New Line Stock Sale: New Line Cinema...
From Times Staff and Wire Reports
New Line Stock Sale: New Line Cinema Corp. said it will sell 600,000 of its shares to L.A.-based money management giant Capital Research & Management and its affiliate, Capital Guardian Trust. The private-placement deal will be priced 50 cents below New Line’s average market price before the deal, expected to be closed within six weeks. The stock closed at $10.375 Wednesday, off 12.5 cents. New Line said the proceeds will be used for working capital and to reduce bank debt.
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