December 6, 1996 |
Metromedia International Group Inc. Chief Executive Jack Phillips abruptly resigned from the movie studio and telecommunications company controlled by billionaire John Kluge. Phillips, who also stepped down as a member of the company's board, said he was leaving to pursue other business opportunities. Analysts said Phillips bolted because his control of the sprawling company was dwindling and he was left with few responsibilities.
February 27, 1993 |
Billionaire John Kluge will merge the long-distance operations of his Metromedia Corp. with two other small carriers to create the nation's fourth-largest long-distance carrier. Analysts say the deal sets the stage for further acquisitions by New Jersey-based Metromedia as it tries gain more of the nation's growing long-distance phone market.
November 27, 2002 |
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.
April 17, 2002 |
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.
March 19, 2002 |
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.
June 24, 1999 |
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.
January 23, 1986
Fox Television Stations, a new company set up by publisher Rupert Murdoch to acquire seven Metromedia television stations, will exchange cash and as much as 1.15 million in preferred stock for about $1.9 billion in debt securities of Metromedia Broadcasting. Based on the stations' current operating results, however, Fox Television said it won't have enough cash flow to pay all of the required dividends and might refinance its debt or sell assets.
July 1, 1986 |
Southwestern Bell Corp. announced Monday that it is purchasing the cellular telephone and paging businesses of Metromedia for $1.65 billion. Southwestern Bell said the properties involved in the acquisition, which is subject to regulatory approval, will include ownership interests held by Metromedia in nine cellular telephone systems. Southwestern Bell said it also will acquire paging services in 19 metropolitan areas.
May 21, 1988 |
Orion Pictures Corp., which produced the recent box-office hits "No Way Out" and "Robocop," will get a new majority owner in Metromedia Co. of Secaucus, N.J. Orion announced Friday that Metromedia has agreed in principle to purchase the Orion common stock and warrants that currently are controlled by Sumner M. Redstone, the chairman of Viacom International and its parent theater chain, National Amusements. The purchase price was $17 per share and $11 per warrant. The $78.
June 8, 1988 |
Metromedia raised its stake in Orion Pictures Corp. to 66.8% after concluding a $78-million stock purchase agreement, according to a filing with the Securities and Exchange Commission. Under a June 3 agreement, Metromedia purchased 2.8 million Orion common shares and 2.762 million warrants to buy 4.19 million common shares at $17 each. Metromedia now owns 14.4 million Orion common shares. Metromedia bought the stock from Sumner Redstone, National Amusements Inc., Viacom International Inc.