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April 7, 1995 | JAMES BATES, TIMES STAFF WRITER
Electronics giant Matsushita Electric Industrial has agreed to sell 80% of MCA Inc., headquartered in Universal City, to beverage giant Seagram Co. for about $7.1 billion, sources said, effectively ending an acrimonious five-year marriage in which the cultures of a Hollywood institution clashed repeatedly with those of its conservative Japanese owner. The deal, which sources said would probably be formally announced as early as Sunday, follows a record $8.
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BUSINESS
December 19, 2000 | Bloomberg News
Britain's Diageo and France's Pernod Ricard are close to agreeing to buy Vivendi Universal's Seagram unit for about $8.2 billion in cash, topping a rival bid for the third-biggest liquor company, people familiar with the matter said. The Diageo-Pernod group beat an offer of about $8 billion from Bacardi Ltd. and Brown-Forman Corp., sources said. Vivendi could announce the sale as early as today.
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BUSINESS
October 17, 1998 | Chuck Philips
Moving to stabilize its presence in the global music market, Seagram Co.'s Universal Music Group has secured the services of several key international record executives at PolyGram, the music giant with which it is expected to merge in late November. This week, Universal signed up Norman Cheng, John Kennedy and Pascal Negre, top executives at PolyGram units in Asia, France and Britain.
BUSINESS
July 8, 2000 | Reuters
Britain's Allied Domecq may face a rival bid from Pernod-Ricard and U.S. private equity group Hicks, Muse, Tate & Furst for the spirits business of Seagram Co., bankers said. Allied Domecq is seeking a loan of more than $3.8 billion to support its widely expected bid for Seagram's spirits arm, although it has yet to enter formal talks with the Canadian group, an industry source told Reuters.
BUSINESS
May 5, 2000 | Associated Press
Seagram Co., the Canadian media and beverage company, posted a wider loss in its fiscal third quarter but still beat Wall Street expectations. Seagram, owner of the Universal movie and music studios, lost $265 million, or 61 cents for the three months ended March 31. Analysts surveyed by First Call/Thomson Financial had expected a loss of 66 cents. In the same period a year ago, Seagram posted a loss of $199 million, or 50 cents a share. Revenue rose 5% to $3.38 billion from $3.22 billion.
BUSINESS
July 8, 2000 | Reuters
Britain's Allied Domecq may face a rival bid from Pernod-Ricard and U.S. private equity group Hicks, Muse, Tate & Furst for the spirits business of Seagram Co., bankers said. Allied Domecq is seeking a loan of more than $3.8 billion to support its widely expected bid for Seagram's spirits arm, although it has yet to enter formal talks with the Canadian group, an industry source told Reuters.
BUSINESS
May 7, 1999 | From Bloomberg News
Seagram Co., which has remade itself by growing from a liquor maker into the world's sixth-largest entertainment company, said its fiscal third-quarter loss widened as films such as "EDtv" bombed. The owner of Universal Studios said its loss widened to $199 million, or 50 cents a share, from $21 million, or 6 cents, excluding gains a year ago. It was expected to have a loss of 54 cents, the average estimate of analysts polled by First Call Corp. Revenue in the quarter ended March 31 rose 7.
BUSINESS
April 12, 1995 | From Reuters
Matsushita Electric Industrial Co. said Tuesday that it will use the $5.7 billion it receives from the sale of most of MCA Inc. to fund a string of new investments. President Yoichi Morishita said proceeds from the sale of the Hollywood film company to Seagram Co. will help it invest more aggressively in other multimedia projects. Matsushita is not abandoning the sector, he said, as some analysts had speculated it would.
BUSINESS
May 20, 1995 | From Associated Press
DuPont Co. said Friday that it plans to sell its medical products businesses to help pay for the April buyback of its shares from Seagram Co. The four businesses that will be sold have combined annual sales of about $1 billion and six U.S. manufacturing sites.
BUSINESS
April 11, 1995 | JAMES BATES, TIMES STAFF WRITER
Time Warner Inc.'s stock dropped Monday in the wake of Seagram Co.'s purchase of 80% of MCA Inc., reflecting investor fears that Seagram might soon flood the market with some of the 56.8 million shares it owns in the media conglomerate. Time Warner shares slid $1.25 to $37 on the New York Stock Exchange. Seagram eased 12.5 cents to $26.375.
BUSINESS
May 5, 2000 | Associated Press
Seagram Co., the Canadian media and beverage company, posted a wider loss in its fiscal third quarter but still beat Wall Street expectations. Seagram, owner of the Universal movie and music studios, lost $265 million, or 61 cents for the three months ended March 31. Analysts surveyed by First Call/Thomson Financial had expected a loss of 66 cents. In the same period a year ago, Seagram posted a loss of $199 million, or 50 cents a share. Revenue rose 5% to $3.38 billion from $3.22 billion.
BUSINESS
May 21, 1999 | CHUCK PHILIPS, TIMES STAFF WRITER
"He punched me in the face, and then he grabbed the phone and bashed me in the head with it," said Interscope Records executive Steve Stoute, describing the afternoon last month when he says rap tycoon Sean "Puff Daddy" Combs burst into his office with two accomplices and attacked him. "One minute I'm in the middle of a meeting," he told The Times in his first interview since the alleged assault, "and the next minute I'm down on the floor and Puffy and his guys are kicking and pounding me.
BUSINESS
May 7, 1999 | From Bloomberg News
Seagram Co., which has remade itself by growing from a liquor maker into the world's sixth-largest entertainment company, said its fiscal third-quarter loss widened as films such as "EDtv" bombed. The owner of Universal Studios said its loss widened to $199 million, or 50 cents a share, from $21 million, or 6 cents, excluding gains a year ago. It was expected to have a loss of 54 cents, the average estimate of analysts polled by First Call Corp. Revenue in the quarter ended March 31 rose 7.
ENTERTAINMENT
January 23, 1999 | ROBERT HILBURN
It's as hard to argue against the business logic of Seagram Co.'s traumatic downsizing of two prized record labels this week as it is to feel good about it. One thing is certain as we effectively say farewell to A&M and Geffen Records, which between them introduced such acts as the Police, the Carpenters, Guns N' Roses and Nirvana: It's almost impossible to think of labels as anything more than pieces in a conglomerate puzzle.
BUSINESS
October 17, 1998 | Chuck Philips
Moving to stabilize its presence in the global music market, Seagram Co.'s Universal Music Group has secured the services of several key international record executives at PolyGram, the music giant with which it is expected to merge in late November. This week, Universal signed up Norman Cheng, John Kennedy and Pascal Negre, top executives at PolyGram units in Asia, France and Britain.
BUSINESS
May 29, 1997 | JAMES BATES, TIMES STAFF WRITER
Seagram Co. on Wednesday disclosed that it divested more than half its stock in Time Warner Inc. for $1.39 billion. The investment shook up the entertainment world when it was disclosed four years ago, but it has turned out to be a major disappointment for the Montreal-based beverage and entertainment firm. Taking advantage of Time Warner's surging stock price in recent weeks, Seagram said it sold the shares to investment bank Merrill Lynch & Co.
BUSINESS
April 7, 1995 | KAREN KAPLAN, SPECIAL TO THE TIMES
Seagram Co.'s pending acquisition of MCA Inc., along with the emergence of the newly formed DreamWorks SKG, promises to change the competitive landscape among Hollywood studios. Here's a look at some of the biggest studio players: Universal Pictures: Universal is owned by MCA Inc., an 80% stake of which is expected to be sold to Seagram by Japanese conglomerate Matsushita Electric Industrial Co. Seagram Chief Executive Edgar Bronfman Jr.
BUSINESS
May 30, 1996 | From Times Wire Services
Seagram Co. said Wednesday that its earnings dropped 93% to $23 million in the first quarter from a year earlier, when it recorded a huge gain from the sale of DuPont stock. But its earnings based on cash flow rose nearly 50% on new profit from the Dole juice business and Seagram's 80% stake in MCA, both of which were acquired in the last year. Earnings before interest, taxes and other items that don't reflect the performance of the company's operations rose to $304 million from $203 million.
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