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Turner, Castle Rock near finalizing deal

After months of legal wrangling, Turner Entertainment Group is expected to announce its official acquisition of Castle Rock Entertainment in the next two days, sources said Tuesday.

The deal, acknowledged last August as in the works, will bring CRE into the Turner fold for an estimated $ 100 million.

New Line Cinema, along with Fine Line Features, is expected to follow sometime in January for roughly $ 530 million.

“It will come down within the next few days,” said a CRE source.

Officials at Turner could not be reached on the report and CRE execs “respectfully” declined comment.

But one source said Turner’s lawyers wanted to get the CRE deal done before wrestling with the more complex New Line buyout.

Turner’s payments have been speculated along equity lines to CRE’s owners: Sony owns 44%, Castle Rock partners own 41% and Westinghouse owns 15%. CRE’s five founding partners — helmer Rob Reiner, former studio exec Alan Horn, producer Andrew Scheinman, developer Martin Shafer and TV vet Glenn Padnick — will retain control of the company for seven years.

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