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BRIEFLY

June 28, 1988

Investor Sumner Redstone, who last month sold his interest in Orion Pictures Corp. to rival bidder John W. Kluge, was required to turn over $2.3 million of his profits to the movie company, according to Show Biz News, a Hollywood trade newsletter. Redstone sent Orion the $2.3 million check June 7, Show Biz News reports in its July 1 issue, quoting from a filing with the Securities and Exchange Commission. The payment was required under an SEC rule on stock trades by those who hold more than 10% of the company's stock even if, like Redstone, they aren't officers of the company. The rule required Redstone to return to the company profits made on stock purchased within six months of the sale.

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