Magnate's conglom acquired Universal Studios from Matsushita in 1995
Edgar M. Bronfman Sr., the billionaire businessman who led Seagram Co. at the time of its acquisition of Universal Studios parent MCA, died Saturday. He was 84.
The Canadian-born Bronfman died at his New York home surrounded by family, according to the family charity he led, the Samuel Bronfman Foundation.
Bronfman made his fortune with his family’s Seagram’s liquor empire, taking over as chairman and CEO in 1971 and continuing the work of his father, Samuel. Under Bronfman’s leadership, Seagram expanded its offerings, acquiring MCA from Japanese conglom Matsushita in 1995 for $5.7 billion. But the studio had a tumultuous run under the leadership of Bronfman’s son, Edgar Bronfman Jr., and was eventually acquired by French media and telecom group Vivendi Universal in 2000.
Bronfman Jr. more recently headed Warner Music Group, though he exited his exec role at the company earlier this year.
Bronfman’s wealth, combined with his role in the World Jewish Congress, an umbrella group of Jewish organizations in some 80 countries that he led for more than a quarter century, allowed him to be a tireless advocate for his fellow Jews.
“He was the first of his kind, a titan of industry that dedicated himself fully to advocating, advancing and encouraging the Jewish people,” said Dana Raucher, executive director of The Samuel Bronfman Foundation.
In 1999, President Bill Clinton awarded Bronfman the Presidential Medal of Freedom, the nation’s highest civilian honor. In the citation, Bronfman was heralded for working “to ensure basic rights for Jews around the world.”
In a 1986 Associated Press profile, he said his position and money helped him have access to world leaders.
“It’s a combination of the two,” Bronfman said. “In the end, it doesn’t really matter why that access is available, as long as it is there.”
The year before, he had become the first congress president to meet with Soviet officials in Moscow, bringing his case for human rights and taking a little time to promote Seagram’s interests. He visited again in 1988, by which time Jewish emigration from the Soviet Union, a key goal of the congress, had begun to rise under the reforming leadership of Mikhail Gorbachev.
During the 1980s and 1990s, the congress also helped lead the effort to gain $11 billion in restitution for heirs of Holocaust victims.
Jews in German and Nazi-held countries were stripped of their possessions, their artworks and even the gold fillings from their teeth in the regime’s death camps. Much of the gold wound up in Swiss banks, and the institutions came under heavy criticism decades after the war ended for failing to make adequate reparations.
In 1975, the Bronfman family made the news for a far different reason when one of Edgar Bronfman’s sons, 21-year-old Samuel 2nd, was abducted in a New York suburb.
The family paid a $2.3 million ransom and Samuel was later found when authorities raided a Brooklyn apartment. The missing money was found under a bed and two men were arrested.
The two were convicted of extortion, but acquitted of kidnapping, in a sensational 1976 trial in which the defense accused Samuel Bronfman of staging his own kidnapping as a hoax intended to cheat his father out of the ransom money. Samuel Bronfman denied the allegation and the prosecution called it “ridiculous.”