Word: bronfmans
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...library" selections of wines in limited production. Sterling, which is owned by Seagram's, recently offered its club members two new Italian wines that the company represents and markets in the U.S.: a white Pinot Grigio and a red Sangiovese. "We're trying to 'loyalize' our customers," says Samuel Bronfman II, president of Seagram's Classics Wine Co. "We also want to introduce them to different tastes...
What does Bronfman of Seagram's want from Time Warner...
There are compromises possible too. One being talked up among security analysts: Seagram would buy up to 25% of Time Warner stock, but Bronfman would guarantee to freeze its holdings there for a long time and not try to unseat the present management. Levin in return would leave the poison pill in the corporate medicine cabinet and let Seagram place one or two members on Time Warner's 15-person board, giving Bronfman a strong voice but not control. At minimum, Levin will need to have at least some preliminary answers next Thursday for stockholders attending the annual meeting...
Whatever his short-range tactics, Bronfman's eventual goal might well be more psychological than financial -- a search for success in some field more socially prestigious than the liquor business that began with grandfather Sam Bronfman. In 1919 Sam took over a hotel business upon the death of Yechiel Bronfman, who had brought the family to Canada 20-odd years earlier from Czarist Russia. Sam quickly took advantage of Prohibition in the neighboring U.S. He sold liquor to U.S. bootleggers and stockpiled much more whiskey; then, when Prohibition was repealed in 1933, he could slake American thirsts legally...
Edgar Sr. blazed a path for his son in another way: investing in show business. He tried gaining control of Paramount but lost, then bought a big block of MGM and actually became chairman in 1969, only to resign after Kirk Kerkorian took over the company. Bronfman continued, however, to back Broadway shows (one was 1776) and motion pictures. In 1970 Edgar Jr., then 14, found a script on a table of the family's New York City apartment and talked his father into bankrolling Melody, a movie based on that script. He skipped summer camp and went to London...