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Marvel's Sassa Expected to Jump to Perelman Group

March 11, 1997|SALLIE HOFMEISTER

After less than six months on the job, Scott Sassa is expected to leave as chairman of Marvel Entertainment Group to take an expanded role at Ronald Perelman's holding company, MacAndrews & Forbes, according to Hollywood sources.

Sassa took the helm of the troubled comic book company after leaving Turner Broadcasting System Inc. in a management shake-up last September. Within weeks, Marvel, which is 80%-controlled by Perelman, filed for bankruptcy protection.

Sassa is credited with having built Turner's family of cable channels, including the Cartoon Network, TBS, TNT and Turner Classic Movies.

Sources say Sassa is unlikely to stay on as head of Marvel now that Perelman has agreed to hand over the company to a group of dissident bondholders led by Carl Icahn. Bondholders have been protesting Perelman's reorganization plan because it would have paid them only 4.5 cents on the dollar. Last month, Bankruptcy Court ruled in their favor, allowing bondholders to assume control of Perelman's shares, which had been pledged as collateral.

After bondholders presented their own rescue plan to the court Friday, Perelman withdrew his proposal, in effect turning over the company to Icahn's group.

Sassa did not return telephone calls. Sources close to him said the change in control of Marvel lets him out of his contract. They said he will be taking on a larger role within Andrews Group, the entertainment arm of MacAndrews & Forbes.

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