News Corp. reveals 6.4% Image Entertainment stake

News Corp. holds an equivalent stake of 6.4% in the common shares of Image Entertainment Inc.

In a filing with the Securities & Exchange Commission, News Corp. said that warrants for 208,970 common shares became exercisable on July 15, bringing the company’s equivalent stake in Image Entertainment above 5%.

A unit of News Corp. received warrants for 1.67 million common shares of the company at $ 6 a share last July as part of a videodisk purchase and distribution agreement with the News Corp. unit.

Those warrants have been vesting in blocks, 12.5% of which became exercisable on July 15.

Currently, News Corp. holds the equivalent of 835,880 common shares of Image Entertainment from warrants that have become exercisable. According to the filing, News Corp. has no current intention of exercising the warrants.

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