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SPELLING ENTERTAINMENT GROUP INC. ANNOUNCES AGREEMENTS IN PRINCIPLE TO SELL REMAINING OIL OPERATIONS

 SPELLING ENTERTAINMENT GROUP INC. ANNOUNCES AGREEMENTS IN PRINCIPLE
 TO SELL REMAINING OIL OPERATIONS
 CINCINNATI, Nov. 12 /PRNewswire/ -- Spelling Entertainment Group Inc. (NYSE: SP), (formerly The Charter Company) announced today that it has reached agreements in principle to sell the oil supply contracts which comprise the remainder of the company's oil operations. The sales are expected to be consummated by the end of the year. Coupled with the disposition of other oil operations earlier this year, these sales will have provided Spelling with approximately $25 million in cash for the continued development of its entertainment businesses. The company expects to recognize a nominal gain from the sale of the oil operations completed during 1992.
 Spelling is a leading distributor and producer of filmed entertainment. The company's Worldvision Enterprises subsidiary distributes television programs and feature films worldwide for television, cable and home video exhibition and holds a library in excess of 12,000 hours. Worldvision's extensive programming library includes more than 150 theatrical films recently acquired from Carolco Pictures for distribution in the United States as well as Spelling's hit series, "Beverly Hills, 90210" currently being marketed in syndication.
 Through its Spelling Television and Laurel Entertainment subsidiaries, the company is engaged in the development and production of television series, mini-series, movies for television and feature films. This season's network programming includes "Beverly Hills 90210," "Melrose Place" and "The Heights" on the Fox Broadcasting Network. Spelling also distributes theatrical motion pictures to various media in the international market, produces feature films financed and distributed primarily by other studios and licenses music and merchandising rights associated with its television properties.
 Spelling Entertainment Group's common stock trades on the New York and Pacific Stock Exchanges under the symbol "SP."
 -0- 11/12/92
 /CONTACT: Sandra W. Heimann of Spelling Entertainment Group Inc., 513-579-2482/
 (SP) CO: Spelling Entertainment Group Inc. ST: Ohio IN: ENT SU:


KK -- CL018 -- 0336 11/12/92 15:55 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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