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Seagram Co Ltd

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.
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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.
BUSINESS
May 19, 1998 | CHUCK PHILIPS AND CLAUDIA ELLER
The much-hyped bidding war over music giant PolyGram won't happen, as potential suitors that included former super-agent Michael Ovitz dropped out Monday. That leaves Seagram Co. clear to announce a deal within days--following a series of board meetings this week by PolyGram and its Dutch parent, Philips Electronics, sources said. Before the estimated $10.5-billion agreement can be consummated, it must be approved by the supervisory and management boards of both PolyGram and Philips.
BUSINESS
May 14, 1998 | CHUCK PHILIPS and CLAUDIA ELLER, TIMES STAFF WRITERS
As early as this weekend, PolyGram, the world's largest music company, could change hands, with Seagram Co. still in the clear lead as the likely buyer. Despite last-minute jockeying by some New York buyout firms, Seagram chief Edgar Bronfman Jr. is on track to spend as much as $10.5 billion to add PolyGram to his Universal Studios Inc. empire.
BUSINESS
May 10, 1998 | CLAUDIA ELLER
Industry watchers are wondering if the mogul who called Hollywood "dumb" this week is smart enough to pull off one of the biggest music deals ever without looking dumb himself. Seagram Co. chief Edgar Bronfman Jr. just can't seem to escape the spotlight these days. The week began with a jarring quote from Bronfman in a New Yorker article in which he called Hollywood "a dumb town."
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