Joint Acquisition of Seagram Liquor OKd
- Share via
Diageo and Pernod-Ricard won U.S. approval to complete their $8-billion acquisition of the Seagram liquor business after Diageo agreed to sell a brand of rum.
The Federal Trade Commission had challenged the joint acquisition from Vivendi Universal, saying it would give Diageo too big a share of the U.S. rum market.
The FTC accepted Diageo’s offer to sell its Malibu rum business in six months.
Vivendi bought Montreal-based Seagram last year for $30 billion to obtain Universal Music Group and Universal Studios. It is spinning off the Seagram liquor business to reduce its debt.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
