What next for Vivendi?

Vivendi CEO Jean-Marie Messier isn't finished reshaping his company

By CNN's Jim Boulden

LONDON, England (CNN) -- Vivendi Universal's $10 billion purchase of USA Networks gives the French media giant more than 80 million cable homes for its growing catalogue of content.

But there is more to come.

In a teleconference earlier Monday, Vivendi Chief Executive Officer Jean-Marie Messier said the company was "very close" to buying Italian digital TV operator Stream.

That deal is believed to be valued at less than $500 million. Just last week, Vivendi paid $1.5 billion for a stake in Echostar, a U.S.-based satellite network.

The cash and stock deal for USA Networks will only cost Vivendi $1.6 billion, paid in part from cash raised by its recent sale of a 9 percent stake in Vivendi Environment.

MORE STORIES Vivendi buys USA Networks assets

Earlier this month, Vivendi indicated it would raise cash for ever more deals by selling its stake in British digital satellite network B-Sky-B.

The USA Network deal gives the company a big outlet for its Universal films and television output. But some analysts say Messier has to do more than just buy a Top 5 U.S. cable channel.

"What Vivendi should be doing," says media analyst Theresa Wise of Accenture, "and what they are looking to do with this deal, is get more of a media concentration in the U.S. -- which is by far the biggest media market, it's 60 percent of the market in the world. So, this is helping them do that. But it is only a piece in the chain."

Among Vivendi's main competitors, Viacom and Walt Disney own major U.S. television networks, and CNN parent AOL Time Warner is a huge cable programmer and distributor.

For now, many of the big media companies are not suffering from a debt burden.

"While we are in a bit of an advertising slump, and that's impacted cash flows and performance, looking out over the medium term they have got balanced portfolios and they have been able to reduce debt," said David Staples, managing director of Fitch Ratings.

Still, Vivendi may not be in a position to make another big play in the United States -- at least not until regulators there decide whether to let drinks giants Diegeo and Pernod complete their $8.5 billion joint purchase of the Seagram drinks empire, which was left over from the 2000 merger between Seagram, then the parent of Universal, and the once-staid water company Vivendi.

Messier said Monday he was confident Vivendi Universal would see the cash from that transaction by the end of the year. Then, the world's second-biggest media company could be on the prowl again to satisfy its growing appetite in the United States.