PolyGram Buys 30% of Really Useful Entertainment: Dutch record company PolyGram NV said it bought a 30% stake in Really Useful Holdings, the entertainment firm founded by theatrical producer Andrew Lloyd Webber, composer of the stage hit “Phantom of the Opera.” The deal, worth up to $157 million, includes an option for PolyGram to take a majority stake in Really Useful in 2003, the record firm said. London-based PolyGram said it had invested $115.6 million, with another $17 million payable in 1994 and possible deferred performance-related payments of up to $25 million. Lloyd Webber’s pact has been extended by 10 years until 2003 and has been widened to cover his work as theatrical producer and in film and television.
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