In Brief : Heritage Entertainment Expands

Heritage Entertainment Inc. said today that it has agreed to purchase Seven Gables Corp., a Seattle theater exhibition company.

The acquisition of Gables and its 34 screens is the second part of Los Angeles-based Heritage’s previous expansion into the exhibition industry with the purchase of Landmark Theatre Corp., the Los Angeles-based, 43-screen theater chain.

Terms of the deal involve payment to certain preferred holders of 500,000 shares of Heritage common stock and additional shares--estimated at between 300,000 and 600,000--to holders of Renaissance Entertainment Inc. common stock.

The final determination of that amount will depend on the proceeds resulting from the satisfaction of Gables’ $9.6-million antitrust judgment against Sterling Recreation Organization.