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Robertson Agrees to Acquire American Film

June 01, 1993

Evangelist Pat Robertson, whose International Family Entertainment Inc. is fresh from its acquisition of MTM Entertainment Inc. in Studio City, has agreed to acquire control of another local company.

American Film Technologies Inc., a North Hollywood film colorizing and animation company, said a group of private investors led by Robertson tentatively agreed to pay $4.7 million for American Film common stock and warrants.

The stock purchase would give the Robertson group a 51.5% stake in American Film. If exercised, the warrants would boost the group's holding to 55.5%.

The transaction, which is subject to a definitive agreement, is expected to close June 30.

Arthur P. Hartel Jr., American Film's president and chief executive, said the company would continue to operate independently. He said the agreement with Robertson resulted from the company's long search for needed capital.

In the nine months ended March 31, American Film lost $3.03 million; its revenue declined 10% from a year earlier, to $9 million.

Robertson, a one-time presidential candidate, is chairman of International Family Entertainment, a Virginia Beach, Va., company that operates the Family Channel cable network. In January, IFE acquired television production firm MTM Entertainment for $86 million.

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