Word: seagrams
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...York Times, Wall Street Journal and USA Today have all put Bronfman's performance under the critical microscope. Contrarian weekly Barron's, however, sees his actions as a harbinger of good things to come. Earlier this month, the Toronto Stock Exchange halted trading of his parent company, Seagram, to allow officials to deny a whirl of rumors: that Seagram was shedding its Tropicana juice division; that Bronfman might sell Universal to DreamWorks; and, last and most incredible, that patriarch Edgar Bronfman Sr. was essentially firing...
...father was distressed over his decision to sell the company's 25% stake in DuPont in order to buy into Hollywood, Senior suggested in an interview with W magazine that trading nylon for celluloid was a terrible idea. His chagrin is understandable: the DuPont stock, worth $8.8 billion when Seagram sold it in 1995 to pay for its $5.7 billion purchase of Universal, has soared about $9 billion in value. Seagram's stock lags the market, in part because of doubts about Universal, which last year had operating income of $242 million on sales of about $5.6 billion...
...Black T shirt for his big entrance. "Just a little marketing gimmick," jokes Idei. "But the guests congratulated us." Idei got hoots of approval for Sony Pictures Entertainment's biggest film of the year from the likes of Disney CEO Michael Eisner, Intel boss Andy Grove, Seagram's Edgar Bronfman Jr., Time Warner's Jerry Levin and DreamWorks' Jeffrey Katzenberg, to name...
Iovine intervention is more like it, as in Jimmy Iovine, head of Interscope Records. Prodded by its new owner, Seagram, Iovine and partner Ted Field are remaking Interscope from a high-risk purveyor of gangsta rap into an imposing presence in rock, R. and B. and gospel, gobbling down an ever bigger slice of the $12.5 billion U.S. record market. God's Property--which went on to sell a heavenly 1 million copies three months after hitting record stores--helped slingshot Seagram's Universal Music Group last summer from fifth place to third place among the six top record companies...
...career were a rock single, it could well be Shake, Rattle and Roll. Morris was purged from top-ranked Warner Music following a nasty 1995 corporate bloodbath that shook out top management. "It was unprofessional...and unclassy," says Morris of the event. Though rattled, he soon became chairman of Seagram's Universal Music Group. And now he's on a roll. He boosted Universal's market share to third place from fifth and tripled earnings to $72 million this fiscal year, making music one of the few bright spots in Seagram's media diversification...