November 9, 1999 |
Seagram Co.'s Universal Music Group is expected to join American Online Inc. today to announce formation of an Internet venture, "Jimmy and Doug's Farm Club," a Web site where unsigned artists can post songs and vie for the attention of top executives at the world's biggest record company. Farmclub.com, the brainchild of Universal Music Group head Doug Morris and Interscope Records co-chief Jimmy Iovine, is expected to be up and running by February.
November 3, 1999 |
Seagram Co. said Robert Matschullat, a key figure in its transformation from a beverage maker to one of the world's biggest entertainment companies, will resign as vice chairman and chief financial officer next year. Matschullat, who will leave in June after four years with Seagram, said he is resigning to pursue other interests. He will be replaced as CFO in January by Brian Mulligan, co-chairman of Seagram's Universal Pictures unit. Matschullat will remain a consultant to Edgar Bronfman Jr.
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 28, 1999 |
Universal Pictures is starting a division to handle specialty films, an increasingly lucrative business for studios that have found they can make sizable profits from independent movies, the Seagram Co. unit said Monday. The company named former Gramercy Pictures executive Claudia Gray and Paul Hardart, a strategic-planning executive with Universal, to run the unit. Gray was named executive vice president, Hardart senior vice president.
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.