Edgar in line for Hollywood's top table
The Seagram chief has stardust in his eyes
Tuesday 18 April 1995
His pronouncement came after he finally inked the much-anticipated $5.7bn (£3.5bn) deal in which Seagram, 36 per cent owned by the Bronfman family of Montreal, purchased 80 per cent of Hollywood entertainment group MCA from the Japanese electronics giant, Matsushita, an acquisition which - as Mr Bronfman also excitedly pointed out - gives him one of the "six major seats" at Hollywood's table.
Few would deny that MCA, with its Universal Pictures studio, theme parks, television shows and record labels, is just as prestigious or glamorous as Hollywood's other giants. What they would dispute, though, is that Mr Bronfman, a 39-year-old billionaire, will keep his promise, and resist slipping into a silk suit, lighting a cigar, and heading for the studio lot.
Everything that Tinseltown knows about Edgar Bronfman Jr suggests that he is a mogul manqu. His friends include Michael Douglas, Barry Diller - who's still seen as a major Hollywood heavyweight, despite his failed attempt to buy Paramount - and Michael Ovitz, the super-agent who brokered the deal that saw Matsushita into MCA in 1990. There has been speculation that Mr Bronfman may ask either Ovitz or Diller (owner of QVC, the cable shopping channel) to run MCA for him, although both have poured cold water on the suggestion.
Mr Bronfman, a dapper figure known as "Effer" to his friends, has had a love affair with show business which goes back more than 20 years, and which was probably inherited from his father Edgar Snr had a controlling stake in MGM for two years during the 1960s - an excursion that cost him $10m in losses. Edgar Jnr was still in his teens when he began flirting with Hollywood by co-producing The Blockhouse, a flop starring Peter Sellers, for his then mentor, David Puttnam. He has since made a clutch of movies, mostly box office disappointments.
Although rather shy, his private life smacks more of Hollywood than the corporate world in which he has spent his professional life. In 1980 he eloped with, and later married, the actress Sherry Brewer. The two were introduced by the singer Dionne Warwick, with whom Mr Bronfman had become friends while pursing his other great interest - writing love songs. She recorded two of his songs, In Your Arms and Whispers in the Dark. He has since married again, to a Venezuelan oil heiress.
Whatever Mr Bronfman eventually decides to do, he is entering an industry that is in a state of upheaval - apart from the rapid changes brought about by the multimedia revolution.
The impact of DreamWorks, the new entertainment conglomerate and studio being set up by Steven Spielberg and partners, has yet to become clear, but their rivals are bracing themselves - not least because they expect recruiting raids on their best staff.
Many predict that Seagram's takeover will herald the end of Hollywood's longest-running executive partnership, that of the 82-year-old chairman Lew Wasserman, the so-called "godfather" of the movies who has been with MCA since the Great Depression, and his president, Sidney Sheinberg, who - at 60 - has put in a mere 38 years.
If this happens, it could bring about another change, with substantial commercial ramifications. For years, MCA/Universal has made a fortune by distributing Steven Spielberg's blockbusters, including Jurassic Park. Their partnership was built around Mr Spielberg's close personal relationship with Mr Steinberg, whom he regarded as a mentor. Before Matsushita sold MCA, Mr Spielberg's DreamWorks reportedly agreed that some of its products could be distributed by MCA - a deal that could have been worth $1bn over the next decade - but only if the Japanese would keep Mr Wasserman and Mr Sheinberg, with whom they had fallen out badly.
Mr Bronfman now faces a difficult choice. Does he sideline Mr Wasserman and Mr Sheinberg, and jeopardise a potentially lucrative alliance with DreamWorks? The new Spielberg outfit also has close ties with Time Warner - the group which owns Warner Brothers studio and cable TV interests - so may chose to form an alliance there instead. Does he keep at least one of them on - Sheinberg? Does he bring in someone else? Or does he do what he said he wouldn't: succumb to his addiction to stardust and move to Los Angeles, in effect taking one of the six seats at the table himself?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
- 4 The top 50 cities for young people to live in
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...