Viacom and HBO reached an agreement on Orion.

Viacom International, which agreed in late January to acquire about 29% of Orion Pictures, disclosed in an SEC filing that it has obtained the right to purchase Home Box Office’s stake in Orion for $4.8 million if HBO decides to sell its 800,000 warrants before Feb. 24, 1987. HBO, a subsidiary of Time Inc., also agreed not to exercise its warrants before that date. If the warrants were exercised, HBO would own about 8% of Orion.