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INDE BUYS BACK 2.7 MILLION SHARES

 INDE BUYS BACK 2.7 MILLION SHARES
 LOS ANGELES, Jan. 8 /PRNewswire/ -- Independent Entertainment


Group Inc. (NASDAQ: INDE) announced today that it has entered into an agreement with its co-chairman, Tom Coleman, whereby Coleman will receive certain film development assets and other considerations in exchange for the redemption of 2,700,000 INDE common shares. Coleman is also to resign from INDE's board of directors.
 Coleman's management responsibilities since INDE's merger with Coral Inc. had been limited to the development of film properties, television syndication and the supervision of INDE's entertainment investments. Both Coleman and INDE management have decided that INDE's future is to be principally in its profitable media businesses and not in speculative project related entertainment software development. INDE, through its repurchase of 2,700,000 shares reduces its total shares outstanding by 12 percent which results in present earnings of nearly $0.09 per share on an annualized basis.
 Robert Lautz, chief executive officer of INDE stated, "Mr. Coleman's resignation as co-chairman and director followed lengthy discussions, research and conclusion of our strategic plan which calls for INDE to focus on businesses which provide convenient home entertainment alternatives and allow the consumer to be the programmer. Our goal is to be in the forefront of the rapidly changing home entertainment arena with service businesses like our pay-per-call service bureau, our pay-per-view investments and the supportive billing system, 'ConnectCard.' Unlike film development, these businesses provide recurring revenue streams, have been very profitable for us and will remain as a high growth segment in the '90's."
 Coleman noted that, "I have total faith in INDE's current management and believe that its emphasis and focus on its core businesses will create the greatest shareholder value. On a personal note, I am looking forward to re-entering the motion picture business in the near future."
 INDE's remaining management will be intact with Michael Epstein becoming sole chairman of the board and with Lautz, Michael Avatar and Lewis Eisaguirre remaining as chief executive officer, president and chief financial officer, respectively.
 -0- 1/8/92
 CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for Independent Entertainment Group/
 (INDE) CO: Independent Entertainment Group Inc. ST: California IN: ENT SU: PER


EH-KJ -- LA006 -- 7643 01/08/92 09:33 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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