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Company Town Annex

March 17, 1994|From Times Staff and Wire Reports

Seagram May Squeeze Time Warner in Court: Seagram Co. may challenge Time Warner Inc.'s anti-takeover defenses in court but isn't likely to make a hostile bid soon for all of the New York-based media giant, investment bankers and analysts close to Seagram said. Chairman Edgar Bronfman and President Edgar Bronfman Jr. are interested in seats on Time Warner's board and want to pressure Time Warner into consenting, bankers said. The Bronfman family would also like the option to raise its 13.1% stake in Time Warner above the 15% ceiling imposed by Time Warner's board, sources said. A Seagram spokesman denied all of those rumors.

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