and Viacom Inc Vivendi had argued before the New York arbitration panel that Messier wasn't owed the money because he had resigned voluntarily and claimed the severance contract that he was granted hadn't been approved by the board of directors were the remaining bidders, the sources said "After two months of work, the process is moving at a sustained pace, and a very significant competition has arisen," the company said in a statement after Tuesday's meeting entertainment assets, sources close to the company's board said The sources, speaking to The Associated Press on condition of anonymity, also said Vivendi's Universal Music ââ‚¬â€? one of the world's largest record companies ââ‚¬â€? was not being offered in the negotiations Vivendi has been struggling to move beyond its dark days , General Electric Co Davis, a billionaire who once owned Fox Studios, had publicly offered to buy Vivendi's entertainment assets for about $15 billion in cash and the assumption of about $5 billion in debt At the time, Fourtou said Vivendi was in talks with potential buyers for Universal Music and the other entertainment assets 5 million in severance, and the company said it would appeal At a meeting in Paris, Vivendi's board selected five bidders still contending for the Universal film studio, its related theme parks and the USA and Sci-Fi cable networks, the sources said Vivendi, under new chief executive Jean-Rene Fourtou, launched a fire sale of assets to trim its debt Vivendi said last month that Bronfman and his father, Edgar Bronfman Sr 6 billion for 2002, the largest loss in French corporate history S As of the end of last month, the company owed some $16 billion S , had suspended their participation on the company board after announcing an interest in the U , plus an investor group led by tycoon Edgar Bronfman Jr entertainment assets Liberty Media Corp The company is expected to take several weeks to weigh the bids and make a decision by the end of the summer Messier, a poster boy of French capitalism, helped create Vivendi out of a staid water utility, but he fell from grace in a Hollywood-style drama after amassing huge debts in a buyout binge 's NBC, Metro-Goldwyn-Mayer Inc In March, Vivendi reported a net loss of $25 The deals caused the company's shares to plunge more than 80 percent and put Vivendi on the brink of bankruptcy Vivendi Board Selects Five Bidders Jul 1, 11:10 PM EST Oil tycoon Marvin Davis has missed the cut as French media giant Vivendi Universal began narrowing the list of bidders for its coveted U S arbitration panel ordered Vivendi to pay Messier $23 Vivendi accepted the bids for Vivendi Universal Entertainment last week The board also considered a costly severance package awarded late last week to former chief executive Jean-Marie Messier, who was ousted a year ago after leading Vivendi through a buyout spree A U It has faced numerous lawsuits from angry investors claiming the company, under Messier, provided false information to reinforce its share price and attract investors French investigators raided Vivendi offices last year, turning up e-mails that exposed squabbles over Messier's style within the company's top ranks