Turner Broadcasting System and New Line Cinema officially joined forces Friday after a majority of NL’s stockholders approved the sale.
The long-awaited deal turns TBS into a powerful ministudio with offshoot indie Castle Rock Entertainment and Turner Pictures under its belt. Fine Line Features, a Gotham-based distribber of arthouse fare operated by New Line, also joins the Turner fold.
A majority of New Line stockholders approved the deal. Each New Line share is worth 0.96386 share of TBS Class B common stock, with cash replacing fractional shares.
Turner inked five-year employment pacts with New Line chairman Robert Shaye and prexy Michael Lynne.
New Line honchos hope the merger will help the indie move up to higher-budgeted pix.