Focus on Entertainment Stocks : Spotlight: Seagram Co.
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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)
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