-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H/D01CuHyuEU2vydYei8/C4yzSMd4p5trJsnZCuGCRPcJbsyGemI5J9Rph5tIYRN xh4ERPBrCX1n85hVUJMgbg== 0000950123-97-008019.txt : 19970924 0000950123-97-008019.hdr.sgml : 19970924 ACCESSION NUMBER: 0000950123-97-008019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970923 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19970923 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEAGRAM CO LTD CENTRAL INDEX KEY: 0000088188 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 000000000 STATE OF INCORPORATION: CA FISCAL YEAR END: 0701 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-02275 FILM NUMBER: 97684064 BUSINESS ADDRESS: STREET 1: 1430 PEEL ST STREET 2: H3A 1S9 CITY: MONTREAL QUEBEC CANA STATE: A8 BUSINESS PHONE: 5148495271 MAIL ADDRESS: STREET 1: C/O JOSEPH E SEAGRAM & SONS INC STREET 2: 375 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10152 8-K 1 THE SEAGRAM COMPANY LTD. 1 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: September 23, 1997 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 2 Item 5. Other Events. On September 22, 1997, The Seagram Company Ltd. (the "Corporation") and Viacom Inc. ("Viacom") announced that they have agreed to resolve all litigation regarding jointly-owned USA Networks. Under terms of the agreement, the Corporation will acquire Viacom's 50% interest in USA Networks, including Sci-Fi Channel, for $1.7 billion in cash. The transaction, which is expected to close in the fourth quarter, is subject to customary conditions. 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 3 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: September 23, 1997 By: /s/ Daniel R. Paladino ------------------------------------- Daniel R. Paladino Executive Vice President -- Legal and Environmental Affairs 3 4 EXHIBIT INDEX
Exhibit Description of Exhibit Sequentially Number ---------------------- Numbered Page - ------ ------------- (99) Press Release. 6
EX-99 2 PRESS RELEASE 1 EXHIBIT 99 5 2 IMMEDIATELY Ray Boyce 212/572-7172 Amy Goldberger 212/572-1118 SEAGRAM AND VIACOM REACH AGREEMENT TO SETTLE LITIGATION REGARDING USA NETWORKS JOINT VENTURE SEAGRAM TO PURCHASE VIACOM'S 50% INTEREST IN USA NETWORKS FOR $1.7 BILLION MONTREAL, September 22, 1997 - The Seagram Company Ltd. (NYSE: VO) and Viacom Inc. (AMEX: VIA and VIAB) announced today that they have agreed to resolve all litigation regarding jointly-owned USA Networks. Under terms of the agreement, Seagram will acquire Viacom's 50% interest in USA Networks, including Sci-Fi Channel, for $1.7 billion in cash. The transaction, which is expected to close in the fourth quarter, is subject to customary conditions. Edgar Bronfman, Jr., Seagram's president and chief executive officer, stated: "Universal now has the opportunity to manage a scarce and unique asset in the fast-growing cable network business. USA Networks complements our existing entertainment operations and provides a strong platform for future growth, both domestically and internationally. And, with the lawsuit behind us, Universal and Viacom can now focus on further strengthening the many relationships which exist between us across the entertainment world." Sumner M. Redstone, chairman and chief executive officer of Viacom, said, "The sale of USA Networks is another significant step in our continuing commitment to reduce Viacom's debt. We are pleased that we were able to amicably settle our differences with Seagram and we look forward to resuming a productive relationship." USA Networks owns and operates these advertiser-supported services: USA Network, a general entertainment channel, which has a 98% penetration of U.S. cable and direct-to-home households, with 73 million subscribers; and Sci-Fi Channel, which has a 63% penetration of U.S. cable and direct-to-home households, with 46 million subscribers. USA Networks also owns and operates USA Networks International, with channels in South America, Europe and Africa. 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, and recorded music; and operates theme parks and retail stores. Headquartered in Montreal, Seagram employs 30,000 people worldwide. ### -----END PRIVACY-ENHANCED MESSAGE-----