Sherman Oaks Company Buys Back 360,381 Shares

Independent Entertainment Group, which provides telephone lines and other services for the pay-per-call business, has bought back 360,381 shares of its stock from the former owners of four companies it bought last year, the company said. The Sherman Oaks company said the shares have a market value of $1.17 million.

Independent Entertainment bought Keap Communications, Media 800, the ICOM Group and H & R Enterprises from five individuals. They were purchased in part with stock in Independent Entertainment, and the deal allowed Independent Entertainment to buy the shares back at a reduced price if the new acquisitions failed to perform as expected.