$1.1-Billion Lorimar Deal OKd

The $1.1-billion acquisition of Lorimar Telepictures Corp. by Warner Communication Inc. was approved today by boards of both entertainment companies.

In a joint statement, both companies said a definitive agreement has been signed by the boards. The transaction, which calls for each share of Lorimar common stock to be exchanged for .415 of a share of Warner common stock, awaits approval of a majority of Lorimar shareholders and regulatory clearances. Lorimar, based in Culver City, Calif., is the nation’s leading supplier of programming for prime time television. The company produces such shows as “Dallas” and “Knots Landing.”