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IMAGINE FILMS ISSUES STATEMENT ON HOWARD/GRAZER OFFER

 IMAGINE FILMS ISSUES STATEMENT ON HOWARD/GRAZER OFFER
 LOS ANGELES, May 18 /PRNewswire/ -- Imagine Films Entertainment,


Inc. (NASDAQ: IFEI, IFEIU, IFEIW) today confirmed that co-Chief Executive Officers Ron Howard and Brian Grazer, have advised the board of directors that they are prepared to make a proposal for an acquisition transaction, in which the public shareholders of Imagine would receive $9 per share in cash.
 The proposal is described in detail in an announcement by Grazer and Howard made earlier today. Grazer and Howard had previously announced that they were considering making an offer for the company when they had informed the company that they would not extend their respective employment agreements with the company.
 Imagine previously announced that it had formed a special committee of the board of directors to evaluate and pursue all strategic options that are available, including the retention of new senior management to head the company's future operations or the sale, merger or liquidation of the company.
 The special committee has selected the investment banking firm Salomon Brothers Inc to assist it in evaluating the strategic options.
 Pending the outcome of the committee's activities, Imagine will continue to focus its efforts on the development, production and release of its films. Upcoming releases include "Far and Away," starring Tom Cruise and Nicole Kidman, scheduled for release on May 22; "Housesitter," starring Steve Martin and Goldie Hawn, scheduled for release on June 12, and "Boomerang," starring Eddie Murphy, scheduled for release later this summer. Current films in production are "Cop and a Half," starring Burt Reynolds, and "Concierge," starring Michael J. Fox.
 -0- 5/18/92
 /CONTACT: Michael Meltzer, CFO of Imagine Films Entertainment, 310-277-1665, or Christian Plunkett of Abernathy/MacGregor Group, 212-371-5999, for Imagine Films Entertainment/
 (IFEI) CO: Imagine Films Entertainment Inc. ST: California IN: ENT SU:


PS-CK -- NY042 -- 1305 05/18/92 11:58 EDT
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Publication:PR Newswire
Date:May 18, 1992
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