Focus on Entertainment Stocks : Spotlight: Seagram Co.
Declaring that Seagram believes “the media and entertainment business is one of the great growth sectors for the 1990s and beyond,” the giant Canadian distillery has plunked down $702 million to purchase 21.1 million shares in Time Warner, giving it a 5.7% stake. Chairman Edgar M. Bronfman says the company plans to increase its stake to as much as 15%. Said one analyst: “This move into Time Warner is a significant investment, as it is a dramatic departure from Seagram’s core business.”
Major Properties
* Subsidiary: Joseph E. Seagram & Sons; subsidiaries, affiliates in 34 countries
* Other investments: 24.3% interest in DuPont Co.
* Popular labels: Chivas Regal, Seagram’s Coolers, Mumm champagne, Tropicana orange juice
Financial Data
* Market capitalization: $2.8 billion
* Cash: $116 million
* Long-term debt: $2.6 billion
* 1993 revenue: $6.1 billion
* 1993 profit (loss): ($900 million)
* Earnings (loss) per share: ($2.38)
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
