November 1, 1999 |
Foster's Brewing Group Ltd., Australia's No. 1 brewer, might announce today that it seeks to buy Seagram Co.'s wine and spirits business in Australia and New Zealand. Melbourne-based Foster's, which makes beer and wine, will today bid $64 million for the Seagram operations, the Nine Network's Business Sunday program said without citing sources. Foster's declined to comment.
October 22, 1999 |
Seagram Co., whose businesses range from Universal Pictures to Absolut Vodka, reported a smaller-than-expected loss in its fiscal first quarter, aided by gains in music and at its theme parks. The Montreal-based company had a loss of $95 million, or 22 cents a share, in the quarter ended Sept. 30. Disappointing films such as "Mystery Men" contributed to the wider loss. That offset higher cash flow, or earnings before interest, taxes, depreciation and amortization, at Seagram's music business.
September 22, 1999 |
Seagram Co. stock fell 9.1% on analysts' concern that the company's music business won't grow as fast as expected in the first half of its fiscal year because of higher Internet-related spending and weak music sales overseas. The stock fell $4.69 to close at $46.81 on the New York Stock Exchange, after touching $45, the lowest in six months. Some analysts cut their profit forecasts to reflect weak growth in music in the first half of fiscal 2000; the year ends in June.
August 20, 1999 |
Seagram Co., which transformed itself from a liquor maker into one of the world's entertainment giants, lost less money than expected in its fiscal fourth quarter as its movie studio finally began to release some hits. The loss from operations for the owner of Universal Studios widened to $129 million, or 32 cents a share, from $12 million, or 3 cents, a year earlier. Seagram's loss was smaller than the 42-cent average estimate of analysts surveyed by First Call Corp.
May 11, 1999 |
A new salvo was fired Monday in the continuing contract battle between singer Beck and Seagram Co.'s Geffen Records as the Grammy-winning artist filed a copyright-infringement lawsuit against the label. The lawsuit, filed in U.S. District Court in Los Angeles, claims that Geffen Records improperly wrested control of Beck's most recent album, "Mutations," from another label.
April 13, 1999 |
Stock Exchange lets readers listen in as staff writers James Peltz and Michael Hiltzik debate the merits of individual stocks. Before We Start ... . . Jim: It's an honor to have you as my partner on these pages any day, Mike, but especially so today because of the Pulitzer Prize awarded to you and our colleague Chuck Philips. Congratulations, pal! Mike: Thanks, Jim. It's been a privilege to work with Chuck, and of course with you, too.
April 8, 1999 |
Seagram Co., the Montreal-based owner of the world's biggest music company, and Germany's Bertelsmann, the No. 3 media company, said they're forming an online music alliance to create Internet sites that promote and sell music. Seagram's Universal Music Group and Bertelsmann will allow online users to access information and buy compact discs from the nearly 200 artists represented by the two record companies, and offer titles for purchase from other companies.
April 8, 1999 |
USA Networks Inc., the media company headed by Barry Diller, agreed to buy some of Seagram Co.'s U.S. film assets in a deal valued by sources at $150 million. Diller has also pursued the purchase of cable channels that could make use of a film library, although sources said USA's recent $800-million offer for Bravo was rejected by Bravo's parent, Cablevision Systems Corp.
March 26, 1999 |
In a reversal of strategy that signals continuing management turmoil, Seagram Chief Executive Edgar Bronfman Jr. is searching for a high-level executive to oversee the entertainment assets bought by his family's liquor conglomerate four years ago. Sources close to Seagram say Leo Hindery Jr., who is credited with saving Tele-Communications Inc.