The plug could be pulled on Vivendi Universal's internet concerns if a review finds that they are responsible for too much cash leaking out of the business.

Vizzavi, the portal co-owned with Vodafone, European portal Scoot and iFrance, is understood to be under chief executive Jean-Marie Messier's microscope.

Founded in January 2000 with a £960m investment plan, Vizzavi is notorious for being one of the most expensive startups.

Messier has stated that among Vivendi's 2002 priorities are "an aggressive plan for debt reduction, and a clear focus on operations and cash management".

The troubled company, which has a €17bn debt mountain, announced 100 layoffs and a new business model in January.