SEAGRAM POSTS
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Riding high on success in its music unit as well as box-office hits "Erin Brockovich" and "Gladiator," Seagram reported a fourth quarter net loss today (8/17) less than Wall Street had expected. The company's fiscal year ended June 30.

Revenues for the company rose to $3.7 billion in the quarter from $3.5 billion a year ago, and Seagram reported that its music division (Universal Music Group) earning before interest, taxes, depreciation and amortization (everyone's favorite acronym: EBITDA) swelled 56% to $217 million in the quarter.

UMG's EBITDA for the year broke the $1 billion mark for the first time.

Seagram reported its net loss widened to $128 million (or 29 cents a share) compared toa loss of $53 million (or 13 cents a share) last year, falling below First Call/Thomson Financial fourth-quarter estimates of 35 cents a share.

Seagram's proposed $34 billion merger with French media giant Vivendi and its cable TV unit Canal Plus is still pending, awaiting an OK from the European Commission. Vivendi and Canal Plus say they are confident the EU will rule in favor of the merger before the end of September.