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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: May 27, 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 May 27, 1998, The Seagram Company Ltd. announced that it had sold to
Goldman, Sachs & Co. all of its remaining Time Warner stock, nearly
11.8 million shares, for $77.50 per share less commission.
Net proceeds after tax will be more than $725 million and will be used
for general corporate purposes.
A copy of the press release is attached hereto as an exhibit 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: May 29, 1998
By: /s/ Daniel R. Paladino
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Daniel R. Paladino
Executive Vice President -- Legal and
Environmental Affairs
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EXHIBIT INDEX
Exhibit Sequentially
Number Description of Exhibit Numbered Page
(99) Press Release. 6
5
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EXHIBIT 99
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IMMEDIATELY Ray Boyce
212/572-7172
SEAGRAM SELLS REMAINING TIME WARNER SHARES
MONTREAL, May 27, 1998 -- The Seagram Company Ltd. announced today that it has
sold to Goldman, Sachs & Co. all of its remaining Time Warner stock, nearly 11.8
million shares, for $77.50 per share less commission. Net proceeds after tax
will be more than $725 million and will be used for general corporate purposes.
Edgar Bronfman, Jr., president and chief executive officer of Seagram, stated:
"We have now completed the sale of an asset that became non-strategic after the
acquisition of Universal Studios, Inc. in 1995."
The Seagram Company Ltd. operates in two global business segments: beverages and
entertainment. The beverage businesses are engaged principally in the production
and marketing of distilled spirits, wines, fruit juices, coolers, beers and
mixers throughout more than 150 countries and territories. The entertainment
company, Universal Studios, Inc., produces and distributes motion picture,
television and home video products, recorded music under the Universal Music
Group, which includes MCA Music Publishing and Universal Concerts, and such
labels as MCA Records, MCA Records Nashville, GRP Recording Company, Geffen
Records, Universal Records, Interscope Records, and Hip-O Records; and operates
theme parks and retail stores. Headquartered in Montreal, Seagram employs 30,000
people worldwide. The Company's corporate website is located at www.seagram.com.
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