A Fallen Mogul Stirs

If only Edgar Bronfman Jr. could borrow the powers of God, like Jim Carrey in Universal Pictures' Bruce Almighty. Then the former CEO of Seagram, the distiller that once owned Universal, could turn back time and erase the disastrous sale of the firm his family founded to France's Vivendi. Since that deal in December 2000, Vivendi Universal's stock has dropped 71%, devastating the Bronfman family fortune. And Edgar Jr., despite some successes at Seagram, has reinforced his image as dilettante and wannabe mogul. Business Week crowned him one of the worst managers of 2002, and New York magazine called him "possibly the stupidest person in the media business"--pretty cold when you consider the competition.

As a mere mortal, albeit still a rich and well-connected one, Bronfman, 48, has to confront his past in the old-fashioned way. Shortly after Vivendi announced plans to shed $7 billion in debt this year by unloading entertainment assets, including its film studios, music group, TV networks and theme parks, Bronfman last week declared his desire to buy them back.

It won't be easy. Bronfman must compete against a gaggle of better-financed suitors. Even if he does manage to assemble credible backers and buy back the businesses, many in Hollywood and on Wall Street doubt he has what it takes to run them. Still, the ploy may be his best shot at redeeming his, and his family's, tarnished fortune and reputation. If nothing else, it might boost the value of their holdings in Vivendi.

But make no mistake, say his friends: Edgar Jr. would love to climb back into the mogul role. He has always loved Hollywood. The grandson of Seagram founder and former bootlegger Samuel Bronfman, Edgar Jr. began his career writing songs performed by Dionne Warwick and Ashford and Simpson and producing small movies. Pulled into the family business in 1982 by his father and made CEO in 1994, he scored wins by pushing premium brands like Chivas Regal and Absolut, and buying and selling Tropicana for a juicy profit. But Hollywood continued to beckon. He dumped the company's safe, lucrative stake in chemical giant DuPont to buy Universal Studios' parent MCA in 1995 and recording company PolyGram in 1998.