Canal Plus Plugs Leak

Along with Credit Lyonnais, Canal Plus is joining the French retreat from its Hollywood Waterloo. Canal Plus chairman Pierre Lescure and two representatives of the French pay TV giant, a major investor in Carolco Pictures, resigned from Carolco’s board of directors on March 10. Their resignations came in the wake of Carolco losses that took a $24 million bite from the French conglom’s 1994 bottom line.

Carolco said in a statement that the resignations of Richard Garzilli, Michael Meltzer and Lescure came as a result of the French pay TV giant’s decision “not to make any additional contributions to the debt or equity of Carolco.”

Canal Plus, through its affiliate Cinepole Prods. B.V., held a 17% share in the big-budget indie film company headed by Mario Kassar. who was executives producer of “Stargate,” the picture bankrolled by Canal Plus that, while a surprise hit, may cause Canal Plus as much as $7 million in red ink.

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