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CHARTER COMPANY DECLARES QUARTERLY DIVIDEND FOR 1992; SALE OF REMAINING OIL OPERATIONS APPROVED

 CHARTER COMPANY DECLARES QUARTERLY DIVIDEND FOR 1992;
 SALE OF REMAINING OIL OPERATIONS APPROVED
 CINCINNATI, Dec. 19 /PRNewswire/ -- The Charter Company (NYSE: CHR) reported today that, as expected, its board of directors has approved the payment of quarterly dividends to begin in the first quarter of 1992. Charter paid an annual dividend of $.05 per share on Dec. 6, 1991. For 1992, Charter plans to pay dividends of $.02 per share each quarter.
 The board also authorized management to actively negotiate for the sale of Charter's remaining oil operations. These businesses supply fuel oil to electric utilities and other commercial customers, trade petroleum products on the open market and operate a petroleum terminal located in the Philadelphia area. No agreements or understandings have been reached with regard to the sale of the oil operations although discussions have taken place with several interested parties. Charter does not expect to recognize a material gain or loss as a result of any sale of its remaining oil operations.
 Charter owns 82 percent of Spelling Entertainment Inc. Spelling is engaged in the development, production and worldwide distribution of television series, movies for television and television mini-series. Spelling also distributes feature films in the international market, produces features films financed and distributed primarily by major studios and licenses music and merchandising rights associated with its television properties.
 Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbol CHR and CHRP, respectively. American Financial Corporation owns 53 percent of Charter's 45.3 million common shares.
 -0- 12/19/91
 /CONTACT: Sandra W. Heimann of The Charter Company, 216-579-2482/
 (CHR) CO: The Charter Company ST: Ohio IN: OIL ENT SU: DIV


CG -- CL018 -- 4079 12/19/91 16:26 EST
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Publication:PR Newswire
Date:Dec 19, 1991
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