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Metromedia

BUSINESS
February 27, 1993 | CARLA LAZZARESCHI, TIMES STAFF WRITER
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.
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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
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
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.
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.
BUSINESS
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.
BUSINESS
July 1, 1986 | Associated Press
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.
BUSINESS
May 21, 1988 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
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.
BUSINESS
June 8, 1988 | States News Service
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.
BUSINESS
May 2, 1985
Sources confirmed that Rupert Murdoch and Marvin Davis, who jointly own 20th Century Fox Film Corp., were discussing a major business deal with Metromedia, which went private last year in a leveraged buy-out by its management. Spokesmen for Murdoch and Fox declined comment on published reports that the talks in New York might lead to some type of combination of the firms. Metromedia owns television and radio stations and produces television programming.
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