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.
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.
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.
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.