Word: polygram
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JOHN TESH Polygram actually pays $8 mil. for a half-share of his record label...
...billion deal to buy MCA from the Matsushita Electrical Industrial Co. The Times reported that Du Pont is expected to announce a buyback of its shares from Seagram within two weeks. TIME Los Angeles correspondent Jeffrey Ressner expects Seagram to face stiff competition in its quest for MCA from Polygram, which already has entered a joint filmmaking venture with MCA, positioning itself as a potential purchaser...
...first Woodstock became a symbol of communalism by accident. Says John Scher, an executive with Polygram Records, which invested in Woodstock '94: "There's this myth that Woodstock was a free festival. It wasn't a free concert at all, and it wasn't intended to be a free concert." On that weekend in '69, the kids broke down the fences; the promoters couldn't stop the influx, so they gave in to the inevitable and announced that the show was free. It was a huge money loser for its backers...
...reasons we're playing. It's helping us make up a lot of the money we've lost touring, being out there keeping our ticket prices low." The best-paid acts received $250,000, and all will receive a share of ancillary royalties. Promoter Scher of Polygram Records says he turned down sponsorship offers from such companies as Marlboro, Coors, Budweiser and Seagram's. "This is 1994. This is not 1969. What everything costs is hundreds of times what it cost in 1969," he says. "Had we taken the beer sponsorships and liquor and tobacco ads that were offered...
Another big international transaction, signed with a subsidiary of the Dutch- owned company PolyGram, should make the Irish rock band U2 $170 million richer six albums from now. The size of the contract is reputed to be second only to Michael Jackson's with Sony...