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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: February 5, 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 February 5, 1998, The Seagram Company Ltd. (the "Corporation")
announced that it had sold to Goldman, Sachs & Co. in a block trade
15 million shares of Time Warner Inc. common stock for $64.375 per
share less commission. The Corporation continues to hold
approximately 11.8 million Time Warner Inc. shares and has agreed not
to sell them for a period of 30 days without Goldman, Sachs & Co.'s
consent.
Net proceeds after tax will be more than $800 million and will be used
for general corporate purposes, including repayment of debt.
A copy of the press release is attached hereto as an exhibit and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
(99) Press Release.
2
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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: February 6, 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 Description of Exhibit Sequentially
Number Numbered Page
- ------ -------------
(99) Press Release. 6
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EXHIBIT 99
5
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IMMEDIATELY Amy Goldberger
212/572-1118
SEAGRAM SELLS 15 MILLION TIME WARNER SHARES
MONTREAL, February 5, 1998 - The Seagram Company Ltd. announced today that
Seagram has sold to Goldman, Sachs & Co. in a block trade 15 million shares of
Time Warner common stock for $64.375 per share less commission. Seagram
continues to hold approximately 11.8 million Time Warner shares and has agreed
not to sell them for a period of 30 days without Goldman, Sachs & Co.'s consent.
Net proceeds after tax will be more than $800 million and will be used for
general corporate purposes, including repayment of debt.
Edgar Bronfman, Jr., president and chief executive officer of Seagram, stated:
"As we have said before, our position in Time Warner is non-strategic. Given the
continuing strength of the price of Time Warner stock, we believe this was an
appropriate time to reduce further the size of our holdings."
The Seagram Company Ltd. operates in two global 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 pictures,
television and home video products, and recorded music; 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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