L.A. Investor Group Joins Bidding to Buy Lampoon

A bidding war for National Lampoon Inc. erupted Wednesday as an investment group led by Los Angeles broadcasting executive Anthony Cassara disclosed a $10.1-million cash takeover bid for the New York-based magazine publisher.

The Cassara group’s offer tops a $6.4-million bid from Vestron Inc. that National Lampoon’s board rejected as inadequate last week. Vestron is a Stamford, Conn., distributor of videocassettes and films.

National Lampoon’s board of directors met into the evening Wednesday to consider the Cassara offer amid word that a third bidder might emerge. Cassara’s group has offered to pay $6.25 for each of National Lampoon’s 1.6 million shares and 25 cents for each of its 500,000 warrants.

Cassara is president of Wometco, a West Los Angeles company that operates television stations in Miami and Asheville, N.C.

National Lampoon’s fortunes have suffered lately as the magazine’s 1970s brand of political satire has fallen out of style. Last year, the company lost $750,000 on revenue of $8 million. So far this year, the company has lost $500,000.

Rick Le Pere, a Washington consultant who follows the publishing industry, said the bidders might be interested in “the underlying assets of the company . . . maybe its film rights.”

National Lampoon entered the film business in 1978 with the movie “Animal House” and has since been involved in several other films, including “Class Reunion,” which is distributed by Vestron.

Matty Simmons, National Lampoon chairman, declined to comment on the offer from the Cassara group. He said, however, that he has received “indications that another party will make an offer.”