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Wall Street

Seagram Co. raised its stake in Time Warner Inc. to 10.4% from 9.3% on Thursday, its second move in recent weeks. In a filing with the Securities and Exchange Commission, Seagram said it now holds about 39.08 million Time Warner common shares, including 4,074,825 shares purchased between Dec. 17 and Dec. 30 for about $180 million. Seagram said it paid between $44.12 and $44.25 a share for its latest purchases. The liquor and beverage company, headed by Edgar Bronfman Jr., has said it intends to acquire as much as 15% of Time Warner’s common shares. The Bronfman family--which spent more than a year weighing its investment options in consultation with several leading entertainment executives before deciding on Time Warner--has denied persistent rumors that it plans to make a hostile move on the company’s management team. But Seagram is expected to gain some representation on the board of the New York-based entertainment and media giant. Time Warner’s stock has shown little reaction to the recent stock acquisitions. Shares inched up 12.5 cents to $44.25 on Thursday on the New York Stock Exchange. Seagram eased 37.5 cents a share to $26.375, also on the NYSE.


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