Metromedia Stake in Orion Grows to 66.8%
Metromedia raised its stake in Orion Pictures Corp. to 66.8% after concluding a $78-million stock purchase agreement, according to a filing with the Securities and Exchange Commission.
Under a June 3 agreement, Metromedia purchased 2.8 million Orion common shares and 2.762 million warrants to buy 4.19 million common shares at $17 each. Metromedia now owns 14.4 million Orion common shares.
Metromedia bought the stock from Sumner Redstone, National Amusements Inc., Viacom International Inc. and the estate of Michael Redstone.
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