BRONFMAN FAMILY URGED SEAGRAM SALE
The fears stemmed from Bronfman's investments in Time Warner and the acquisitions of Universal Studios and PolyGram, the world's largest music company, for a total of $19 billion. But Time Warner denied him a board seat, Universal released a string of box office bombs and Internet pirates like Napster threatened the music business.
Bronfman's rivals, especially the looming behemoth AOL Time Warner, have cast an ominous shadow over his company.
Relatives of Bronfman have been quietly fretting about the uncertain dividend payments that the hit-driven entertainment industry produces, reports the June 26 issue of Newsweek. And, according to a source close to the family, that uncertainty means they may eventually have to sell their company shares to finance their lifestyle.
In addition, Bronfman was also looking to fend off a hostile raid on Seagram. Earlier this year, sources told Newsweek, buyout kings Blackstone Group and Henry Kravis were approached by prominent entertainment executives about backing a bid for Seagram. And a top media-industry investment manager, Gordon Crawford, tried repeatedly to persuade Viacom CBS boss Sumner Redstone to acquire Seagram, according to people close to the matter.
