Matsushita provided a cash infusion, but the clash of cultures was too great to overcome, and five years later Matsushita sold an 80% stake in MCA/Universal to Canadian drinks distributor Seagram for $5.7 billion. Seagram sold off its stake in DuPont to fund this expansion into the entertainment industry. Hoping to build an entertainment empire around Universal, Seagram bought PolyGram in 1999 and other entertainment properties, but the fluctuating profits characteristic of Hollywood were no substitute for the reliable income stream gained from the previously held shares in DuPont. COUNT 5
QSN1 What percentage of MCA/Universal did Matsushita Electric sell five years after acquiring the company? ANS1 80% QSN2 To whom did Matsushita sell a large share of MCA/Universal? ANS2 Seagram QSN3 How much did Seagram pay to buy a large share of MCA/Universal? ANS3 $5.7 billion QSN4 What did Seagram sell to finance their purchase of a share in MCA/Universal? ANS4 its stake in DuPont QSN5 What company did Seagram buy in 1999? ANS5 PolyGram