Vajna to Sell Carolco Stake and Resign Post

Carolco Pictures Co-Chairman Andrew Vajna has agreed to sell his 36% stake in the film company to the other co-chairman, Mario Kassar, who also owns 36% of the company.

Vajna will resign from the company when the transaction is completed, which is expected to occur by Dec. 31.

Terms of the deal were not disclosed. But based on the stock’s closing price of $10.125 Tuesday on the New York Stock Exchange, the deal has an indicated value of $113.4 million. Vajna and his family own 11.2 million shares of Carolco stock.

The company gave no reason for the sale, but Thomas K. Levine, Carolco vice president of corporate development, said the split is “amicable.”

Carolco, which Vajna and Kassar founded, hit the big time in 1982 with “First Blood,” the first of the Rambo movies starring Sylvester Stallone.

Police still have made no arrests in the July slaying of Carolco executive Jose E. Menendez and his wife, Mary Louise, in their Beverly Hills home. Menendez was a director of Carolco and chairman of Live Entertainment, a Carolco affiliate.