<PAGE> 1
Filed by The Seagram Company Ltd.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: The Seagram Company Ltd.
Commission File No. 1-2275
and
Subject Company: Canal Plus S.A.
Commission File No. 82-2270
November 1, 2000
THE FOLLOWING IS A PRESS
RELEASE ISSUED BY THE
SEAGRAM COMPANY LTD.
ON NOVEMBER 1, 2000
* * * * *
MEDIA RELATIONS:
Anita M. Larsen
212.572.1118
Mia Carbonell
212.572.7556
INVESTOR RELATIONS:
Joseph M. Fitzgerald
212.572.7282
Eileen McLaughlin
212.572.8961
SEAGRAM ANNOUNCES FIRST QUARTER EARNINGS
FOR FISCAL YEAR 2001
- BUSINESS COMBINATION WITH VIVENDI AND CANAL+
CLEARS KEY REGULATORY HURDLES
- SHAREHOLDER VOTES SET FOR DECEMBER 5, 2000,
PAVING WAY FOR FORMATION OF "VIVENDI UNIVERSAL"
- SEAGRAM CONTINUES STRONG PERFORMANCE
- TOTAL EBITDA RISES 32 PERCENT TO $466 MILLION
- OPERATING INCOME MORE THAN DOUBLES TO $172 MILLION
- IN MUSIC, EBITDA INCREASES 14 PERCENT TO $210 MILLION
- IN FILMED ENTERTAINMENT, EBITDA REACHES $23 MILLION
- IN RECREATION AND OTHER, CONSOLIDATED EBITDA RISES
14 PERCENT TO $56 MILLION
- IN SPIRITS AND WINE, EBITDA INCREASES 13 PERCENT
TO $177 MILLION
--------------------------------------------------------------------------------
MONTREAL, NOVEMBER 1, 2000 -- The Seagram Company Ltd. [NYSE: VO] reported today
that for the quarter ended September 30, 2000, earnings before interest, taxes,
depreciation and amortization (EBITDA) from continuing operations rose 32
percent to $466 million. The results were driven by double-digit growth in
Music, Recreation and Other, and Spirits and Wine operations, as well as a
significant turnaround in Filmed Entertainment.
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The Company reported revenues of $3.5 billion, down 3 percent from the
comparative first quarter of fiscal 2000, primarily due to the impact of
unfavorable foreign exchange and divested operations in Music and Spirits and
Wine. At constant exchange and excluding the divested operations, revenues
increased 2 percent.
Seagram reported operating income of $172 million, versus $72 million for the
year-ago period. Additionally, the Company reported a net loss of $369 million
or $0.84 per basic share, which included a $390 million charge as a result of a
cumulative effect of an accounting change related to accounting by producers or
distributors of films. Excluding this accounting change, the Company had net
income of $21 million or $0.05 per basic share. In the prior year, the Company
reported a net loss of $124 million or $0.29 per basic share, which included a
$55 million after-tax gain on the sale of the concert operations and an $84
million charge as a result of a cumulative effect of an accounting change
related to start-up activities. Excluding these items, the Company posted a net
loss of $95 million or $0.22 per share last year.
CEO COMMENTS ON RESULTS
Commenting on the Company's results, Edgar Bronfman, Jr., president and chief
executive officer, said: "I am very pleased with the results for our first
quarter of fiscal 2001, which continued to show the strength of our core
businesses and demonstrated the clear potential they have for future earnings
growth. Music, Recreation and Other, and Spirits and Wine all turned in
double-digit growth. Our Filmed Entertainment unit again showed significant
improvement, with EBITDA of $23 million and revenues topping $787 million.
"I remain very optimistic and confident about the proposed combination of
Seagram, Vivendi and Canal+ to create a new global media and communications
company. Over the past few months, we have cleared key regulatory hurdles,
including the French audiovisual authority (CSA), appropriate U.S. antitrust
authorities, the Canadian Competition Bureau, the European Commission, and the
Minister of Canadian Heritage and the Minister of Industry Canada, as required
under the Investment Canada Act. Shareholder meetings to vote on the approval of
the strategic business combination have been set for December 5, 2000. For
Seagram shareholders, the record date to receive notice of the annual and
special meeting is November 1, 2000.
"We envision Vivendi Universal will be a global media and communications
company, which will be the world's preferred provider of personalized
information, entertainment and services to consumers anywhere, at any time, and
across all distribution platforms and devices," Mr. Bronfman continued. He
underscored the value of Seagram's entertainment assets - particularly Music,
Filmed Entertainment, Interactive Games and Theme Parks - and the roles they
will play in the new company as content comes together
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with distribution assets. "Their performance this quarter, in particular," he
said, "is testimony to their value in this strategic transaction."
Mr. Bronfman added: "In Music, EBITDA increased 14 percent to $210 million. On a
constant exchange rate basis, EBITDA rose 21 percent. While revenues decreased 2
percent to $1.38 billion, excluding the impact of adverse foreign exchange and
the concert operations, which were sold in the first quarter last year, revenues
increased 6 percent. The growth reflects the strong chart positions and cost
savings achieved with the integration of PolyGram and Universal.
"Filmed Entertainment--continuing its significant improvement--turned in $23
million in EBITDA on revenues of $787 million. During the quarter, we had
theatrical successes with The Nutty Professor II: The Klumps, Bring It On, and
Gladiator, as well as strong DVD and home video sales of Erin Brockovich and the
anniversary collector's edition of Jaws.
"Recreation and Other also turned in terrific results: consolidated EBITDA rose
14 percent to $56 million on 10 percent higher revenues of $230 million. Strong
results were principally driven by growth at Universal City Hollywood,
reflecting the expansion of CityWalk.
"Spirits and Wine EBITDA rose 13 percent to $177 million. The sustained momentum
is founded on continued strong results in key beverage alcohol markets in North
America, Asia Pacific and Europe." He noted that the sale of the Spirits and
Wine business is well under way, with an anticipated announcement of a
prospective buyer by year end.
Mr. Bronfman concluded: "As I have indicated previously, I am very optimistic
that the Seagram, Vivendi, Canal+ transaction will close before the end of the
year, creating a company whose growth prospects are not only strong for the
future, but real and immediate upon its creation."
BUSINESS UNIT HIGHLIGHTS
MUSIC
-- EBITDA increased 14 percent to $210 million. On a constant exchange rate
basis, EBITDA rose 21 percent.
-- The EBITDA growth reflects the strong chart positions and cost savings
achieved with the integration of PolyGram and Universal.
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- Revenues decreased 2 percent to $1.38 billion. Excluding the impact of
adverse foreign exchange and the concert operations, which were sold in the
first quarter of last year, revenues increased 6 percent. The revenue
growth was driven by continued strong chart positions, particularly in
North America.
- Best-selling releases in the quarter included albums from Andrea Bocelli,
Bon Jovi, Boyz II Men, Eminem, Ronan Keating, LL Cool J, Nelly, 98 Degrees,
3 Doors Down and the compilation "Now That's What I Call Music."
- Key releases for the second quarter include new albums from Erykah Badu,
Godsmack, Jay-Z, Mark Knopfler, Limp Bizkit, Ja Rule, Elton John, Luna Sea,
Marilyn Manson, Florent Pagny, Andre Rieu, Sandy & Junior, S Club 7, Texas,
The Wallflowers and U2.
- In the U.S., Universal Music Group held the #1 album position for 12
consecutive weeks during the first quarter for fiscal year 2001. The
company continues to hold the leading position with year-to-date market
share for week ending October 22, 2000 at an impressive 28.95 percent,
according to SoundScan.
Key announcements:
- July 25, 2000: UMG announced a three-year licensing agreement with
musicbank, a service that provides secure, streaming access on-demand to
consumers' personal CD collections through the Internet.
- August 1, 2000: UMG announced the trial of commercial downloads of music
with bluematter(TM), a new digital music product.
- August 29, 2000: UMG announced the launch of its initial series of
broadband programs that feature original music-oriented pilots, becoming
the first major music company to offer premium music programming designed
exclusively for high-speed connections.
- August 30, 2000: UMG acquired Rondor Music, the world's leading independent
music publishing company.
FILMED ENTERTAINMENT
- EBITDA for Filmed Entertainment was $23 million on revenues of $787
million. The EBITDA performance is a significant improvement compared with
last year's EBITDA loss of $38 million. The EBITDA reflects the theatrical
success of The Nutty Professor II: The Klumps, Bring It On and Gladiator,
as well as strong DVD and home video sales of Erin Brockovich and the 20th
anniversary collector's edition of Jaws.
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In Motion Pictures, during the last three months:
- Universal Pictures had four consecutive #1 box office releases, more
than any other studio in over a decade:
- The Nutty Professor II: The Klumps opened on July 28 to more than
$42.5 million in its first weekend domestically, a record for any
Eddie Murphy film, and to date has grossed more than $152.1 million
worldwide.
- Bring It On, a modestly budgeted comedy about cheerleading, was this
year's late-summer sleeper hit, opening the weekend prior to Labor
Day to more than $17.4 million at the box office and earning more
than $66.1 million to date.
- The suspense thriller The Watcher, which the studio acquired for
domestic distribution, more than doubled its investment in its first
weekend, and it has grossed more than $28.8 million to date.
- Meet the Parents, a 50/50 co-production with DreamWorks, starring
Robert DeNiro and Ben Stiller, has broken all box office records for
an October release by taking in $28.6 million its first weekend and
remaining the number one film four weeks in a row. The comedy has
earned more than $100 million in only four weeks of release.
- Billy Elliot, a Working Title production from noted theatre director
Stephen Daldry and the first film to be released under the Universal
Focus banner, opened in 10 theaters on October 23 and will slowly be
expanding throughout November. Critics and audiences have embraced this
high-spirited tale of a boy (played by newcomer Jamie Bell) from a poor
coal mining town in northern Britain who yearns to be a ballet dancer,
and its per-screen box office averages to date have been very strong.
- With one of the largest promotional campaigns in the studio's history,
Dr. Seuss' How The Grinch Stole Christmas, an Imagine Entertainment
production directed by Ron Howard and starring Jim Carrey as The Grinch,
is the most highly anticipated motion picture event of the holiday
season. The film opens domestically on November 17, expanding shortly
after internationally.
- Beacon Entertainment's The Family Man, a romantic fantasy drama starring
Nicholas Cage, Tea Leoni and Don Cheadle, and directed by Brett Ratner,
received a highly enthusiastic response from exhibitors when it was
screened at the Show East Convention in Orlando, Florida. The film is
scheduled to open domestically on December 15.
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In Home Video:
-- The box-office hit Erin Brockovich, starring Julia Roberts, has shipped
more than one million DVD units, making it the first movie starring a female
lead to break that threshold.
-- Universal Studios Home Video's shipment of over one million DVD units of the
20th anniversary collector's edition of Jaws in July represented the most
successful DVD release of a catalogue title in history.
-- During the first two weeks of their release in mid-October, the DVDs for
Jurassic Park and The Lost World: Jurassic Park shipped 2.5 million units
combined.
-- Jurassic Park posted the fourth highest first-week DVD sales figure of all
time. With this, Universal Studios Home Video has now placed 7 titles on
VideoScan's list of Top 15 First-Week Sellers, including The Mummy, American
Pie, The Lost World: Jurassic Park, Saving Private Ryan, End of Days, and
Erin Brockovich.
In Television:
-- In domestic television, Universal Television & Networks Group's syndicated
hit reality series Blind Date, which is cleared on more than 163 stations
covering 93 percent of the country, began airing its second season of new
episodes.
-- In international television, Universal Television & Networks Group has
announced plans to launch The Studio, a new branded movie channel in the U.K.
in early 2001, marking its ninth network launch.
RECREATION AND OTHER:
-- Consolidated EBITDA rose 14 percent to $56 million on 10 percent higher
revenues of $230 million. The strong EBITDA results were principally driven
by growth at Universal City Hollywood, reflecting the expansion of CityWalk,
and fee income associated with milestones in the construction of Universal
Studios Japan, which will open in Spring 2001.
-- Revenues from consolidated and unconsolidated companies increased 8 percent
to $376 million and EBITDA from consolidated and unconsolidated companies
increased 15 percent to $102 million.
-- Universal Studios at Universal Orlando and Universal City Hollywood continue
to dominate the Halloween market with the annual Halloween Horror Nights
events, marking their 10th year in Florida and 4th year in Hollywood.
-- Universal Orlando continues its growth as a world-class resort destination
with the opening of the 615-room Hard Rock Hotel in January 2001.
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- In conjunction with the highly anticipated Universal Pictures release
of Imagine Entertainment's Dr. Seuss' How the Grinch Stole Christmas,
Universal Orlando and Universal City Hollywood will launch a unique new
"Wholiday" celebration, running from November 17 through the holiday
season. In the delightfully off-kilter spirit of Dr. Seuss, "Grinchmas"
brings to three-dimensional life the snow-capped town and inhabitants
of Whoville.
- Universal Studios Port Aventura, Spain's largest and most successful
theme park, has announced the start of construction on two new,
500-room resort hotel properties. Both hotels are expected to be
completed by 2002.
- Construction is on track for the opening of Universal Studios Japan
(USJ) in Osaka in April 2001. With 35 million people living within a
100-mile radius of the park, USJ has the potential to become the
highest-attended of all Universal theme parks.
SPIRITS AND WINE
- Spirits and Wine EBITDA rose 13 percent to $177 million. This sustained
momentum is founded on consistent, strong growth in key beverage
alcohol markets in North America, Asia Pacific and Europe. Development
markets such as Russia and Middle East are also demonstrating positive
signs of a resurgence.
- Revenues were essentially even with last year at $1.14 billion.
Excluding the impact of unfavorable foreign exchange and the impact of
divested operations, revenues would have increased 5 percent versus
last year.
- Total worldwide volumes, excluding divested operations and bulk whiskey
sales, increased 6 percent for the quarter, fueled by the outstanding
performance of focus brands, notably Chivas Regal, Martell and Captain
Morgan. Chivas Regal, one of the spirits industry's few truly global
brands, registered double-digit growth in all four regions of the
world. Martell moved ahead strongly with double-digit growth in North
America and Asia, the key growth regions for the Cognac category.
Captain Morgan, driven by Original Spiced and Parrot Bay in the U.S.,
continues to turn in stellar results. ABSOLUT VODKA, owned by V&S Vin &
Sprit AB, performed strongly in all regions, significantly ahead of
the first quarter of fiscal 2000, when ABSOLUT MANDRIN was launched in
the U.S. ABSOLUT MANDRIN is now being rolled out into markets outside
of the U.S.
- Marketing investment increased approximately 30 percent for the
quarter, with the emphasis once again on brand equity building behind
focus brands. A powerful, new integrated global communications program
for Martell Cognac was unveiled in October. Inviting consumers to meet
a woman called Martell, this is a radical departure from traditional
Cognac advertising. The highly successful "When You Know" communications
program for Chivas Regal has been further expanded across key cities of
the world with the addition of new advertising executions.
- In terms of eBusiness initiatives, Spirits and Wine has invested in
Transora.com, the global business-to-business (B2B) e-marketplace for
the food, beverage and consumer products industry.
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<PAGE> 8
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* Subsequent to the quarter's ending, it was announced that Oddbins Limited,
Seagram's leading U.K. high street wine and spirits retailer, and Sainsbury's,
one of the world's leading retailers, are to form a 50/50 joint business
venture that will offer in the U.K. an unrivalled direct-to-consumer choice of
over 3,000 premium wines.
The Company's financial results are prepared on a U.S. Generally Accepted
Accounting Principles (GAAP) basis, which conforms in all material respects to
Canadian GAAP.
The Seagram Company Ltd., headquartered in Montreal, operates in four global
business segments: MUSIC, FILMED ENTERTAINMENT, RECREATION AND OTHER, and
SPIRITS AND WINE. Universal Music Group, the world's largest recorded music
company, produces, markets and distributes recorded music throughout the world
in all major genres, and it is engaged in music publishing. The Company's Filmed
Entertainment business produces and distributes motion picture, television and
home video products worldwide; operates and has ownership in a number of
international cable channels; and engages in the licensing of merchandising
rights and film property rights. The Recreation and Other business operates
theme parks and retail stores. It is also involved in the development of
entertainment software. The Spirits and Wine business is engaged principally in
the production and marketing of distilled spirits, wines, coolers, beers and
mixers throughout more than 190 countries and territories. The Company's
corporate website is located at www.seagram.com.
This release contains forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or beliefs and
are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. Actual results may differ from those set forth in the
forward-looking statements as a result of various factors (including but not
limited to future global economic conditions, market conditions, foreign
exchange rates, the actions of competitors, consumer preferences and operating
and financial risks related to managing growth and integrating acquired
businesses), many of which are beyond the control of the Company. More detailed
information regarding these factors is included in the Company's Annual Report
on Form 10-K, as amended, and other filings with the U.S. Securities and
Exchange Commission.
The forward-looking statements contained in this release also address the
strategic business combination of Vivendi, Seagram and Canal+. The following
factors, among others, could cause actual results to differ materially from
those described in the forward-looking statements: the risk that the Vivendi,
Seagram and Canal+ businesses will not be integrated successfully; costs related
to the business combination; failure of the Vivendi, Seagram or Canal+
shareholders to approve the business combination; the risk that Seagram will be
unable to effect the disposition of its Spirits and Wine business or effect such
disposition on satisfactory terms and conditions; inability to further identify,
develop and achieve success for new products, services and technologies;
increased competition and its effect on pricing, spending, third-party
relationships and revenues; inability to establish and maintain relationships
with commerce, advertising, marketing, technology and content providers. None of
Vivendi, Seagram or Canal+ undertakes any obligation to provide updates or to
revise any forward-looking statements.
Investors and security holders are urged to read the joint proxy
statement/prospectus, which Vivendi has filed with the U.S. Securities and
Exchange Commission as part of its Registration Statement on Form F-4, because
it contains important information. Investors and security holders may obtain a
free copy of the joint proxy statement/prospectus and other documents filed by
Vivendi, Seagram and Canal+ with the Commission at the Commission's web site at
www.sec.gov. The joint proxy statement/prospectus and these other documents may
also be obtained for free from Seagram. Information regarding the participants
in the proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the joint proxy
statement/prospectus.
* * * * *
EDITOR'S NOTE: Tables for Seagram's fiscal year 2001 first quarter follow.
<PAGE> 9
TABLE 1 - INCOME STATEMENT
THE SEAGRAM COMPANY LTD.
(U.S.$ in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
---------------------
2000 1999
---- ----
<S> <C> <C>
Revenues $3,539 $3,643
Operating income (loss)
Music 23 (4)
Filmed Entertainment (1) (59)
Recreation and Other 30 24
Spirits of Wine 147 125
Corporate (27) (14)
------ ------
Total operating income 172 72
Interest, net and other expense 160 161
Gain on sale of businesses - 98
------ ------
12 9
Provision for income taxes 5 110
Minority interest 6 4
Equity earnings from unconsolidated companies* 20 65
------ ------
Income (loss) from continuing operations 21 (40)
Cumulative effect of change in accounting principle,
after tax (390) (84)
------ ------
Net (loss) $ (369) $ (124)
------ ------
Loss per share - basic $(0.84) $(0.29)
------ ------
Loss per share - diluted $(0.83) $(0.29)
------ ------
Supplemental Financial Data:
Income (loss) from continuing operations, excluding net
gain on sale of businesses $ 21 $ (95)
------ ------
</TABLE>
*Includes goodwill amortization related to unconsolidated companies
<PAGE> 10
TABLE 2 - REVENUES AND EBITDA
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions, except share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
2000 1999
------- -------
<S> <C> <C>
CONSOLIDATED COMPANIES ONLY
Revenues
Music $ 1,378 $ 1,412
Filmed Entertainment 787 873
Recreation and Other 230 209
Spirits and Wine 1,144 1,149
------- -------
Total revenues $ 3,539 $ 3,643
======= =======
EBITDA
Music $ 210 $ 185
Filmed Entertainment 23 (38)
Recreation and Other 56 49
Spirits and Wine 177 156
------- -------
Total EBITDA 466 352
Depreciation expense (96) (82)
Amortization of goodwill and intangible assets (173) (186)
Corporate expenses (25) (12)
------- -------
Operating income $ 172 $ 72
======= =======
Thousands
Weighted average shares outstanding - basic 439,541 432,842
Weighted average shares outstanding - diluted 446,954 432,842
Shares outstanding at end of period 443,864 433,365
</TABLE>
<PAGE> 11
Table 3 - Supplemental financial data for unconsolidated companies Page 1 of 2
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions)
(Unaudited)
A portion of Seagram's activities are conducted through interests in public and
non-public entities that are not consolidated subsidiaries. The unconsolidated
public entities in which Seagram retains an interest are USA Networks, Inc.
(43.0% effective equity interest - Nasdaq:USAi), Loews Cineplex Entertainment
Corporation (25.6% interest - NYSE:LCP) and Interplay Entertainment Corp. (15.5%
interest - Nasdaq:IPLY). The unconsolidated non-public entities principally
include Universal Orlando, Universal Studios Port Aventura, Cinema International
Corporation, United Cinemas International, USJ Co. Ltd., SEGA GameWorks,
GetMusic and Kirin-Seagram Limited. Consolidated revenues, EBITDA and operating
income of Seagram do not include the results of these unconsolidated entities.
Since Seagram operates some of its core businesses through unconsolidated
entities, Seagram believes that the information provided in Table 3, which
summarizes the results of the non-public unconsolidated entities, provides
additional information for understanding its business results.
The following summary unaudited financial information for Universal Orlando and
other non-publicly traded unconsolidated companies is not prepared in
accordance with generally accepted accounting principles (GAAP) and is
intended solely to provide additional information to investors. It should be
viewed in conjunction with Seagram's financial statements. Seagram does not
control these entities and accordingly could not among other things, cause any
unconsolidated company to distribute to Seagram its undistributed share of the
revenue and earnings of such company.
UNIVERSAL ORLANDO
Universal Orlando is comprised principally of one partnership, Universal City
Development Partners L.P., in which Universal has a 50% interest. Summary
financial information for 100% of Universal Orlando follows:
<TABLE>
<CAPTION>
Three Months Ended
September 30,
Universal Orlando 2000 1999
----------------- ---- ----
<S> <C> <C>
Revenues $ 231 $ 221
Operating income 29 16
Pre-tax loss (17) (11)
EBITDA 69 59
Universal's proportionate share of:
Total assets at quarter-end 1,358 1,353
Next debt at quarter-end 713 774
</TABLE>
<PAGE> 12
TABLE 3 - SUPPLEMENTAL FINANCIAL DATA FOR UNCONSOLIDATED COMPANIES PAGE 2 OF 2
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions)
(Unaudited)
NON-PUBLICLY TRADED UNCONSOLIDATED COMPANIES
The following sets forth Seagram's proportionate share of the revenues and
EBITDA of the unconsolidated companies which are not publicly traded.
<TABLE>
<CAPTION>
Three Months Ended
------------------
September 30,
-------------
2000 1999
---- ----
<S> <C> <C>
Revenues
Music $ 5 $ 27
Filmed Entertainment 73 71
Recreation and Other
Universal Orlando 113 110
Other 33 29
---- ----
Total Recreation and Other 146 139
Spirits and Wine 34 32
---- ----
Total Revenues $258 $269
==== ====
EBITDA
Music $ (2) $ 3
Filmed Entertainment 14 14
Recreation and Other
Universal Orlando * 35 31
Other 11 9
---- ----
Total Recreation and Other 46 40
Spirits and Wine 1 2
---- ----
Total EBITDA $ 59 $ 59
==== ====
</TABLE>
* Excludes income on intercompany transactions.
<PAGE> 13
TABLE 4 -- CONSOLIDATED AND UNCONSOLIDATED REVENUES AND EBITDA
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL INFORMATION
(U.S.$ in millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30
-------------------
2000 1999
---- ----
<S> <C> <C>
REVENUES
Music
Consolidated companies $1,378 $1,412
Unconsolidated companies 5 27
------ ------
Total 1,383 1,439
Filmed Entertainment
Consolidated companies 787 873
Unconsolidated companies 497 441
------ ------
Total 1,284 1,314
Recreation and Other
Consolidated companies 230 209
Unconsolidated companies 146 139
------ ------
Total 376 348
Spirits and Wine
Consolidated companies 1,144 1,149
Unconsolidated companies 34 32
------ ------
Total 1,178 1,181
Total consolidated companies 3,539 3,643
Total unconsolidated companies 682 639
------ ------
Total $4,221 $4,282
====== ======
EBITDA
Music
Consolidated companies $ 210 $ 185
Unconsolidated companies (2) 3
------ ------
Total 208 188
Filmed Entertainment
Consolidated companies 23 (38)
Unconsolidated companies 99 97
------ ------
Total 122 59
Recreation and Other
Consolidated companies 56 49
Unconsolidated companies 46 40
------ ------
Total 102 89
Spirits and Wine
Consolidated companies 177 156
Unconsolidated companies 1 2
------ ------
Total 178 158
Total consolidated companies 466 352
Total unconsolidated companies 144 142
------ ------
Total $ 610 $ 494
====== ======
</TABLE>
