Seagram to Buy Back Up to 10% of Shares

Seagram Co. will buy back as much as 10% of its stock in the coming year for about $828.5 million. The move is intended to prop up its lagging share price as Edgar Bronfman Jr. extends the distiller into the entertainment business. The Montreal-based beverage and entertainment company said it will buy as many as 22.9 million of its 228.5 million common shares outstanding. Under a 12-month buyback program that expired last week, the company spent $711.5 million to repurchase 18.8 million shares. Seagram shares fell 38 cents to close at $35.63 on the New York Stock Exchange.