Graff Pay-Per-View Inc. acquired PSP Holding Inc. for an undisclosed amount of stock. The transaction was effected by a merger of PSP Holding and Graff’s Guest Cinema unit.
Guest Cinema markets pay-per-view movies to hotels and motels. Graff said in October that it planned to acquire PSP, a Santa Monica company that develops software allowing hotel guests with credit cards to order pay-per-view movies by telephone.
* * *
Seagram Co. lifted its stake in Time Warner Inc. to 11.7% from 10.4%. In its filing with the Securities and Exchange Commission, Seagram said it now holds about 44.23 million shares, including about 5.14 million shares purchased between Dec. 31, 1993, and Wednesday for about $ 207.2 million. Seagram has said it would acquire up to 15%.
* * *
Clear Channel Communications Inc. signed a letter of intent to sell KEYN-FM and KQAM-AM in Wichita, Kan., for about $ 2 million to Radio Management Inc. of Colorado. Clear Channel also signed a separate letter of intent to sell KORA-FM and KTAM-AM in Bryan/College Station, Texas, for about $ 2.25 million to Springer Broadcasting Inc. of Texas. The sale is meant to meet FCC’s limit of 18 FM and 18 AM stations so Clear Channel can complete its merger with radio broadcaster Metroplex Communication Inc. of Cleveland.