Word: seagrams
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...both control major chunks of Time Warner stock, 10% and 9% respectively. Although by law Ma lone could own only 5% of the voting stock, he and Tur ner would still have enough clout to oust Levin, especially if they were to join forces with other major holders like Seagram (9% if the deal were completed...
...said recently. "But I'm not going to show my hand. I mean, you didn't see Eisenhower faxing Hitler the plans for the invasion of Europe." John Malone, CEO of Tele-Communications Inc., has offered to help Turner buy a television network, and Edgar Bronfman Jr., CEO of Seagram Co., may get a piece of that action, too. NBC president Robert Wright, while announcing that he thinks parent company General Electric plans to stand pat, coyly valued his network at about $11 billion, adding, "We just got a lot more expensive." And of course everyone is watching Rupert Murdoch...
...Seagram-owned entertainment giant MCA inked a 10-year deal with DreamWorks SKG, the studio created by Steven Spielberg, Jeffrey Katzenberg and David Geffen. MCA will distribute the studio's films internationally and its music- and home-video releases worldwide. Geffen valued the overall deal as potentially worth $1 billion...
What does $250 million buy these days? Lots of things, but not Michael Ovitz. That wad was not enough for Seagram's CEO Edgar Bronfman Jr. to lure Ovitz from Creative Artists Agency, the talent shop he built into Hollywood's prime power brokerage, to become chairman of MCA, the show-biz conglomerate (movies, music, TV shows, theme parks) that Seagram's purchased last week. Thus ended the hottest nonevent since Comet Kohoutek. Except that this one had bigger stars ready to collide. And the meteor showers may be felt for years...
Michael Ovitz isn't going anywhere. Negotiations for the Creative Artists Agency chairman to head MCA collapsed as Seagram completed its $5.7 billion purchase of 80% of the entertainment giant. Disputes between Ovitz and Seagram ceo Edgar Bronfman Jr. over executive autonomy and a compensation package worth more than $200 million are speculated to have caused the impasse...