Lorimar-Telepictures said Monday that it has signed a definitive agreement for its purchase of the historic MGM movie studio in Culver City and the Metrocolor film-processing laboratory. Lorimar also said that it, in turn, is selling the lab to a New York firm.
The lab is being bought by an entity whose owners include MacAndrews & Forbes Group, owner of Technicolor, another big Hollywood film processor.
As reported three months ago, Turner Broadcasting moved to break up its newly acquired MGM properties by selling the 44-acre movie lot and the film lab to Lorimar-Telepictures for $190 million, while selling the MGM film production and distribution and home videocassette business to United Artists for $300 million.
Lorimar-Telepictures stands to recoup about $72 million of the $190-million purchase price under a definitive agreement to sell the film-processing facility to a limited partnership called CSD Acquisition Corp. CSD is a partnership made up of Dalton Enterprises as general partner and MacAndrews & Forbes as limited partner, according to its spokesman, Larry Rand of Kekst & Co., New York.