Doug Morris to run Universal Music

Article Abstract:

Seagram Co. will acquire PolyGram NV to form a new company to be called Universal Music Group that will be headed by Doug Morris as chairman and CEO. Universal Music Group will be formed throught the consolidation of Seagram's music unit and PolyGram. Seagram expects to obtain operational cost savings of $300 million annually after the acquisition is complete. Changes including discontinuation or combination of some music labels and streamlining of top executive positions are to be expected. Meanwhile, the acquisition awaits regulatory approval.

Comment:

Will acquire PolyGram to form new co, Universal Music Group to be headed by Doug Morris

Canada, Netherlands, Foreign operations, Organizational history, Seagram Company Ltd., Universal Music Group, Polygram N.V.

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Bertelsmann to buy stake in Internet bookseller

Article Abstract:

barnesandnoble.com, an Internet-based book distribution interest, has agreed to sell a 50% stake in the company to Bertelsmann AG, a book publishing services firm, for $200 million. The purchase deal, if consummated, will allow Bertelsmann to gain access to the US book distribution business and forego plans of launching a similar service in the region. The acquisition will also enable barnesandnoble.com to compete more effectively with its closest competitor, Amazon.com, and delay plans to conduct an initial public offering of company stock.

Comment:

Is set to acquire a 50% stake in barnesandnoble.com, an Internet-based book distributor, for $200 million

Germany, Specialized Telecom Services, Wired Telecommunications Carriers, Book Stores, Book Publishing, Book Publishers, Publishing industry, Internet services, Bookstores, Bertelsmann AG, barnesandnoble.com Inc.

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Bertelsmann taps Zelnick to head music-video unit

Article Abstract:

Bertelsmann AG, a German media company, will appoint Strauss Zelnick as the new chief executive of BMG Entertainment, the New York, NY-based music and video unit of Bertelsmann. Zelnick, the head of Bertelsmann's North American operations, will head a $4.4-billion operation that has 200 record labels, including RCA Records and Arista Records, as well as operations in over 50 nations. He will report to former BMG Entertainment chief executive Michael Dornemann, who will continue to serve as BMG's chairman.

Comment:

Will have a new chief executive officer in the person of Strauss Zelnick, head of Bertelsmann AG's North American operations

BMG Entertainment

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