MGM-PATHE COMMUNICATIONS CO. CONFIRMS NON-BINDING PROPOSAL TO ORION PICTURES CORP.
MGM-PATHE COMMUNICATIONS CO. CONFIRMS NON-BINDING PROPOSAL TO ORION PICTURES CORP. CULVER CITY, Calif., May 12 /PRNewswire/ -- MGM-Pathe Communications Co. ("MGM") confirmed today that it had made a non-binding proposal to Orion Pictures Corp. ("Orion") to, among other things, distribute Orion's unreleased motion pictures and its library product. MGM would make an advance under a distribution agreement and provide a line of credit for print and advertising expenses. In addition, the MGM proposal contains an option for MGM to purchase the film assets of Orion. The terms of the MGM proposal were not disclosed. The proposal, if accepted, would effectively optimize the MGM distribution infrastructure and maximize the value of the Orion library and unreleased motion pictures. MGM is involved in the worldwide production and distribution of motion picture and television programs and operates theater chains in Europe. -0- 5/12/92 /CONTACT: Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for MGM-Pathe Communications/ CO: MGM-Pathe Communications Co.; Orion Pictures Corp. ST: California IN: ENT SU:
AL-CH -- LA028 -- 9319 05/12/92 16:35 EDT
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|Date:||May 12, 1992|
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