X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Shareholders of Seagram Co. and Vivendi SA of France approved a $33.6 billion all-share takeover of the Canadian company Tuesday, a combination which will create one of the world’s largest media groups. At an early morning meeting in Montreal, shareholders of liquor and entertainment conglomerate Seagram voted overwhelmingly in favor of the merger, with 90.4 percent giving their assent. The Bronfman family, which has controlled Seagram since it founded it as a liquor company 76 years ago and enlarged it into a media giant, tendered its 24 percent stake and will own 7.5 percent to 8 percent of Vivendi Universal, as the new entity will be known. Seagram CEO Edgar Bronfman, Jr., said the sale of Seagram, which includes Seagram’s Universal Music Group and its Universal Films unit, was difficult for the family. “It’s not easy letting go of so much of our past, and none of us — myself, my father, Edgar, my uncle Charles, my brother Sam — have taken this decision lightly,” Bronfman said after the meeting. In Paris, news agencies reported that Vivendi shareholders also approved the merger, and in addition, backed an $11 billion offer for the 49 percent that Vivendi doesn’t own in European pay-TV company Canal Plus SA. Canal Plus shareholders are scheduled to vote on the Seagram deal Friday. The new Vivendi Universal will become the world’s second-largest media group if America Online Inc.’s deal to buy Time Warner Inc. is approved. Bronfman will be vice chairman of Vivendi Universal and will be charged with selling the wine and spirits division on which Seagram made its name. He will also lead the music and Internet divisions. Bronfman said a buyer for the wine and spirits division should be selected within weeks. Copyright (c)2000 TDD, LLC. All rights reserved.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.