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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 16, 1998
THE SEAGRAM COMPANY LTD.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Canada 1-2275 None
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
1430 Peel Street, Montreal, Quebec, Canada H3A 1S9
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code:
(514) 849-5271
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Item 5. Other Events.
On November 16, 1998, The Seagram Company Ltd. (the "Corporation") announced
that it will undertake a strategic reorganization of Universal Studios, Inc.
("Universal"), the Corporation's entertainment business. As part of the
reorganization, the Corporation announced that Frank J. Biondi, Jr., who held
the title of Universal chairman and chief executive officer, resigned from the
Corporation and its Board of Directors.
A copy of the press release is attached hereto as Exhibit 99 and is incorporated
herein by reference.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
(99) Press Release.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE SEAGRAM COMPANY LTD.
(Registrant)
Date: November 19, 1998
By: /s/ Daniel R. Paladino
Daniel R. Paladino
Executive Vice President -- Legal and
Environmental Affairs
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EXHIBIT INDEX
Exhibit Description of Exhibit
Number
(99) Press Release.
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Exhibit 99
IMMEDIATELY MEDIA RELATIONS:
Ray Boyce
212/572-7172
INVESTOR RELATIONS:
Joseph Fitzgerald
212/572-7282
SEAGRAM REORGANIZES ENTERTAINMENT BUSINESS
UNIVERSAL CEO FRANK BIONDI DEPARTS COMPANY
RON MEYER TO LEAD NEW ENTERTAINMENT GROUP
MONTREAL, November 16, 1998 -- The Seagram Company Ltd. (NYSE: VO) announced
today that it will undertake a strategic reorganization of Universal Studios
Inc., the company's entertainment business. As part of the reorganization, the
Company announced that Frank J. Biondi, Jr., who held the title of Universal
chairman and chief executive officer, has resigned from the Company and its
Board of Directors, effective immediately.
With the reorganization, Ron Meyer, president and chief operating officer of
Universal Studios Inc., now becomes Universal's senior executive, reporting
directly to Seagram's president and chief executive officer, Edgar Bronfman, Jr.
Mr. Meyer will oversee the operations of three of Universal's core entertainment
businesses -- Universal Pictures, Universal Television and Networks Group, and
Universal Studios Recreation Group. Under this new arrangement, Doug Morris,
Universal Music Group chairman and chief executive officer, will report directly
to Mr. Bronfman. The other operating division heads reporting directly to Mr.
Bronfman are: John Hunter, chairman, and Steve Kalagher, president and chief
executive officer, The Seagram Spirits And Wine Group; and Samuel Bronfman II,
president, Seagram Chateau & Estate Wines Company and chairman, The Seagram
Beverage Company.
Edgar Bronfman, Jr. said: "Our decision to acquire PolyGram, N.V., coupled with
our on-going commitment to maximize shareholder value, led us to critically
examine Universal's existing structure and operations. As a result of that
evaluation, we have implemented today's changes, which will help us to be a more
competitive and aggressive organization, better able to manage our entertainment
assets for sustained growth and profitability."
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Mr. Bronfman continued: "In the past year, we have greatly accelerated the pace
of Seagram's transformation. The USAi transaction, the PolyGram acquisition, the
Tropicana sale and our stepped-up investments in our recreation business, have
sharpened our focus and enhanced our entertainment portfolio. With our
restructuring fundamentally behind us, we have built one of the world's foremost
entertainment companies. As we go forward, we are confident of our ability to
grow and to meet the ever-increasing global demand for quality entertainment
products."
Mr. Bronfman concluded: "Ron Meyer has proven himself as one of the industry's
most effective executives at managing and developing talent across entertainment
sectors. I intend to work even more closely with Ron as we accelerate the
momentum we have already achieved. Frank Biondi has made important contributions
to Universal's success, and we appreciate all of his efforts. We wish him well
in his future endeavors."
The Seagram Company Ltd. operates in two global business segments: spirits and
wines; and entertainment. The spirits and wine businesses are engaged
principally in the production and marketing of distilled spirits, wines,
coolers, beers and mixers throughout more than 190 countries and territories.
The entertainment company, Universal Studios, Inc., produces and distributes
motion picture, television and home video products, and recorded music; and
operates theme parks and retail stores. Headquartered in Montreal, Seagram
employs 25,000 people worldwide. The Company's corporate website is located at
www.seagram.com.
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