Seagram Ends PolyGram Talks With Saudi Prince
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Seagram Co. has ended discussions with a Saudi prince who had been considering buying some PolyGram film assets that Seagram had not already sold, sources close to the discussions said Thursday.
The sources said that while Saudi Prince Muhammad Bin Bandur Abdul Aziz, a newcomer to Hollywood, appeared as of last week to be in advanced talks to acquire the properties, several issues prevented the deal from occurring.
Last week, sources said the prince had wired between $50 million and $80 million to an escrow account in anticipation of a deal to buy the movie production and distribution assets for between $400 million and $500 million.
Seagram, which has been trying to sell the movie company, PolyGram Filmed Entertainment, since May to offset its $10.4-billion purchase of PolyGram, declined to comment.
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