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Exhibit 4
USA will file a proxy statement and other relevant documents concerning USA's
contribution of its Entertainment Group to a joint venture with Vivendi
Universal and certain related transactions with the Securities and Exchange
Commission ("SEC"). INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND ANY
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED IN THE FUTURE WITH THE SEC
BECAUSE THOSE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
RELATING TO THE PROPOSED TRANSACTIONS. Investors will be able to obtain such
documents free of charge at the SEC's website at www.sec.gov. In addition,
such documents may also be obtained free of charge by contacting USA
Networks, Inc., 152 West 57th Street, New York, New York, 10019, Attention:
Investor Relations.
INVESTORS SHOULD READ THE PROXY STATEMENT CAREFULLY WHEN AVAILABLE BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION CONCERNING THE PROPOSED TRANSACTIONS.
USA and its directors and officers may be deemed to be participants in the
solicitation of proxies from USA shareholders to adopt the agreement
providing for USA's contribution of its Entertainment Group to a joint
venture with Vivendi Universal and the other related transactions described
therein. A detailed list of the names and interests of USA's directors and
executive officers is contained in the definitive proxy statement on
Schedule 14A filed by USA with the SEC on April 9, 2001. Copies of USA
filings may be obtained free of charge at the SEC's website at
www.sec.gov < http://www.sec.gov >.
VIVENDI UNIVERSAL USA NETWORK
PRESS CONFERENCE TRANSCRIPT (11:30 AM CALL)
[recording device is activated]
Barry Diller: We're gonna get this USA Interactive thing going for
those of you who have an interest in USA Interactive.
So if we could...kind of take the A/V out of here that
doesn't relate to it, I'll answer questions
about...talk a little bit about USA Interactive.
So...um...is there anything here numerically I want to
cover for you? If you look--a couple things about USA
Interactive...um...we've made fifty-five investments
or acquisitions since 1997; they're all focused on
areas that have natural relationships to each other.
There's a natural migration therein to interactivity.
We have transactions that scale. What we believe is
that merchandizing creates margins, it's why we've
spent our time on things where there is margin. We've
had an annual growth rate that's been very high,
twenty percent over the years--sorry, twenty percent
from 2000 and which we will think will continue into
2003. In terms of online migration, travel is at
fifteen percent, ticketing is at forty percent of
migration...the margins are growing even faster,
twenty-nine percent over the next few years. We have
low inventory risk. At HRN we have thirty percent
gross margins. I'm really not...I don't think I need
to go through these various little metrics. The one
thing that I probably would do is something that we
think is really interesting...that in
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1995, if you looked at revenue through the screen it
was really advertising and subscriptions. In 2000,
transactions are...uh...thirty-nine percent; growing,
I guess, eleven percent in '95. And in 2005,
transactions are estimated to be about sixty percent
of what will happen over a televisions screen. And the
interesting thing for USA is we are already, in terms
of a percentage of mix in the company, at where it is
going to be in 2005--so we think that the areas that
we're in, the areas that USA Interactive is in, are
the enormous growth futures of the world. And, given
our start, the fact that we start this enterprise with
strong cash flow, with an awful lot of cash--close to
three billion dollars--and...and an integrated
interactive universe that...I said earlier, it would
be a crime if we were not able to capitalize on that.
We're already nine percent of interactive commerce. We
think we'll be twenty percent in 2002. WE think we're
going to be the dominant player. As against our
nearest competitor, which is EBAY, in terms of
profitability, they are slightly more profitable than
us at the moment. They have essentially one line of
business. We have twenty different lines of business
inside USA Interactive. So we have a fantastic
opportunity inside this interactive company and we
intend to be about it with as much moment as we can
bring to bear. So, with that, I'll answer any
questions that you have. So...questions? Yes sir...
UM9: [unintelligible]
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Barry Diller: I don't' think there's a need to...uh...we've talked a
bit about it in the past and we're gonna talk about
it, obviously, in the future. There is the potential
and w control those companies, obviously, they're
subsidiaries, technically, of USA. Uh, I would think
that in the future we would look to consolidate them,
we will look to--we may not do it. In fact, they are a
find stand-alone. They have a nice basis. They're
perfectly okay in their configuration. But a
rationalization is possible over time. Yes? I think
we've...
UM10: [unintelligible]
Barry Diller: Okay...we've been at this, by the way, since six this
morning so I think every possible question from any
possible country, other than Transylvania, has already
been answered. What would it be?
Operator: Excuse me, Simon Applebaum, please state your company?
Simon Applebaum: Yes, Simon Applebaum from Multichannel news and,
Barry, I will try to have something a little bit
different. Uh, how will this...what role will your ne
company, will USA Interactive, play in the effort with
Vivendi to develop interactive TV channels with Ecco
Star? Channels, by the way, which will not be
exclusive to Ecco Star, they will be sold to cable
operators here in the US and overseas?
Barry Diller: Yes, well, first of all, we're gonna have commercial
agreements between us and between USAI and VUE and
vivendi in lots of different areas. AS far as the
commerce channels...we are going to launch a travel
service at some point in the next six to nine months;
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we have existing arrangements for that. We actually
have existing carriage arrangements with Direct TV,
which, if Ecco Star acquires Direct TV, we'll become
for the whole. UH, and we're gonna...we have one more
category that were going to probably announce within
the next three months or so, which will be a commerce
and transaction service. The deal that we have made
divides commerce and transactions on the left side
with USAI and entertainment on the right. We will
service each other; we will combine in certain areas
because there is a relationship between entertainment
and interactive commerce in terms of commercial
arrangements. But, as far as the ownership of the
assets, all transaction and interactive assets are
owned wholly by USA and vivendi has its own
interactive assets. Yes, Victor Miller?
Victor Miller: -interactive question but I didn't get this in during
the regular call. What impact will the deal have on
the individual USA networks and who runs them? UsA and
Doug Herzog, Bonnie Hammer in Sci-Fi, Patrick Ven and
Trio Newsworld and prime...will there be a change in
focus? Will everyone stay in place? What's happening
there?
Barry Diller: Um...I think...Michael's not here
anymore...Jackson...but all of the executives of USA
Entertainment, the ones that you just named, will
remain in place; they will be combined with other
activities of...Universal Television worldwide, which
will all be under the responsibility of Michael
jackson who, in turn, will report to Ron
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Meyer. But we don't anticipate any changes. We have
very good teams on Sci Fi Channel, on USA Network, and
Patrick Vien is a first-rate executive in charge of
our emerging networks so we don't anticipate a change.
Yes, Victor?
Victor Miller: Thanks, Barry. You've talked about the migration.
Could you give us a sense of metrics for everyone on
how much you've seen the ticketing business go online?
The airline ticket business going online? The home
shopping business going online? How quickly has that
happened and how far could it go?
Barry Diller: Well, Ticketmaster Online is now up to about forty
percent; we think it will go higher than that next
year, it's in our plan. What's the amount it's gonna
go to, John? Forty-five percent. Uh...so we see it
continuing, and that's remarkable when you think FORTY
percent of EVERY transaction and for Ticketmaster,
this big company that five years ago didn't know what
an Internet was; they thought it was a toaster.
Uh...and that's not disrespectful, I, quickly add to
Fred Rosen, who built that company, who did a
fantastic job doing it...I'm just saying that, in
fact, it didn't exist. On the travel side, fifteen
percent of all travel is online; that's remarkable
that...travel is...I men, ticketing is a relatively
small category. Travel is in the trillions.
So...fifteen percent online migration. My feeling
about travel is that travel migration online is going
to go fairly quickly. I can't imagine that people will
really want to get the
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information...actually get questions answered, asked,
et cetera in all different parts of the kinds of
things that interactive travel can do online. I think
everybody's gonna go online in terms of their travel
products. I think it's gonna be true for all
businesses. I think that the idea of businesses
outsourcing their travel to other people when there
is--are these interactive systems that allow you to do
it much more efficiently and without anybody, so to
speak, in the middle in bricks and mortar, kind of,
situation. I think that there's enormous opportunity
as to our colleagues at Expedia on the business side
for online migration. Home shopping, from the first
hour fo the first day, I mean...in the first year it's
up to ten percent of HSN's business. It was profitable
since its inception. It is the big, I think, growth
engine of HSN. So I see the naturalistic movement to
online for accessing goods and services. I also think
that as you get the on anytime computer...which is
quickly coming. I mean, I think it's a couple of years
out probably, but those of us that have
them--certainly in offices--and some, certainly,
people have them in homes. If you have a cable modem,
it's on all the time and you see cable modem
adoptions. The more that it's there; the more that
there are multiple appliances for accessing
information and services and interacting online. The
more there's that ubiquity, I think the faster that
all goes. And, also, the other thing is it's
still...it's so much at the very beginning because it
is still run a bit too much by a technical side.
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The intuitive interactivity...it is needed for normal
people to feel comfortable inside these systems is
just beginning. In the next few years I think it will
adopt more and more and more.
Victor Miller: Bridging media and your USA Interactive...you've
talked about launching a travel channel and Mr.
Messier's got five channels, I think, he's done
through his Ecco Star deal.
Barry Diller: Yes.
Victor Miler: Is that anything that, um...
Barry Diller: -yes, we've talked about that and we would probably
undertake it jointly although, as I say, we already
have, already set aside, a pure...Tier One...what is
it? It's in the basic tier of DTV where ewe already
have a channel set aside in that basic tier on DTV for
travel. So I would think it would be fairly
naturalistic. If there's nothing else...thank you
all...
[recording device is deactivated]
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