Turner completes Rock buy

Turner Broadcasting System Inc. said Wednesday that it had completed its cash deal to buy Castle Rock Entertainment (Daily Variety, Dec. 21).

TBS paid a reported $ 100 million for the growing indie, which boasts such hit releases over the last few years as “In the Line of Fire,””A Few Good Men, “”City Slickers” and “When Harry Met Sally …”

Turner bought the film and TV production studio from Sony Pictures Entertainment, Group W Investments and Castle Rock founding and managing partners Rob Reiner, Alan Horn, Andrew Scheinman, Martin Shafer and Glenn Padnick.

The deal calls for seven-year contracts with all five managing partners.

Castle Rock will now operate as a wholly owned TBS subsidiary.

The completion is the first step in establishing a Turner Studios of sorts, which will comprise Turner Pictures, Castle Rock, New Line Cinema and Fine Line Features.

Negotiations to buy New Line and Fine Line are expected to wrap up sometime in January for a reported $ 530 million.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety