Theme parks: Time Warner Inc. formally closed the sale of a majority stake in its Six Flags amusement park unit to an investment group led by Boston Ventures. The price was $200 million, with Boston Ventures assuming $800 million of Six Flags debt. Boston Ventures now owns 51% of Six Flags, while New York-based Time Warner keeps 49%. The entertainment conglomerate said it has reduced its debt by about $1.3 billion through asset sales. Six Flags chief Robert Pittman is expected to leave the company with an exit package valued at about $20 million.
Music: In another move by the entertainment business to expand into India, BMG Entertainment International said it is forming a joint venture with India's Crescendo Music and Marketing record label. BMG will own 51% of the company, called BMG Crescendo (India). The company will have offices in Bombay, New Delhi, Calcutta, Madras and Bangalore. Suresh Thomas, who founded Crescendo Music in 1992, will be president.