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June 02, 1995|JAMES BATES

Music: Former Paramount Communications President Stanley Jaffe is forming a $300-million entertainment company partly financed by Sony Pictures Entertainment movies, TV and new-media software, both sides confirmed Thursday. Details were not announced, but sources said Sony will invest $75 million and distribute Jaffe films both domestically and internationally. Investment bank Bear Sterns is trying to raise another $225 million for Jaffe through a private placement with investors. The company has not yet been named. Sources said it will have offices in New York, Los Angeles and San Francisco. Jaffe was the second in command at Paramount; he left in 1994 after Viacom Inc. agreed to buy the company. Before that, he was a successful producer of such films as "Fatal Attraction" and "Goodbye, Columbus."

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