Spelling to Sell Stake in Virgin
Spelling Entertainment Group Inc. said it plans to sell part or all of its 90% stake in Virgin Interactive Entertainment to the public to focus on its television and film operations.
Virgin publishes a variety of interactive software for personal computers and video game consoles such as Nintendo’s, with titles including “Golden Nugget” and “Command and Conquer: Red Alert.”
Spelling is best known for producing television shows such as “Melrose Place” and “Beverly Hills, 90210.”
Los Angeles-based Spelling will take an unspecified accounting charge in the fourth quarter to reflect the removal of Virgin from its financial results.
Spelling is 75% owned by Viacom Inc. New York-based Viacom owns the remaining 10% of Virgin, said Nancy Bushkin, a Spelling spokeswoman.
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