The recapitalization of Republic Pictures Corp. was completed Tuesday at the annual shareholders meeting, it was announced by chairman/CEO Russell D. Goldsmith.Recapitalization is part of the previously announced Blockbuster Entertainment Corp. transaction. Blockbuster acquired 2.5 million shares for $ 25 million. Republic also converted its class B common stock into 1.2 shares of new common stock, and its class A common stock into one share of the new common stock. There are approximately 7.4 million shares (under the new symbol RPIC) issued and outstanding, of which Blockbusters owns some 35%. A producer and distributor of theatrical and TV productions, Republic is known for its library of classic films, including “The Quiet Man,””It’s a Wonderful Life” and “High Noon.”
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!