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Seagram Co Ltd

BUSINESS
July 17, 1998 | From Bloomberg News
Seagram Co. said it will sell Tropicana Products Inc. to the public for as much as $2.86 billion, less than Chairman Edgar Bronfman Jr. expected, as it raises money to pay for its acquisition of PolyGram in a cooling market for equity sales. The initial public offering of Bradenton, Fla.-based Tropicana, the world's biggest juice company, could raise as much as $2.86 billion, Seagram said in a filing with the Securities and Exchange Commission.
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BUSINESS
July 11, 1998 | Charles Piller
Federal regulators have given Seagram Co. the green light to acquire European music giant PolyGram in a $10.4-billion transaction that would create the world's largest record corporation. Seagram and Philips Electronics, the Dutch conglomerate that owns 75% of PolyGram, said this week that the 30-day waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act expired without a request for additional data from the Federal Trade Commission--a clear signal that U.S.
BUSINESS
July 1, 1998 | CHUCK PHILIPS
Philips Electronics stunned the entertainment world in May, when the Dutch conglomerate decided to sell PolyGram--the world's largest music company and home to such popular acts as Hanson, Sheryl Crow and U2--to Seagram Co. for $10.4 billion. But nobody was more surprised than PolyGram's then-chief Alain Levy, who had been kept in the dark before discovering that Philips, 75% owner of PolyGram, was in talks to sell the company out from under him.
BUSINESS
June 24, 1998 | CHUCK PHILIPS, TIMES STAFF WRITER
One day after signing an agreement to buy PolyGram for $10.4 billion, Seagram Co. designated Doug Morris the future head of the combined music entity--the largest record company in the world. Morris, a former songwriter and highly regarded industry veteran, will take over as chairman and chief executive of the record giant, to be named Universal Music Group, following approval of the deal by government regulators--a process that could take five months or more.
BUSINESS
May 30, 1998 | Chuck Philips
Doug Morris is expected to be tapped soon to oversee Seagram Co.'s new global music operations in the wake of its $10.6-billion deal to purchase music giant PolyGram, sources said. The company has yet to make a formal announcement. Morris has been chairman of Seagram's Universal Music Group since 1995 and is credited with transforming the once-dormant record division into a domestic rock powerhouse with the addition of his own Universal label and Interscope Records.
BUSINESS
May 28, 1998 | From Bloomberg News
Seagram Co. sold its remaining 11.8 million shares of Time Warner Inc. for $914.5 million, which analysts expect will be used to help finance its planned $10.6-billion purchase of PolyGram. Seagram made a profit of about $463.7 million by selling the shares to investment firm Goldman, Sachs & Co. The stock is the last of the 57 million Time Warner shares that Seagram bought between 1993 and 1995 as Chief Executive Edgar Bronfman Jr. sought to enter Hollywood.
BUSINESS
May 27, 1998 | CHUCK PHILIPS, TIMES STAFF WRITER
Seagram Co. emerged last week as the world's music superpower after its announcement that it would acquire PolyGram for a whopping $10.6 billion--an unprecedented deal in music business history that required more than a year of intense back-room analysis and negotiations. The tentative deal to buy PolyGram from Dutch electronics giant Philips is being billed by analysts and rival executives as a shrewd move.
BUSINESS
May 22, 1998 | JAMES BATES
To use the language of a gambler, Edgar Bronfman Jr., rather than fold, is doubling down. Just a few weeks ago, some in Hollywood and on Wall Street speculated that Bronfman might go so far as to divest his entertainment holdings altogether out of frustration with the performance of his Universal Studios Inc. Instead, the Seagram Co. scion is pushing all his chips onto the table by buying European entertainment conglomerate PolyGram for $10.
BUSINESS
May 22, 1998 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
Move over Hanson, Shania and Elton. Say hello to Glay, Andrea Bocelli and E o Tchan. The latter are the top-selling artists in PolyGram's current catalog in Japan, Europe and Brazil, respectively. And their local success provides an important clue as to why Seagram Co. is so eager to add PolyGram's music operation (which also includes U.S. and British stars Hanson, Shania Twain and Elton John) to its own Universal Music division.
NEWS
May 22, 1998 | CHUCK PHILIPS and CLAUDIA ELLER, TIMES STAFF WRITERS
Marking the biggest deal in the history of the record business, Seagram Co. agreed Thursday to pay $10.6 billion to acquire global music giant PolyGram N.V., home to such popular and diverse acts as Hanson, LL Cool J, Van Morrison and Luciano Pavarotti.
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