Seagram was sold for $8.15 billion to European spirits companies.
Seagram's was a Canadian multinational conglomerate that used to be based in Montreal, Quebec.In the 1990s, it was the largest owner of alcoholic beverage lines in the world.
It had various entertainment and business ventures at the end of its existence.The purchase of MCA Inc., whose assets included Universal Studios and its theme parks, was financed through the sale of Seagram's 25% holding of chemical companyDuPont, a position it acquired in 1981.Seagram's beverage assets were sold to various industry giants, including The Coca-Cola Company.The balance of Universal's entertainment empire was sold to French conglomerate Vivendi in 2000.
Vivendi Universal donated Seagram's House, the former company headquarters in Montreal, to the university in 2002.The Seagram Building was designed by Ludwig Mies van der Rohe and Philip Johnson and was commissioned by the daughter of the company's CEO.One of the most notable examples of functionalist aesthetic and a prominent instance of corporate modern architecture, it set the trend for the city's skyline for decades to follow, and has been featured in several Hollywood films.It was the world's most expensive skyscraper.The Seagram building was sold to TIAA for $70.5 million in 1979.[4]
Waterloo Distillery was founded in Canada in the 19th century.The company became known as Joseph E. Seagram & Sons in 1884.In the 1920s, Samuel Bronfman and his brothers founded Distillers CorporationLimited, in Montreal, which enjoyed substantial growth due to the prohibition in the United States.The name of the company was derived from a United Kingdom company that owned the leading brands of whisky in the UK.
In 1923, the Bronfmans purchased the Greenbrier Distillery in the United States, dismantled it, and reassembled it in Quebec.The Bronfmans shipped liquor from Canada to the French-controlled overseas collectivity Saint Pierre and Miquelon off the then-Dominion of Newfoundland, which was then shipped by bootleggers to Rum rows in New York, New Jersey and other states.[6]
After the death of Joseph E. Seagram, the Distillers Corporation acquired his company.The company was well prepared for the opening of the American market in 1933, with an ample stock of aged whiskeys ready to sell.
Historians have researched and documented Samuel Bronfman's dealings with bootleggers, even though he was never convicted of a crime.It was 7 and 8.
In the 1930s, when Seagram set up business in the United States, it paid a fine to the US government for delinquent excise taxes on liquor that was illegally exported.The US government wanted $60 million.[9]
After the death of Samuel Bronfman in 1971, his son was named CEO.10
The four children of Samuel Bronfman owned most of Distillers-Seagram.Seven Crown, VO, and Crown Royal were the three most popular Seagram products.
When Seagram's took over the winery from Dalgety Australia in 1978, the winemaking part of the business was wound up.[2]
In 1981 a subsidiary of the U.S.-based Seagram Company engineered a takeover of Conoco Inc., a major American oil and gas producing company.Seagram was brought in as a white knight by the oil company and entered the bidding war.In exchange for its stake in Conoco it became a 24.3% owner ofDuPont, Seagram lost out in the bidding war.Seagram had four seats on the board by 1995.
The Golden wine cooler products were advertised in a TV commercial.Seagram rose from fifth place to first in just two years, thanks to Bruce Willis as pitchman.[13]
In 1995 he wanted to enter the film and electronic media business.On April 6, 1995, the company announced that it would buy back its shares from the Seagram company for $9 billion.70% of Seagram's earnings came from the 24.3% stake inDuPont, which was heavily criticized by the investment community.Standard & Poor's took the unusual step of stating that the sale of the interest could result in a debt reduction for Seagram.The proceeds of the sale were used to acquire a controlling interest in a company that owned Universal Pictures and its theme parks.Seagram bought PolyGram andDeutsche Grammophon.