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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
January 21, 1986 | Associated Press
Metromedia said Monday that it will sell its outdoor advertising business and assets for $710 million. Metromedia said it had reached an agreement in principle to sell "substantially all of the outdoor advertising business and assets" of its Foster & Kleiser division and of Outdoor Advertising Associates L.P. to Gerard P. Joyce, founder and president of Patrick Media Group of Scranton, Pa.
BUSINESS
October 3, 2006 | From Bloomberg News
Metromedia International Group Inc., the media company controlled by 92-year-old billionaire John Kluge, said Monday that it was in talks to sell assets and might shut down. The company received a $480-million bid for Magticom Ltd. and its other holdings in the republic of Georgia from investors including Dubai-based Istithmar, Metromedia International said. The Charlotte, N.C.-based company said it would shut down after a court-supervised auction if it reached a deal to sell the assets.
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
October 30, 1986 | KATHRYN HARRIS, Times Staff Writer
Metromedia, already the third-largest shareholder of Orion Pictures with a 4.1% stake, on Wednesday disclosed an agreement to increase its holdings to 12.6% by purchasing 1.6 million newly issued shares for $20.4 million. The agreement, announced by Orion, was immediately interpreted by some industry sources as a protective move by Orion in the event that its largest shareholder, Viacom International, sells its 23% stake.
BUSINESS
March 25, 1986 | JOHN M. BRODER, Times Staff Writer
Metromedia said Monday that it has agreed to sell nine radio stations and a Texas radio network for about $285 million to an investor group headed by the president of Metromedia's radio unit. The sale, if approved by regulators, effectively will end Metromedia's involvement in broadcasting, which dates from the early 1950s. Metromedia sold its seven television stations last year for nearly $2 billion and has put its two remaining radio stations on the block.
BUSINESS
May 14, 1985 | THOMAS B. ROSENSTIEL, Times Staff Writer
No one seemed to hold such widespread fascination for America's newspaper publishers last week as Rupert Murdoch. The Australian publishing magnate and America's most controversial publisher figured prominently in the hallway whispering and barside chatter at the annual convention of the American Newspaper Publishers Assn.--at times taking on an aura of power and unpredictability in which even his whereabouts held mystery.
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
January 24, 1990
A group including John W. Kluge and Stuart Subotnick, who head Metromedia Inc., will boost its stake in Image Entertainment Inc., the Holywood movie producer, to 34.25% from 31.6%, according to a filing with the Securities and Exchange Commission.
BUSINESS
November 27, 2002 | From Bloomberg News
Metromedia International Group Inc. said it informed the Justice Department and the Securities and Exchange Commission that some personnel engaged in conduct that may have violated U.S. and foreign laws. Metromedia, a telephone and cable system operator, said the conduct involved former states of the former Soviet Union. The activity may have violated the Foreign Corrupt Practices Act, Metromedia said, without providing details.
BUSINESS
May 21, 2002 | Reuters
Metromedia Fiber Network Inc. filed the second-largest bankruptcy in the telecommunications industry, which has been slammed by falling prices, slack demand and stiff competition. The company has debt of about $3.3 billion. Metromedia Fiber, which is backed by Verizon Communications Inc. and other wealthy investors, said it will continue to operate during its Chapter 11 bankruptcy restructuring.
BUSINESS
May 17, 2002 | Bloomberg News
Metromedia Fiber Network Inc., the fiber-optic network operator, said it delayed filing its quarterly earnings statement with U.S. regulators and missed an interest payment on its debt. Metromedia said it didn't pay about $32 million of interest due Wednesday on $650 million of 10% senior notes. The White Plains, N.Y.-based company will default on the notes if it doesn't make the payment within a 30-day grace period. Metromedia shares rose less than 1 cent to 5 cents on Nasdaq.
BUSINESS
April 17, 2002 | Bloomberg News
Metromedia Fiber Network Inc. defaulted on a $30-million debt interest payment to Verizon Communications Inc., the second missed payment this month by the data cable owner controlled by billionaire John Kluge. The provider of links for Internet companies including AOL Time Warner Inc. averted bankruptcy last year by securing $611 million of financing, which included a $150-million note from Citigroup Inc. and a $230-million note convertible into stock.
BUSINESS
April 8, 2002 | From Times Wire Services
Metromedia Fiber Network Inc. said Sunday that Verizon Global Networks and Genuity Solutions terminated their fiber-optic agreements with the company. In a news release, Metromedia said Verizon Global has paid $235million under a $350-million contract to lease fiber-optic capacity. Genuity Solutions already had paid $140 million of a similar contract worth $200 million. Officials at parent companies Verizon Communications Inc. and Genuity Inc.
BUSINESS
March 19, 2002 | Dow Jones, Associated Press
Metromedia Fiber Network Inc. said Monday that it might be forced to seek bankruptcy protection if it can't restructure its debts. The New York-based company, which builds fiber-optic networks in cities, also said it may default on notes held by Verizon Communications and intends to defer payment of about $30 million in interest that was due Friday on $975million of convertible notes issued to Verizon.
NEWS
July 3, 1986 | KIM MURPHY, Times Staff Writer
Ventriloquist Paul Winchell won a $17.8-million verdict Wednesday in a decade-long fight against Metromedia Inc., which he claims destroyed the only remaining tapes of his popular "Winchell Mahoney Time" children's television series in a dispute over syndication rights.
BUSINESS
January 23, 1987
The Australian Broadcasting Tribunal threw a new obstacle in the path of the $1.52-billion takeover bid by Rupert Murdoch for the nation's largest media group. The television and radio licensing body said it would hold an urgent inquiry to establish whether the bid by Murdoch's News Corp. for the Herald and Weekly Times breaches a law restricting foreign ownership of Australian broadcast companies to 15%. Australian-born Murdoch's problems with the ABT arise from his adoption of U.S.
BUSINESS
October 11, 2000 | Reuters
Metromedia Fiber Network Inc., a builder of urban fiber-optic networks, said that it will buy SiteSmith Inc., a Santa Clara, Calif.-based start-up supplier of Web site services, in a $1.36-billion stock deal. The purchase adds SiteSmith's services that help electronic commerce sites handle high transaction volumes. Metromedia Fiber said that SiteSmith shareholders would get between 55 million and 62.
BUSINESS
June 24, 1999 | Bloomberg News
Metromedia Fiber Network Inc., a developer of fiber-optic communication networks in the U.S. and overseas, said it will pay $1.37 billion in stock to buy AboveNet Communications Inc., to push into the market for hosting computers that run large corporate Web sites. AboveNet holders would receive 1.175 Metromedia shares for each AboveNet share, valuing AboveNet at $44.06 a share. AboveNet operates so-called server farms for Internet customers such as RealNetworks Inc. and WebMD Inc.
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