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January 26, 1994|From Times Staff and Wire Reports

No Time Warner Board Seat for Seagram: Time Warner Chairman Gerald Levin indicated that representatives from the Canadian beverage giant won't be invited to join the company's board even though Seagram has emerged as Time Warner's largest shareholder, with a stake of more than 11%. Time Warner last week enacted a so-called poison pill anti-takeover defense after Seagram disclosed it had raised its stake. Levin said the Time Warner board will be reduced to "10, 11 or 12" members, from about 15 now. Levin said Seagram has assured him that the shares were bought for investment purposes, adding that "we certainly take them at their word." Separately, a Time Warner shareholder filed a lawsuit over the takeover defense, alleging that it was put into place by directors and officers to protect their positions.

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