Wasserman Leaves Seagram’s Board

Hollywood patriarch Lew Wasserman has retired from the board of Seagram Co., where he had served since the spirits giant bought 80% of Universal Studios Inc. in 1995.

Wasserman, 84, was chairman and chief executive of what was called MCA Inc. when Montreal-based Seagram bought control of the company from Japan’s Matsushita Electric Industrial Co. for $5.7 billion. Wasserman, one of Hollywood’s most powerful figures, with a career spanning about 60 years, retains the title of honorary chairman emeritus as well as an office at Universal’s headquarters in Universal City.

“Although we will miss his active participation a great deal, we look forward to continuing to seek his counsel,” Seagram Chairman Edgar M. Bronfman said in a statement.

Separately, Seagram said its earnings fell in its fiscal second quarter ended Dec. 31, largely due to the impact of the economic and currency problems in Asia, which halved the company’s liquor sales in the region.

Seagram said earnings before interest, taxes, depreciation and amortization fell 1% overall to $524 million, with revenue sliding 4% to $3.5 billion. Net income plunged from $161 million to $28 million.

Results for Seagram’s entertainment division were strong, however, thanks largely to the video release of “The Lost World: Jurassic Park.” Pretax earnings nearly doubled to $113 million for its filmed entertainment unit, with the music division’s results rising as well, to $47 million from $45 million.