Seagram Loss Grows but Still Beats Forecasts

Seagram Co., the Canadian media and beverage company, posted a wider loss in its fiscal third quarter but still beat Wall Street expectations. Seagram, owner of the Universal movie and music studios, lost $265 million, or 61 cents for the three months ended March 31. Analysts surveyed by First Call/Thomson Financial had expected a loss of 66 cents. In the same period a year ago, Seagram posted a loss of $199 million, or 50 cents a share. Revenue rose 5% to $3.38 billion from $3.22 billion. Seagram’s film division posted a loss of $32 million, down from $115 million in the same period a year ago, on strong results from “The Mummy” and “American Pie.” Universal Music Group also had a narrower loss of $23 million, compared with $87 million. Separately, Seagram reduced its 45% stake in USA Networks Inc., the entertainment and electronic-retailing company run by Barry Diller, by letting rights to buy additional shares expire.