Word: matsushita
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...unknown. And now the man who wrote its lyrics, Edgar Bronfman Jr., is coming closer to possessing something he has desired for most of his 39 years: a Hollywood studio. Last week Bronfman, the president and chief executive officer of Seagram Co., was deep in negotiations with Japan's Matsushita Electric Industrial to take control of MCA, which owns record labels, theme parks, TV shows, a pleasant parcel of Southern California real estate-and Universal Studios. Seagram, the Canadian purveyor of whiskey, wine and Tropicana juices, was reportedly offering about $5.6 billion for 80% of the entertainment conglomerate...
...week's end, many guesses and questions shrouded the negotiations. The two companies were insisting that "there is no assurance an agreement will be reached." But if the deal does fly, Matsushita will have escaped from a nettlesome marriage, though at a steep price (about a 35% loss on the original investment, owing mostly to the weakness of the dollar vs. the yen). And Bronfman, the wandering son who officially took over the family business only last year, will invest his shareholders' money so he can realize his dream. He will ascend from mere billionaire status to a more glamorous...
Already Bronfman has earned the title of mischiefmaker. His sorties are tilting the fortunes of several prominent companies-not just Matsushita, MCA and his own but also Du Pont, Time Warner and infant multimedia outfit DreamWorks SKG. Last week, for $8.8 billion, the chemical giant bought back most of Seagram's 24.1% of Du Pont stock. Time Warner, of which Seagram owns a provocative 14.9%, braced for a messy stock scramble should Bronfman sell his shares. DreamWorks also looked to the shy, dapper mogul for indications that he would retain MCA's current, embattled management and thus be in line...
Seagramreportedly is on the verge of paying about $6 billion to Matsushita for 80 percent of MCA, the Hollywood studio that produced "Jurassic Park" and "E.T." The Associated Press reports that a final deal is expected to be signed within days. But TIME business reporter Bernard Baumohl notes that MCA and Seagram still do not have any formal relationship and that Seagram is declining to comment on the reported sale. Seagram, the Canadian liquor, wine and juice company controlled by one of the world's richest families (the Bronfmans), is said to be financing a purchase of MCA with...
...reports that Seagram could get up to $10 billion for its shares of Du Pont. Those shares were purchased by Seagram for just $3.28 billion in 1981. Seagram, which makes liquor, wine and juice products, reportedly has been talking about a $10 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...