NPR's Jim Zarroli reports the French conglomerate Vivendi will acquire the Seagram Company in a stock deal valued at about 34-billion-dollars. The new company will be known as Vivendi Universal. It will be headquartered in Paris. Seagram used to be a distilled spirits company, but it has evolved into a high profile media company. It owns most of Universal Music Group and Universal Studios, as well as a number of other media properties. The new company would be the world's second largest media group behind the combined AOL-Time Warner.