Vivendi (EPA: VIV) is reducing the book value of its 20 percent stake in the NBC Universal (NYSE: GE) joint venture. The French conglomerate’s share was recently valued at $8 billion and the write-down is expected to be less than the €2.3 billion gain it recorded from the creation of its Activision-Blizzard games studio (via MarketWatch).

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The income Vivendi pulled from the JV fell 12 percent from last year to €173 million in the first nine months of ‘08, thanks to the decline of the US dollar. It has an annual option to offload the stake and CEO Bernard Levy said in November the JV wasn’t considered a long-term investment, but it’s still not clear whether this means Vivendi will sell the stake to NBC parent GE any time soon. Aside from numerous TV networks and a film interest through Universal Studios, NBC Universal also operates women’s web network iVillage and leverages VOD shows and movies through its TVBox and PictureBox brands.