P.M. Briefing : Sony Finishes Columbia Buyout

From Times Wire Services

Sony Corp. said today it has completed its $4.8-billion acquisition of Columbia Pictures Entertainment Inc., marking the largest Japanese takeover ever made in the United States.

The buyout of Columbia, which included $3.4 billion cash, or $27 a share, and an additional $1.4 billion for the film company's outstanding debt, gives the consumer electronics giant a tremendous film library to complement its hardware.

Analysts have said such film software, which includes 23,000 television programs and 2,700 movies ranging from the classic "On the Waterfront" to the current box-office hit "When Harry Met Sally," will give Sony additional leverage as it introduces new products such as an 8-millimeter videocamera and player.

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