Seagram buys more Time

Seagram Company Ltd. has purchased another 4.5 million shares of Time Warner Inc., increasing its stake in the media and entertainment conglomerate to 9.3%, or about $ 1.54 billion.

In a filing with the Securities & Exchange Commission, the Montreal-based distiller said it paid a total of $ 199.7 million between Nov. 12 and Dec. 16 at prices ranging between $ 43.88 and $ 44.50 per share to increase its holdings.

It was the third time in as many months that Seagram increased its holdings in New York-based Time Warner. Last month, it boosted its Time Warner stake to 8 .1% — up from 6.8% in October.

Seagram said it now holds just over 35 million Time Warner shares.

“We’re pleased and we see it as an expression of confidence in our strategic position, our business performance and our leadership,” Edward Adler, a Time Warner spokesman said.

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