Warner Music Group's current CEO Edgar Bronfman Jr. (known to his friends like TMT as "Efer") has sued media conglomerate Vivendi SA over his pension, claiming his payments have been cut by almost 65%. Back when he was employed by Vivendi SA, Brofman was the company's largest single shareholder and head of Segram during the late-2000 merger of Canal+, Seagram, and Vivendi. He left Vivendi in 2002. Although Vivendi informed Bronfman last year that a company error earned him 15 years of "additional service," Bronfman has claimed that he signed three contracts through a "Benefit Equalization Plan," which he alleges earns him credit beyond his pension payments.
All very interesting, yeah?
Now reports are surfacing that former Simon & Schuster CEO Dick Snyder is threatening to sue Bronfman. In a $100 million lawsuit, Synder claims that WMG never compensated him for his role in helping negotiate Bronfman's takeover of WMG. The "role" he claims is that he was Bronfman's "personal adviser" who created the WMG deal in the first place but just didn't officially close it. According to a draft of the potential lawsuit acquired by The Post, it says "Given his track record, Bronfman Jr. lacked the capacity and sound business judgment necessary to conceive of or consummate the acquisition of Warner Music Group on his own." However,, several anonymous sources disagree with his assessment. Even our own anonymous source said "I bet he's lying." Compelling!
Bronfman Jr., of course, is now the CEO of Warner Music Group since 2004 and has become quite the figure as WMG and the rest of the major label groups try to acclimate to the volatile digital music industry. So why should you care about a CEO suing for money and an ex-CEO suing for money when you wish you could sue for money yourself? Well, I didn't really want to tell you this... but... you, my friend, are Edgar Bronfman Jr, CEO of Warner Music Group since 2004.
