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Sony Completes $3.4-Billion Acquisition of Columbia

November 08, 1989|From Associated Press

NEW YORK — Sony Corp. said Tuesday that it has completed its $3.4-billion buyout of Columbia Pictures Entertainment Inc., the film and television production giant.

The Japanese electronics and records company said that its $200-million tender offer for Guber-Peters Entertainment Co., a Hollywood production concern, had also expired and that about 99.5% of Guber-Peters' shares were either tendered or promised by the deadline.

Sony reaffirmed that it intended to name the heads of Guber-Peters, Peter Guber and Jon Peters, to top posts at Columbia Pictures.

Talks were said to be continuing between Sony and leaders of the Warner Bros. studio over releasing the two producers, whose credits include "Batman," from an exclusive five-year contract to make movies at Warner.

Sony completed its tender offer for Columbia stock last week, and 99.3% of its stock was tendered under the $27-a-share offer.

The second part of the merger was completed Monday, converting the remaining Columbia shares into the right to receive $27 a share in cash.

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