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BLOCKBUSTER COMPLETES SPELLING SHARE PURCHASE

 FORT LAUDERDALE, Fla., March 31 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV), a leading entertainment company with operations in home video and music retailing, announced today that it has completed the purchase of approximately 24.5 million shares of common stock of Spelling Entertainment Group Inc. from American Financial Corporation and certain of its related entities.
 In exchange for the Spelling shares acquired, Blockbuster issued approximately 7.6 million new shares of its common stock to American Financial warrants to acquire an aggregate of two million shares of Blockbuster common stock at an exercise price of $25 per share. The warrants will expire on March 31, 1996 or at such time that American Financial owns less than 50 percent of the Blockbuster shares issued at closing, whichever occurs first.
 Blockbuster will file a registration statement covering the Blockbuster shares issued at closing and the shares subject to the warrants.
 Blockbuster owns approximately 27.4 million shares, or about 53.8 percent, of Spelling Entertainment.
 The operations of the Spelling Entertainment Group encompass a broad range of businesses in the filmed entertainment industry, supported by an extensive library of television, feature films, television movies, mini-series and specials. Spelling Entertainment is also the producer of the hit network series Beverly Hills 90210 and Melrose Place.
 -0- 3/31/93
 /CONTACT: Wally Knief of Blockbuster Entertainment Corporation, 305-832-3250/
 (BV)


CO: Blockbuster Entertainment Corporation; Spelling Entertainment Group
 Inc.; American Financial Corporation ST: Florida IN: ENT REA SU: TNM


AW-JB -- FL005 -- 1699 03/31/93 17:02 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:252
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