Date: 25th September 2000

Seagram Management Bid Collapses, Say Reports

Plans for a management buyout bid for Seagram's spirits and wine businesses have been abandoned, published reports said today.

According to the the Wall Street Journal and the New York Times, the management effort collapsed when Seagram co-chairman Charles R. Bronfman decided not to back it. The unit is being auctioned off by Vivendi, which purchased Seagram in June for $27 billion but said that it is only interested in its entertainment businesses.

Source: Studio Briefing