P.M. BRIEFING : Columbia Pictures Is Discussing Possible Sale, Board Meets Tonight

Columbia Pictures Entertainment Inc., a movie and television giant, said today it was talking with an unidentified party about a possible sale of the company.

In a brief announcement, Columbia said its board planned to meet this evening “to review the status of the discussions.”

The discussions involve “the acquisition for cash of all of Columbia’s outstanding shares,” the company said.

Wall Street sources said that Japan’s Sony Corp. had offered between $26 and $28 a share for Columbia. Sony recently bought CBS Records.

In trading on the New York Stock Exchange, Columbia shot up $4.87 1/2 a share to $26 after the announcement. Based on the company’s 112.7 million shares outstanding, Columbia would have a market value of about $2.93 billion.

Coca-Cola Co. owns 49% of Columbia’s outstanding shares.

Columbia periodically has been the subject of takeover speculation.

Columbia Pictures owns two studios, Columbia Pictures and Tri-Star Pictures.

The New York-based company also is a major supplier of television programs, including “Who’s The Boss,” “Designing Women” and “Married ... with Children.”

It also owns the Loews Theatre Management Corp., one of the leading motion picture chains with 820 screens in 22 locations at the end of its latest fiscal year ended Feb. 28.