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New Line Stock Sale: New Line Cinema...

From Times Staff and Wire Service Reports

New Line Stock Sale: New Line Cinema Corp. said it will sell 600,000 of its shares to Los Angeles-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 Thursday, off 12.5 cents. New Line, which has a major hit with the film “Teenage Mutant Ninja Turtles,” said the proceeds will be used for working capital and to reduce bank debt.


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