NEW YORK, Jan 2 (Reuter) - Michael Heisley agreed to buy 5.5 million shares of Discovery Zone Inc <ZONEQ.O> from McDonald's Corp <MCD.N> for $1,000, The Wall Street Journal reported Thursday.
Heisley is chief executive of Pettibone Corp <PETT.O>, a maker of heavy industry equipment.
Those shares of Discovery Zone, an operator of indoor playgrounds, were valued at $111 million in August 1994 when McDonanld's swapped its own playground venture, Leaps & Bounds, for the Discovery Zone shares, equal to a 9.5 percent stake, the story says.
But Discovery Zone's share price has plummeted from its 1994 high of $24.25 as the expenses of expansion and combining the facilities acquired from McDonald's and others proved higher than expected, the story says.
05:16 01-02-97
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