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The discussions involve an exchange of Seagram shares for the stock of the combined entity. Discussions are not completed and there is no certainty that an agreement will be reached or a transaction consummated.
Seagram added that it does not intend to update this announcement until a transaction is agreed to or negotiations are terminated.
Note to Editors: The Seagram Company Ltd., headquartered in Montreal, operates in four global business segments: Music, Filmed Entertainment, Recreation, and Spirits and Wine. Universal Music Group, the world's largest recorded music company, produces 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 business operates theme parks. Other businesses include retail stores and 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.
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Investor Relations: Joseph M. Fitzgerald, (212) 572-7282
