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John Kluge

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CALIFORNIA | LOCAL
September 9, 2010 | Bloomberg News
John Kluge, a billionaire entrepreneur and pioneer in independent television-station ownership whose Metromedia Inc. stations formed the basis for News Corp.'s Fox network, has died. He was 95. Kluge died Tuesday at his home in Albemarle County, Va., said University of Virginia spokeswoman Marian Anderfuren, who gave no cause of death. Kluge donated more than $63 million to the university during his lifetime, including his Albemarle estate, which was valued at more than $45 million in 2001.
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CALIFORNIA | LOCAL
September 9, 2010 | Bloomberg News
John Kluge, a billionaire entrepreneur and pioneer in independent television-station ownership whose Metromedia Inc. stations formed the basis for News Corp.'s Fox network, has died. He was 95. Kluge died Tuesday at his home in Albemarle County, Va., said University of Virginia spokeswoman Marian Anderfuren, who gave no cause of death. Kluge donated more than $63 million to the university during his lifetime, including his Albemarle estate, which was valued at more than $45 million in 2001.
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BUSINESS
June 4, 1986
The equivalent in common shares and warrants were reported purchased for investment purposes by Metromedia and its chairman, Kluge. As reported to the Securities and Exchange Commission, the interest includes 105,240 shares bought at $13 each on May 22 and 532,260 stock purchase warrants bought at $7 each the same day. Viacom International earlier this year acquired stock and warrants for the equivalent of 29% of Orion.
BUSINESS
January 23, 1997 | From Bloomberg News
Occidental Petroleum Corp. director John Kluge, the billionaire who heads up the telecommunications and entertainment company Metromedia International Group Inc., bought $24 million in Occidental stock in early December just as the shares approached an 11-month low. Kluge's purchases, for a million shares at about $24 each, give him 0.31%, or 1.02 million shares, of the oil company's stock. Ahead of him is Chairman Ray Irani, who has about 1.6 million shares. It's a big gamble for Kluge.
BUSINESS
August 15, 1995 | From Associated Press
Billionaire John Kluge announced plans Monday to sell his entire stake in WorldCom Inc., depressing the stock price of the nation's fourth-largest telephone company. Kluge owns about 30.9 million shares, or 16.3%, of the Jackson, Miss.-based phone company through his Metromedia Co. and is its chairman as well as its biggest shareholder. His stake was valued at about $930 million, based on Friday's closing share price of $30.125. The stock's 52-week high was $32.
BUSINESS
October 5, 1992 | From Associated Press
Computer software inventor and college dropout Bill Gates replaced entertainment mogul John Kluge atop the Forbes annual list of richest Americans, the magazine said Sunday. At 36, Gates becomes the youngest person to reach the No. 1 ranking. The founder of Microsoft Corp., the world's largest personal computer software company, makes money from each machine that uses MS-DOS, the most widely used personal computer software. Gates' $6.3-billion fortune grew by $1.
BUSINESS
September 1, 1994 | JAMES BATES, TIMES STAFF WRITER
Billionaire John Kluge is folding his ailing Orion Pictures and two other media companies into Atlanta-based holding company Actava Group to create a global media, entertainment and telecommunications company. The new company, Metromedia International, is being put together via a complicated four-way stock swap worth about $1 billion and positions Kluge to again be a major force in media and entertainment.
BUSINESS
February 15, 1991 | MICHAEL CIEPLY and ALAN CITRON, TIMES STAFF WRITERS
Metromedia Inc., which is controlled by billionaire John Kluge, said Thursday that it is exploring the sale of its 68% stake in financially troubled Orion Pictures Corp. In a filing with the Securities and Exchange Commission, Metromedia said it has retained the investment firm Salomon Bros. to advise it on the possible sale of all or part of its stake. Salomon was earlier retained by Orion to seek new capital for the studio but has found no investor so far.
BUSINESS
May 22, 1992 | DAVID WILLMAN, TIMES STAFF WRITER
John W. Kluge, reportedly America's richest man, has agreed to infuse cash and forgive debts owed him as part of a deal to help rescue foundering Orion Pictures from bankruptcy, according to people familiar with the proposal. Kluge, who already owns 68% of the studio's stock, has agreed to put up $25 million in cash and to write off $29 million owed him in connection with Orion's 1990 release of the film "Mermaids."
MAGAZINE
November 18, 1990 | BILL THOMAS, Bill Thomas is co-author of "Lawyers and Thieves" (Simon and Schuster, 1990), a humorous look at the legal profession.
IN SUMMER, the rolling hills outside Charlottesville, Va., take on the deep green hue of new money, a convenient reminder of who owns them. Nature imitates net worth in this part of the country, and historic estates have names that sound like they're expensive brands of bourbon, such as Ash Lawn, Willow Brook and Tall Oaks.
BUSINESS
January 23, 1997
Occidental Petroleum Corp. director John Kluge, the billionaire who heads Metromedia International Group Inc., bought $24 million in Oxy stock in early December just as the shares approached an 11-month low. His purchases of 1 million shares at about $24 each give him 0.31%, or 1.02 million shares, of the L.A. company's stock. Ahead of him is Chairman Ray Irani, who has about 1.6 million shares. Oxy shares rose 12.5 cents Wednesday to close at $26.25 on the NYSE.
BUSINESS
February 2, 1996 | JAMES BATES
There are 6.7 billion good reasons Hollywood can't ignore John Kluge, even when virtually everyone in the business seems baffled by his latest moves. Anyone who has that many dollars to his name is to be taken seriously, which is why it's interesting that a guy who was burned so badly in Hollywood is back in the hunt, albeit in a restrained way. On Wednesday, Kluge's Metromedia International Group Inc. agreed to buy the struggling independent Samuel Goldwyn Co.
BUSINESS
February 1, 1996 | JAMES BATES, TIMES STAFF WRITER
The struggle over Samuel Goldwyn Co., one of Hollywood's few remaining independent film distributors, ended Wednesday when billionaire John Kluge's Metromedia International Group Inc. announced plans to acquire the company in a deal valued at $115 million. Metromedia's offer comes in two parts: $42.5 million in stock--$5 worth of Metromedia stock for each Goldwyn share--and the assumption of $72.5 million in bank debt that Goldwyn was under increasing pressure to pay.
BUSINESS
December 22, 1995 | JAMES BATES, TIMES STAFF WRITER
Billionaire John Kluge threw a wrench into PolyGram Filmed Entertainment's plans to buy the film and television library of ailing Samuel Goldwyn Co. with an 11th-hour, $115-million bid for the whole company. Goldwyn on Thursday confirmed its executives received a $5-a-share bid of cash or shares from Kluge's Metromedia International shortly after the company announced its PolyGram deal. The bid includes paying $42.
BUSINESS
November 2, 1995 | Times Staff and Wire Reports
Actava Completes Merger With 3 Kluge Firms: Shareholders of Actava Group and three media and telecommunications concerns controlled by billionaire John Kluge completed their four-way stock swap, creating a $1-billion company. Shares in the new Metromedia International Group will begin trading today on the New York Stock Exchange.
BUSINESS
August 15, 1995 | From Associated Press
Billionaire John Kluge announced plans Monday to sell his entire stake in WorldCom Inc., depressing the stock price of the nation's fourth-largest telephone company. Kluge owns about 30.9 million shares, or 16.3%, of the Jackson, Miss.-based phone company through his Metromedia Co. and is its chairman as well as its biggest shareholder. His stake was valued at about $930 million, based on Friday's closing share price of $30.125. The stock's 52-week high was $32.
BUSINESS
April 14, 1995 | Times Staff and Wire Reports
Kluge Entertainment Companies Reach Final Merger Deal: Actava Group and three media and telecommunications companies--including the struggling Orion Pictures--controlled by billionaire John Kluge signed a final agreement to combine into Metromedia International Group Inc.
BUSINESS
September 1, 1994 | JAMES BATES, TIMES STAFF WRITER
Billionaire John Kluge is folding his ailing Orion Pictures and two other media companies into Atlanta-based holding company Actava Group to create a global media, entertainment and telecommunications company. The new company, Metromedia International, is being put together via a complicated four-way stock swap worth about $1 billion and positions Kluge to again be a major force in media and entertainment.
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