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Silver King Communications Inc. said it is correcting its previously reported net loss for the third quarter ended May 31, 1993, to $ 1.6 million, or 18 cents a share, from the $ 1.7 million (19 cents) loss it had reported June 22. It is also correcting its revenue total for the quarter to $ 11.7 million from the $ 11.2 it had reported previously. The company said year-to-date results for the nine months were accurate and not affected by the correction. For the third quarter ended May 31, 1992, Silver King had a net loss of $ 4,242,000 (48 cents) on revenue of $ 11.5 million.

Time Warner Inc. said that on July 9 it will redeem $ 900 million principal amount of its 8.75% convertible subordinated debentures due 2015. There is about $ 3.15 billion principal amount of the 8.75% debentures outstanding and the $ 900 million of 8.75% debentures to be called for redemption have been selected by Chemical Bank by lot and those holders will be notified by mail.

Standard & Poor’s has revised its outlook on AMC Entertainment Inc. to stable from negative. S&P said it affirms its ratings on AMC Entertainment as follows: B+ on $ 100 million senior unsecured notes; and B– on $ 100 million subordinated notes.

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A group that includes Metromedia Co. and John Kluge said it raised its stake in Orion Pictures Corp. to 56.08% of common shares outstanding. In a filing with the Securities & Exchange Commission, the group said it holds 11,215,325 Orion shares, including 325,000 shares purchased June 23 for a total price of $ 1,015, 625.

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Kushner-Locke Co. said it has sold about $ 7 million in combined television sales and preliminary commitments received between the MIP-TV festival in May and the recently held L.A. Screenings. Revenues from international sales will be booked when the international broadcast license period begins. A majority of these revenues are expected to accrue during the next 15 months.

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First National Film Corp. said it completed an agreement under which American Softworks Corp. will manufacture and distribute two 16-byte “Happily Ever After” videogames.