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Seagram content with TW stake

Seagram Co. chairman and chief executive Edgar Bronfman said the company is “not in any hurry” to raise its stake in Time Warner Inc. to 15% from its current 5.7%.

Following the Seagram annual meeting in Montreal Wednesday, Bronfman said, “We are not going to chase the stock up.”

He added, “It could take a year” or “a few months” to raise the stake to 15 %.

The distiller made its purchase, valued at over $ 700 million, public in a filing with the Securities & Exchange Commission May 16.

Bronfman said Seagram has arranged a line of credit of $ 2 billion with banks , but didn’t specify whether the line of credit was exclusively to fund stock purchases.

The exec said the 15% figure was “somewhat arbitrary, but not totally.” He said he believes such a position will give Seagram “some input” into Time Warner’s management, “but we don’t want to run the company.”

Bronfman said his son, Seagram prexy/chief operating officer Edgar Bronfman Jr., is to meet soon with Time Warner CEO Gerald Levin. The elder Bronfman was non-committal as to whether Seagram will eventually seek board representation at Time Warner.

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