Metromedia International Group (MMG) Looking for Opinions Message Board

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Technology Stocks : Metromedia International Group (MMG) Looking for Opinions

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To: Lionel Parker Perkins III who wrote ()	12/18/1997 1:33:00 PM
From: leigh aulper	Read Replies (2) of 353

drip by drip you get a pail of water Metromedia International Group Exits Entertainment Business and Increases Focus on Communications with Sale of Landmark Theatre to Silver Cinemas EAST RUTHERFORD, N.J.--(BUSINESS WIRE)--Dec. 18, 1997--Metromedia International Group, Inc. (MMG:AMEX) today announced an agreement to sell its Landmark Theatre Group to Silver Cinemas, Inc., for an aggregate gross cash consideration of approximately $65 million, payable to MMG upon the closing of the transaction, which is expected to occur in the first quarter of 1998. Stuart Subotnick, President and CEO of Metromedia International Group, said "This sale brings MMG one step closer to being a pure-play communications company that is seizing one of the most lucrative opportunities in the communications sector. MMG's efforts will be further focused on developing and marketing the key services required by emerging economies with enormous potential subscriber bases." The transaction is subject to the satisfaction of customary closing conditions.

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