A 2,952,800-share block of Home Shopping Network stock, representing 3.4% of the company’s outstanding shares, was bought and sold at $ 10. HSN did not know who was behind the transaction.
HSN finished the day up 1/2, or 5%, at $ 10.50 on a volume of over 5.5 million shares. Average daily volume for the stock is about 647,400 shares.
RHI Entertainment expects record revenues this year following its agreement with Hallmark Cards subsidiary Signboard Hill Prods. and ABC Entertainment (Daily Variety, June 16). However, according to chief executive Robert Halmi Jr. , revenue from the transaction “cannot be quantified at this time.” The deal calls for RHI to supply ABC with 10 TV movies within 18 months.
First National Film Corp. entered an alliance with Core Entertainment Group to aid in the licensing, merchandising and distribution of First National’s film “Happily Ever After.”