Nation : Cineplex Sells Half Stake in Studio

Cineplex Odeon Corp. said today that it has sold its 50% stake in Universal Studios Florida to pare the debt amassed to finance an aggressive expansion strategy.

Toronto-based Cineplex Odeon said it will sell its interest in Universal Studios Florida to a U.S. subsidiary of the Rank Organization Plc for about $150 million. U.S. Universal Studios Florida, a joint venture between Cineplex Odeon and MCA Inc., is the largest state-of-the-art working motion picture and television studio facility outside of Hollywood. Cineplex Odeon has invested about $92 million to date in the venture, which was announced in 1986.