Warner Communications might sell film contracts.

Steven J. Ross, chairman and chief executive of the New York firm, said the company has about $700 million in signed contracts for its filmed entertainment products and might consider selling them at a discount, but he added there has been “no discussion at a serious level.” If such a sale occurs, Warner would have more than $1 billion in cash on hand. Ross, in a brief interview following the company’s shareholder meeting, insisted there is no move afoot to buy out Warner’s largest shareholder, Chris-Craft Industries. Warner recently diluted Chris-Craft’s voting stake to about 17.4% from 29.1%.