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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.

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