New Line will pay if it jilts TBS

New Line Cinema will pay Turner Broadcasting System a termination fee of $ 16 million if New Line enters into a superior acquisition agreement with a third party, according to a TBS 13-D filing with the Securities & Exchange Commission.

The Turner-New Line merger, which is scheduled to be completed by Feb. 28, still requires approval from New Line’s common stockholders and Turner’s Class C preferred stockholders.

Employment agreements also need to be hammered out with New Line chairman/CEO Robert Shaye and president Michael Lynne.

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