UMG Parent Posts Losses

Seagram Company Ltd. -- the parent company of Universal Music Group, the world's largest music conglomerate -- announced losses Thursday of $226 million for the final quarter of 1998. But revenues for UMG were up 11 percent, thanks in part to big-selling albums from U2, DMX, Jay-Z and Shania Twain. The company took big losses in Universal's film division, as well as from restructuring costs for last December's $10.4 billion acquisition of PolyGram by Universal Music. That deal is expected to result in the loss of thousands of jobs and the dropping of hundreds of bands, as the company streamlines operations.