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Technology & Telecommunications

BRIEFLY

February 10, 1994|From Times Staff and Wire Reports

Video Publisher Will Go Public: Irvine-based Virgin Interactive Entertainment, Orange County's largest publisher of video and computer games, said it will offer 16% of its shares for sale in an initial public offering. The company said it will use the proceeds as working capital to supplement $55 million invested by minority owners Hasbro Inc. and Blockbuster Entertainment Corp. Richard Branson, founder of Britain's Virgin Atlantic Airways, owns 46% of the company. It reported a profit of $1.1 million on sales of $22 million for the fiscal quarter ended Oct. 31, contrasted with a $2.7-million loss on sales of $12.5 million a year before.

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