80 Percent of MCA Share Sold to Seagram Co. Ltd.
In June 1995, 80% of the MCA share was sold to Canadian distiller Seagram. This left Panasonic holding on to a 20% stake. The signing ceremony was held in Los Angeles, USA, and was attended by Panasonic President Morishita and Seagram CEO Edgar Bronfman Jr.
Later, in June 2000, French media conglomerate Vivendi SA announced a three-company integration agreement with Seagram, including the pay-television Canal Plus, a company under its umbrella, and Universal (which changed its name from MCA at the end of 1996). In December of the same year, the three-company integration was officially authorized, thus leading to the creation of the new company Vivendi Universal.