Word: vivendi
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...Source of funds in D.C. 4. Euro forerunner 7. Fisherman's __ 12. It's luring young viewers with Survivor 13. It's starting interactive TV in selected cities 14. NASA has found evidence of this on Mars 15. Vivendi has agreed to acquire it 17. Me, Myself and __ (new Carrey flick) 18. Photo __ (camera sessions) 19. Eventual hole in the wall? 20. Toots of restaurant fame 23. Ankle bones 27. Osama bin __, who has been linked to the Philippines' Moro Islamic Liberation Front 29. The Library of Congress has opened a show dedicated to her 33. D.C.'s Pennsylvania...
...unprecedented," 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...
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...
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...
...Messier will have his hands full. Universal lost $206 million in the past fiscal year. Erin Brockovich's boffo box office (expected U.S. gross: $125 million) could help, particularly if Julia Roberts wins an Oscar for Best Actress. But studio chief Ron Meyer will doubtless be sent packing by Vivendi, which reportedly plans to replace him with Pierre Lescure, chairman and CEO of Canal Plus. Messier must also decide what to do with Seagram's 45% stake in Barry Diller's USA Network, which has cable channels and film- and TV-production facilities. Diller has feuded with Bronfman since...