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Sony Shows Interest in Orion Corp. : Film: The studio with the recent hit ‘Dances With Wolves’ is reportedly being examined by the Japanese giant.

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From United Press International

Orion Pictures Corp., whose recent films include box-office hits such as Kevin Costner’s “Dances with Wolves,” is being examined for purchase by Sony Corp., it was reported today.

The New York Times, citing unidentified sources, said the Japanese-owned electronics giant is acting through Castle Rock Entertainment, a small film production company, one third of which is owned by Sony’s Columbia Pictures Entertainment.

Neither Orion nor Columbia would comment on the talks or acknowledge Sony’s interest in a deal, the newspaper said.

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No price for the small New York studio has been made public, but the newspaper said it is expected Orion could draw $500 million, given its high debt and low earnings levels.

If Sony buys Orion, it is expected to install Castle Rock management, including director Rob Reiner and four other film and television executives, at the film production and distribution studio, the report said.

Castle Rock’s movie hits include “When Harry Met Sally” and “Misery,” both directed by Reiner.

Billionaire John Kluge owns 70% of Orion and invested $23 million during a serious cash shortage at the company last fall, when Standard & Poor’s lowered the company’s credit rating.

Orion since has had significant success with “Dances with Wolves,” so far earning $100 million at the box office, and with “Mermaids,” which by last weekend grossed $31 million in ticket sales, the newspaper said.

Orion recently released a new Woody Allen movie, “Alice,” and signed the producer-director to a new three-picture deal. The company’s previous hits include “Platoon,” “RoboCop” and “Bull Durham.”

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