MIAMI — Blockbuster Entertainment Corp. chairman Wayne Huizenga told securities analysts that he was unhappy with the value of Viacom Inc.’s buyout offer, a company spokesman said March 25.
The New York Times reported that Huizenga told analysts earlier in the week that, at Viacom’s current price, he did not have to recommend that shareholders vote for the deal.
Huizenga said Viacom’s Class B non-voting stock would have to trade at about $ 42 to justify a sale. Those shares have dropped sharply since the deal was announced Jan. 7, from about $ 31 per Blockbuster share to less than $ 24.
$ 1.2 bil loss at CL
PARIS Credit Lyonnais, the longtime film industry banker and owner of MGM/UA, reported a massive 1993 loss of 6.9 billion francs ($ 1.2 billion) and warned March 24 that it will not develop new film business.
Analysts had predicted net losses up to $ 862 million, following 1992 losses of $ 310 million. Officials at the French government-owned bank blamed the red ink on the recession, the depressed property market and previous bad investments — including those in the film industry.
Carolco reunites with Live Ent.
HOLLYWOOD Carolco Pictures and former subsid Live Entertainment agreed in principle to merge in a tax-free exchange of stock valued at more than $ 200 million. The merger, announced March 24, would result in the creation of a new movie production and distribution company, Carolco Entertainment Inc. Carolco chairman Mario Kassar would head the new company.