Printer Friendly

SPELLING ENTERTAINMENT SIGNS DEFINITIVE AGREEMENT TO SELL SHARES

 FORT LAUDERDALE, Fla., Sept. 17 /PRNewswire/ -- Spelling Entertainment Group Inc. (NYSE: SP) announced today that it has entered into a definitive agreement with Blockbuster Entertainment Corporation (NYSE: BV) covering the previously announced sale to Blockbuster of approximately 13.4 million newly issued Spelling shares at a purchase price of approximately $100 million.
 The purchase price for the shares will be payable at Blockbuster's option in cash or shares of Blockbuster common stock.
 The closing of the stock sale to Blockbuster is subject to approval by the disinterested directors of Spelling, receipt of a fairness opinion, and other customary conditions. Upon the closing of the transaction, Blockbuster will own approximately 70.5 percent of Spelling's outstanding common stock.
 -0- 9/17/93
 /CONTACT: Gregory K. Fairbanks of Spelling Entertainment Group, 305- 832-3000/
 (SP BV)


CO: Spelling Entertainment Group; Blockbuster Entertainment Corporation ST: Florida, California IN: ENT REA SU:

AW-PC -- FL001 -- 3260 09/17/93 17:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1993
Words:156
Previous Article:BIEBER SAYS GM CAN LIVE WITH FORD CONTRACT
Next Article:CALIFORNIA PUBLIC UTILITIES COMMISSION RENDERS HISTORIC DECISION: GTE CALIFORNIA PREPARES FOR NEW RATES, COMPETITION IN EARLY 1994
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters