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January 26, 1993
Resurgens Communications Group Inc., a long-distance telecommunications company whose units include Westlake Village-based Com Systems Inc., said it has definitively agreed to be acquired by Metromedia Communications Corp. The purchase price was not disclosed. The companies had signed a tentative merger pact in October. Metromedia Communications is a long-distance unit of Metromedia Co., a privately held concern based in East Rutherford, N. Y., that's controlled by billionaire John Kluge.
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.
October 9, 1990 | From Times Wire Services
Donald J. Trump is no longer among the wealthiest 400 Americans and may even have a net worth of zero. So says Forbes magazine, which on Monday released its annual list of the super-rich, a list that makes it clear that the controversial developer and other 1980s high-flyers have crash-landed. A notable exception was Metromedia founder John Kluge. The rags-to-riches Kluge expanded his fortune by $400 million to a staggering $5.
Martin Greenwald, chairman and chief executive of Image Entertainment Inc., which markets and distributes laser videodiscs, has a small pillow hanging on his office wall in Chatsworth. It reads: "Happiness is positive cash flow." The pillow was given to Greenwald by John Kluge, ranked by Forbes magazine as America's wealthiest individual with a net worth exceeding $5.2 billion.
May 15, 1990
Metromedia Co. president John Kluge raised his stake in Image Entertainment Inc., a Chatsworth company that distributes movies made on laser disks, according to documents filed with the Securities and Exchange Commission. Metromedia, based in Secaucus, N.J., is a supplier of telecommunications products and services. Image Investors Inc.
February 17, 1990 | From a Times Staff Writer
Metromedia Co., which is controlled by investor John Kluge, confirmed Friday that is in "extremely preliminary" talks with several potential buyers of its 70% stake in Orion Pictures Corp. Metromedia didn't identify the potential buyers, though recent published reports have said Los Angeles investor Marvin Davis was among them. Davis didn't return a call seeking comment on the reports. Orion shares closed Friday at $22.
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.
October 9, 1989 | From United Press International
Metromedia Co. founder John Werner Kluge topped Fortune magazine's list of the 400 richest people in America today, unseating Sam Walton who held the honor for the last four years. The Wal-Mart Stores fortune was divided this year among Walton and his four children, sending each of them, with $1.8 billion each, to share the No. 17 spot on the magazine's annual list. Kluge, who placed second in 1988, has an estimated net worth of more than $5.
June 10, 1988 | JEFF MEYERS, Times Staff Writer
He gets up in the wee hours of the morning, when he hears the morning paper thump the driveway at his suburban Los Angeles home. By 6, the paper is read and he is on his way to the office. At 6:30, he's in a paneled room running one of the world's most successful basketball teams. His title: vice president and general manager.
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.
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