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SPELLING ENTERTAINMENT GROUP INC. REPORTS STRONG EARNINGS RESULTS FOR 1992

 CINCINNATI, March 29 /PRNewswire -- Spelling Entertainment Group Inc. (NYSE: SP) today announced earnings of $7.9 million ($.15 per share) from continuing operations for 1992 and net earnings of $9.8 million ($.19 per share). Earnings figures for 1991 are not comparable because they included only eight months of entertainment operations which were acquired in May of that year and a large gain from the sale of certain discontinued oil operations.
 Earnings from continuing operations do not include any benefit derived from the company's tax loss carryforward since it is reported separately as an extraordinary item. If the applicable portion of the extraordinary credit was added to the earnings from continuing operations, the net earnings of Spelling's ongoing business in 1992 would have been $12.9 million ($.25 per share).
 Earnings from continuing operations for 1992 reflect the notable success of Spelling's entertainment units led by a slate of popular television productions. These include the continuing series Beverly Hills, 90210 and Melrose Place which appear on the Fox network in the U.S. and are distributed internationally by Spelling's distribution arm, Worldvision Enterprises. Operating its own in-house distribution unit provides Spelling a base of earnings from the worldwide sales of these current productions as well as the many classic television series, mini- series and films in the company's extensive libraries which contain over 15,000 hours of programming.
 Several recent events bode well for continued success. Spelling has only recently (i) begun marketing the first group of titles selected from the recently acquired film library that includes such box office hits as Terminator 2 and Basic Instinct; (ii) rolled-out Beverly Hills, 90210 for off-network sales to U.S. TV stations in all major markets; and, (iii) used its programming library to launch Tele-UNO, a cable television channel which began broadcasting in Central and South America during March. Spelling plans to enter into similar cable ventures in other parts of the world. Spelling is also looking forward to capitalizing on synergies with Blockbuster Entertainment Corporation which will soon acquire the approximately 48 percent of the company's common stock now held by American Financial Corporation.
 Spelling Entertainment Group's Common Stock trades on the New York and Pacific Stock Exchanges under the symbol SP.
 SPELLING ENTERTAINMENT GROUP INC. AND SUBSIDIARIES
 CONDENSED STATEMENT OF EARNINGS
 (In Thousands, Except Per Share Amounts)
 Year ended December 31,
 1992 1991(a)
 Continuing Operations:
 Television programming revenues $258,519 $122,748
 Costs and expenses 224,808 108,761
 Operating income 33,711 13,987
 Other income (expense) (16,609) (10,516)
 Earnings from continuing
 operations before income tax 17,102 3,471
 Income tax expense 9,185 2,835
 Earnings from continuing
 operations 7,917 636
 Discontinued operations (2,043) 7,369(b)
 Extraordinary items 3,948 4,959
 Net Earnings $ 9,822 $ 12,964
 Preferred dividend requirement 810 810
 Net earnings applicable to
 Common Stock $ 9,012 $ 12,154
 Earnings (loss) per Common Share:
 Continuing operations $.15 $ -
 Discontinued operations (.04) .16(b)
 Extraordinary items .08 .11
 Net earnings .19 .27
 Average number of Common Shares 47,928 45,392
 Cash dividends per Common Share $.08 $.05
 (a) -- 1991 amounts include the operations of Spelling Entertainment Inc. for only the eight months following its acquisition in May 1991. Certain amounts for the prior year have been restated to conform to the current year's presentation.
 (b) -- Discontinued operations included a gain on sale of business in 1991.
 -0- 3/29/93
 /CONTACT: Sandra W. Heimann, Spelling Entertainment Group Inc., 513-579-2482/
 (SP)


CO: Spelling Entertainment Group Inc. ST: Ohio IN: ENT SU: ERN

BM -- CL006 -- 0568 03/29/93 13:34 EST
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Date:Mar 29, 1993
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