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Savoy Pictures Entertainment reported Friday that it has closed its previously announced offering of 7% convertible debentures due July 1, 2003. A total of $ 80.325 million of debentures were issued in the offering, including $ 5.325 million to fulfill underwriter Allen & Co.’s over-allotment option.

Savoy said net proceeds will be used for general corporate purposes.

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According to a filing with the Securities & Exchange Commission, a group including money manager Mario Gabelli reduced its stake in the Class A stock of Chris-Craft Industries to 29.44%, or 6.04 million shares from 32.54%, or 6.43 million shares, between April 26 and June 23.

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Westwood One Inc. said it completed its sale of WYNY-FM Inc. in New York to Broadcasting Partners Inc. for $ 50 million, plus certain working capital considerations. It said proceeds were used to retire the nearly $ 12.7 million balance of its 16% senior subordinated debentures, and to reduce its revolving credit facility to about $ 20.3 million from nearly $ 56.6 million.

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Samuel Goldwyn Co. said that, after consultation with the managing underwriter, it expects to postpone its previously announced public offering of up to 1,437,500 common shares until September, instead of late June.

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NTN Communications Inc. said that an agreement it had expected to sign with the Mexican government for the installation of an interactive TV system in public schools has been delayed. NTN expected to receive the contract in mid-June.