As we had reported earlier, Polygram’s mother company Seagram has sold the
majority of Polygram’s film library to MGM late last year for approximately
$250 million. Now more shuffling is going on, as Seagram is trying to sell
the remaining films from the library to interested companies. According to the
Hollywood Reporter, Seagram announced plans yesterday to sell Polygram’s
ITC library to Carlton Communications Plc. for $150 million in cash, and
sources close to Seagram said talks are afoot with several suitors for
PFE’s production and distribution assets.
Seagram had bought Polygram late last year and the sale has made it the largest
music company in the world. Purely interested in Polygram’s music branch, Seagram
is ever since following a path of aggressively selling off parts of Polygram’s
film arm. It looks like it is only a matter of time until Polygram, as we know it,
is no more and all bits and pieces that made up the company have been bought
up by different owners and interest groups.