Financial Briefs

Metro-Goldwyn-Mayer Inc. said it has redeemed the entire outstanding principal amount, about $ 108 million, of its 13% subordinated debentures due Dec. 15, 1996. The redemption is in accordance with the company’s previously announced restructuring plan. MGM is controlled by Credit Lyonnais.

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Granite Broadcasting Corp. announced Friday it has made a public offering of 1,520,000 shares of its cumulative convertible exchangeable preferred stock at $ 25 per share, for a total of $ 38 million in gross proceeds. The net proceeds of the offering, together with borrowings under a new $ 40 million senior bank agreement, will be used to acquire two television stations from Meredith Corp. and repay all of the company’s existing bank indebtedness, the company said.

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T-HQ Inc. expects a fourth-quarter loss as a result of shifts in the marketplace, particularly for software for the Super Nintendo Entertainment System. The company said it plans to increase its reserves for markdowns and inventory to compensate for weaker sales.

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Media Vision Technology Inc. said it plans to enter the market for TV set-top multimedia players, challenging 3DO Co. and others in the emerging field. Satish Gupta, VP of strategic marketing and development, said Media Vision expects to introduce a machine in late 1994 or early 1995 that connects to televisions and plays CD-ROM disks developed for IBM-compatible personal computers.

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Rogers Communications Inc. said its wholly owned Rogers Cablesystems Ltd. unit filed with the U.S. Securities and Exchange Commission for the sale of a $ C250 million issue of senior secured priority notes. Merrill Lynch & Co. is sole underwriter for the offering, which marks the first time Rogers has raised Canadian dollar-denominated debt in the United States. Rogers is Canada’s largest cable company.

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Acclaim Entertainment Inc. said it entered an agreement with Walt Disney Co. under which Disney will distribute Acclaim’s software throughout Spain. The agreement calls for Disney’s Buena Vista Home S.A. unit to handle sales and distribution of Acclaim’s top-selling software for the Nintendo and Sega Video game systems.

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