Warner-Lorimar Merger Revised

Warner Communications Inc. and Lorimar Telepictures Corp. today revised the terms of their $1 billion-plus merger deal, cutting the value of one part of the deal by about $83 million to $641 million.

Warner said the revised agreement calls for the exchange of 0.3675 of a Warner share for each of Lorimar’s 47 million shares, down from 0.415 of a Warner share under the terms of the original agreement signed last May. The deal is currently stalled by an injunction issued last month by a New York court in a suit brought by Chris-Craft Industries Inc., Warner’s largest shareholder and co-owner with it of BHC Inc., the nation’s eighth-largest broadcast group.