CBS, Time Inc. and Columbia Pictures Industries have agreed to pump another $50 million into Tri-Star Pictures, a motion picture company that they formed in 1982.
The three partners had already invested a total of $50 million and were obligated to invest as much as $150 million more under the terms of their original agreement. As a result of recent negotiations, however, Tri-Star said it will relieve the partners of any further obligation.
The disclosures were made Thursday in a registration filing with the Securities and Exchange Commission, where Tri-Star proposed a public offering of about 12% of its stock and a $25-million offering of 15-year notes to be sold separately. Tri-Star said it anticipated pricing its offering at $8 to $10 each for 2.5 million units, consisting of one share of common stock and one warrant to purchase a share of common stock. The warrants would expire in 1992.
Tri-Star planned to offer a quarter of its shares to the public last winter at a price ranging from $15 to $18 each but withdrew the offering Dec. 5, blaming adverse market conditions. At the time, sources in the financial community complained that the stock appeared to be overpriced for a company that had released its first film just eight months earlier.