Marvel Holdings Inc., a holding company for Marvel Entertainment Group Inc., filed for an offering of $ 259 million of senior secured discount notes due 2003 to be offered at $ 150 million. The proceeds will be used to pay debt of affiliates of Marvel and for general purposes.
Diamond Entertainment Corp. said its board has approved a 1-for-20 reverse stock split of its outstanding common stock. The record date for the stock split is July 13. The pay date was not immediately disclosed.
Evergreen Media Corp. said it has agreed to purchase radio station WWBZ-FM, of Chicago, from Major Broadcasting Inc. for an estimated $ 32 million. The Irving, Texas-based Evergreen also said it has sold its Dallas radio station, KSNN-FM, for $ 11 million to Armadillo Broadcasting. It is expected that the purchase will close later in the fall, the company said.
Newscorp Overseas Ltd., a financing firm for News Corp., filed an offering for 9.2 million cumulative guaranteed preference Series A shares. The pricing, which has yet to be set, could raise a maximum of $ 230 million at $ 25 a share. The proceeds will be given to News Corp. and used for general purposes.
Capitol Multimedia Inc. has sold the equipment used in its video post-production operations to Henniger Video for $ 3 million. Washington D.C.-based Capitol, a multimedia software publisher, said it will pay off about $ 2 million in debt and write off property and equipment and other assets with an estimated $ 2.65 million net book value. Fiscal 1993 net sales and related cost of sales of the company’s video post-production operations were about $ 4.2 million and $ 2.5 million, respectively.
Great American Communications Co. filed a proposed prepackaged reorganization plan with the Securities & Exchange Commission. Terms of the plan, which calls for Great American to issue common stock and 14% notes, were announced in May. The company said that its stock will no longer trade on NASDAQ’s National Market System because of its failure to meet exchange listing requirements. Great American Communications said its stock will continue to trade over-the-counter under the symbol GACC.