The portal, a joint venture between Vivendi Universal and mobile phone giant Vodafone, was created last year to provide information and services to Europe's wireless device users.
The portal's growth has been thwarted by the slow take up of mobile technology, such as Wap and low mobile handset sales. It recently missed a self-imposed subscriber number target of 2m users by the end of June.
Vivendi is said to have agreed to the joint venture after Vodafone's successful takeover of Mannesmann, in 1999 and both companies set aside £1bn to invest in the project.
Last year Vizzavi, which has operations in the UK, France, Germany and Italy, lost its shareholders more than £125m. This year it is expected to post losses of £200m.
Since then Vivendi has bought Seagram and Canal+, creating Vivendi Universal and it is now thought to be giving serious thought to its commitment to the venture. It is thought the group may decide to cut its losses and bid for an established brand such as Yahoo!.
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