Word: seagram
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Dates: during 2000-2009
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News of the talks follows hard on the heels of the mother of all such connections, the proposed $113 billion marriage of America Online and Time Warner, whose holdings include this magazine. And as in a Vivendi-Seagram deal, these hookups increasingly reach across borders. Last month Spain's Terra Networks, an Internet provider, agreed to pay $12.5 billion for the U.S. portal Lycos; the German media giant Bertelsmann will also be a partner...
...regulators are scrutinizing matchups like AOL-Time Warner for indications that the partners might use their clout to deny rivals access to their networks. In part to fend off regulators, AOL last week filed plans to open its wildly popular instant-messaging system to other Internet providers. A Vivendi-Seagram deal would probably face less U.S. scrutiny, since most of its distribution channels would be in Europe. European regulators, however, will take a hard look, just as they said they would do last week with Time Warner's proposed buy of Britain's EMI music group. Says Marion Boucher Soper...
Combining Vivendi (1999 revenues: $41.8 billion) and Seagram ($12.3 billion) would bring a fat payoff for Edgar Bronfman Jr. and the entire Bronfman family, which owns nearly 25% of Seagram. Bronfman has had to endure endless Hollywood brickbats since his father tapped him for the top job in 1994. Outsiders ridiculed the Bronfman scion, who writes pop songs under the pseudonym Junior Miles, as a star-struck dilettante when he jettisoned Seagram's lucrative 24.2% stake in DuPont and used the proceeds to buy Universal. It didn't help that DuPont stock promptly doubled, as Seagram's own shares sparkled...
Sensing an opportunity, Messier approached Bronfman last October. Seagram possessed the kind of content-producing assets that Messier's distribution channels thirsted for. Talks between the two men heated up in January following word of the AOL-Time Warner deal. But the discussions nearly collapsed last spring, before both companies settled on a stock swap that would value Seagram at about $75 a share--a roughly $25 premium above its recent price...
...Bagging Seagram would anoint Messier as a media mogul alongside the Murdochs and Redstones of the world. As Messier recently told TIME, "Fusing content and media [distribution] has been Vivendi's strategy since Day One." He says the merged entity will become "a totally integrated group with full control over its operations...