, was appointed interim CEO of Vivendi Universal's U.S.-based entertainment assets last year while Vivendi Universal concentrated on repaying a massive debt.

Vivendi wants to sell Universal Studios, its Universal theme parks and television production company. Former oilman Marvin Davis has offered $20 billion for VUE, plus Universal Music Group. Vivendi also is holding talks with Viacom, MGM and other buyers interested in acquiring all or parts of its entertainment companies.

Diller served as co-CEO with Vivendi Universal chairman Jean-Rene Fourtou.

"My executive role was never intended to be permanent," Diller said in a statement Wednesday. "Now that Vivendi Universal has begun a formal process in reviewing options for its entertainment assets, it is appropriate to step aside from any direct management responsibility."

Diller, 61, remains chief executive officer of USA Interactive, which operates the Home Shopping Network, Ticketmaster, Match.com and Expedia, among other companies, and has a 5 percent stake in VUE.

Diller has served as head of Paramount and Twentieth Century Fox, where he helped launch the Fox Television network. While at Fox, he was instrumental in creating such shows as "Married with Children" and "The Simpsons."

He started his entertainment career at ABC, where he is credited with creating the "movie of the week" concept.