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MEETING SCHEDULED FOR SPELLING ENTERTAINMENT TO VOTE ON MERGER WITH THE CHARTER COMPANY

 MEETING SCHEDULED FOR SPELLING ENTERTAINMENT TO VOTE
 ON MERGER WITH THE CHARTER COMPANY
 CINCINNATI, June 25 /PRNewswire/ -- The Charter Company (NYSE: CHR) and Spelling Entertainment Inc. (AMEX: SP), a leading entertainment production and distribution company, jointly announced today that a special meeting of Spelling stockholders to consider and vote upon a merger with Charter will be held in Cincinnati, on July 30, 1992. A registration statement containing the proxy statement/prospectus was declared effective by the Securities and Exchange Commission on June 24, 1992. It is expected that the proxy statement/prospectus will be mailed to Spelling stockholders on or about June 27, 1992.
 Under the previously announced terms of the merger agreement, Charter will issue one share of its newly issued common stock in exchange for each share of Spelling which it does not currently own. As a result, Spelling will become a wholly-owned subsidiary of Charter. The merger will be a non-taxable transaction to Spelling stockholders. The merger is subject to approval by a majority of voting Spelling stockholders other than Charter and its affiliates and other customary conditions.
 Separately, Spelling announced that it had reached an impasse in its negotiations to acquire certain U.S. rights to the Carolco Television, Inc. feature film library and that at this time no assurances can be given that the transaction will be consummated.
 Spelling Entertainment is engaged principally in the development, production and worldwide distribution of television series, movies for television and television mini-series. The company also distributes feature films in the international market, produces feature films financed and distributed primarily by major studios and licenses music and merchandising rights associated with its television properties.
 Charter owns approximately 82 percent of Spelling's voting securities. American Financial Corporation ("AFC") beneficially owns approximately 53 percent of Charter's common stock and an additional 2.7 percent of Spelling's common stock. If the merger is completed, AFC's ownership of Charter will be approximately 49 percent.
 -0- 6/25/92R
 /CONTACT: Ronald Lightstone of Spelling Entertainment Inc., 213-965-5850, or Sandra W. Heimann of The Charter Company, 513-579-2482/
 (CHR,SP) CO: Spelling Entertainment ST: Ohio IN: ENT SU: TNM


BM -- CL018 -- 3819 06/25/92 13:31 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
Words:362
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