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[SEAGRAM LOGO] NEWS RELEASE
________________________________________________________________________________
FOR IMMEDIATE RELEASE
MEDIA RELATIONS:
Anita Larsen
212-572-1118
TREASURY CONTACT:
John Preston
212-572-7819
INVESTOR RELATIONS (PARIS):
Ariane De Lamaze
011-33-1-71-71-10-84
JOSEPH E. SEAGRAM & SONS, INC. RECEIVES
REQUISITE CONSENTS IN SOLICITATION FOR ITS
8.00% SENIOR QUARTERLY INCOME DEBT SECURITIES
("QUIDS(SM)") AND EXTENDS RELATED TENDER OFFER
NEW YORK, NY -- JANUARY 8, 2001 -- Joseph E. Seagram & Sons, Inc. (JES) today
announced that, as of 5:00 p.m., New York City time, on January 5, 2001, it had
received the requisite consents to effect proposed amendments to its 8.00%
Senior Quarterly Income Debt Securities due 2038 (QUIDS(sm)), which are
guaranteed as to payment of principal and interest by The Seagram Company Ltd.,
and the related indenture. JES indicated that valid tenders and unrevoked
consents had been received in respect of approximately 84% of the outstanding
QUIDS(sm) as of 5:00 p.m., New York City time, on January 5, 2001.
Receipt of the requisite consents permits the adoption of amendments to the
QUIDS(sm) and the related indenture. As more fully described in the Offer to
Purchase and Consent Solicitation, dated November 30, 2000 pursuant to which the
tender offer and consent solicitation is being made, the amendments (a)
eliminate substantially all of the covenants in the indenture other than the
covenants requiring payment of interest on and principal of the QUIDS(sm) when
due and requiring the maintenance of an office for purposes of making payments
on the QUIDS(sm), (b) eliminate events of default under the indenture relating
to defaults on bankruptcy and insolvency, (c) eliminate the limitations in the
indenture on consolidation, merger, conveyance and transfers, (d) modify certain
repurchase and defeasance provisions and (e) eliminate the contractual
requirement for filing periodic reports with the Securities and Exchange
Commission. JES also announced that the QUIDS(sm) have been delisted from the
New York Stock Exchange.
In order to enable more holders to participate in the tender offer, JES
announced that it was extending the expiration date for the tender offer for the
QUIDS(sm). The tender offer will now
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expire at 5:00 p.m., New York City time, on January 12, 2001. In accordance with
the terms and conditions of the tender offer and the consent solicitation,
withdrawal rights and revocation rights expired as of 5:00 p.m., New York City
time, on January 5, 2001 and are not being extended. As indicated in the Offer
to Purchase, payment for all QUIDS(sm) purchased pursuant to the tender offer is
expected to be made five business days after the expiration date as now extended
or as soon as practicable thereafter.
The dealer managers for the tender offer and consent solicitation are Banc of
America Securities LLC and Salomon Smith Barney and the information agent for
the tender offer and consent solicitation is ChaseMellon Shareholder Services,
L.L.C. Requests for documentation should be directed to ChaseMellon Shareholder
Services, L.L.C. at (917) 320-6286 (for bankers or brokers) and (866) 293-6618
(for others). Questions regarding the transaction should be directed to either
your Banc of America Securities LLC Sales Representative or Banc of America
Securities LLC toll-free at 866-475-9886 or your Salomon Smith Barney Sales
Representative or Salomon Smith Barney toll-free at 800-558-3745.
This announcement is not an offer to purchase, a solicitation of an offer to
purchase or a solicitation of consent with respect to any securities. The tender
offer and consent solicitation is being made solely by the Offer to Purchase and
the related Letter of Transmittal and Consent.
The Seagram Company Ltd., a subsidiary of Vivendi Universal, operates in four
global business segments: music, filmed entertainment, recreation and other, and
spirits and wine. Vivendi Universal, headquartered in Paris, France, operates a
number of leading and increasingly integrated businesses in the
telecommunications, multimedia, publishing and distribution, pay television,
recreation and Internet industries. By combining an array of popular global and
local content with advanced digital distribution technology, e-services and
e-commerce, Vivendi Universal provides content to an international customer and
subscriber base through a variety of access devices. Vivendi Universal produces,
markets and distributes recorded music, motion picture, television and home
video products throughout the world in all major genres; operates and has
ownership in a number of international cable channels; engages in the licensing
of merchandising rights and film property rights; operates theme parks and
retail stores; and is also involved in the development of entertainment
software. In addition, through its environment division, Vivendi Universal
provides world-class water, waste management, transportation and energy services
operations.
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QUIDS is a service mark of Goldman, Sachs & Co.
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