Mitsubishi to Buy Stake in Image Entertainment
Image Entertainment Inc., a Chatsworth distributor of laser disc film recordings, said the giant Japanese industrial concern Mitsubishi Corp. and its Mitsubishi Plastics Industries Ltd. unit have agreed to purchase 380,952 shares of Image common stock for $10.50 a share, or a total of $4 million.
The shares represent about 3.5% of Image’s total shares outstanding.
Image also said it has entered into a non-exclusive agreement with Mitsubishi that provides for the Japanese company to manufacture laser discs for Image. Terms of the deal were not disclosed.
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