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Turner gets nod to buy New Line and Castle Rock
Los Angeles Times - Los Angeles, Calif.
Subjects: Broadcasting & communications industry; Entertainment industry; Acquisitions & mergers
Author: Citron, Alan
Date: Aug 18, 1993
Start Page: 1
Abstract (Document Summary)

The directors of Turner Broadcasting System on Tuesday approved the purchases of New Line Cinema and Castle Rock Entertainment, establishing cable mogul Ted Turner as a major force in Hollywood. Turner Broadcasting will swap more than $500 million in stock and assume $50 million in debt for New Line, one of the most successful independent production and distribution companies. It will pay about $100 million cash and assume another $100 million in debt for Castle Rock, which has produced such hits as "In the Line of Fire" and "A Few Good Men." (excerpt)

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