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Edgar Bronfman Jr. Sells Universal
Tuesday June 20, 2000 @ 06:00 PM
By: Staff

What started as a bootlegging booze empire, Seagrams Co. Ltd and was later transformed into one of the largest media and record label conglomerates in the world will be merged with Paris based Vivendi SA and its entertainment division Canal Plus SA to form Vivendi Universal. Prominent Canadian businessmen Edgar Bronfman Jr and the board of Seagram Co. Ltd owners of Universal have said the merger between the companies could be completed by the end of the year.

Assuming the merger is approved by regulators, the new company will operate out of Paris. At this time there hasn't been any information regarding the fate of Universal Music Canada's head office based in Toronto. Although the combined income from the companies could reach in excess of $65 billion Canadian.

Bronfman created the mega company through two key purchases. In 1995 he aquired a major Hollywood studio for $5.7 billion, then in 1998 he shook the music world with his purchase of PolyGram NV for $10.4 billion. During his reign he saw several movies flop, but was very successful with music releases.

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