Metromedia Is in Talks to Sell Its 70% Orion Stake
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Metromedia Co., which is controlled by investor John Kluge, confirmed Friday that is in “extremely preliminary” talks with several potential buyers of its 70% stake in Orion Pictures Corp.
Metromedia didn’t identify the potential buyers, though recent published reports have said Los Angeles investor Marvin Davis was among them. Davis didn’t return a call seeking comment on the reports.
Orion shares closed Friday at $22.50, up 75 cents, as 117,900 shares changed hands in New York Stock Exchange composite trading.
On Thursday, Orion had said it didn’t know of any corporate development that would account for a $2.875 jump in its stock price that day.
Orion captured only about 4.2% of the domestic box office in 1989--down from 6.6% in 1988 and 10.4% in 1987--and has been plagued by repeated rumors of a pending management shake-up.
An Orion spokeswoman said she wasn’t aware of any major changes in company management.
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