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Savoy Pictures Entertainment Inc

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BUSINESS
May 15, 1992 | From Times Staff and Wire Reports
Orion Deadline Passes: Orion Pictures' self-imposed deadline for new acquisition offers passed, and no additional suitors emerged. Orion, its creditors and its major bank will attempt over the next few days to select one of the three bids already offered, according to people involved in the transaction. Orion sought Chapter 11 bankruptcy protection in December and faces a crucial hearing next Friday before a New York bankruptcy court judge.
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BUSINESS
December 2, 1995 | JAMES BATES, TIMES STAFF WRITER
An estimated 70 employees in Savoy Pictures' film division were abruptly fired Friday as the company slashed the unit to a skeleton crew in the wake of its proposed acquisition by Barry Diller's Silver King Communications. Although Savoy has been phasing out of the film business, employees said they were caught off guard by the firings, saying they expected to at least have jobs through the holidays.
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BUSINESS
April 22, 1992 | DAVID WILLMAN, TIMES STAFF WRITER
New Line Cinema Corp. has dropped out of the bidding for Orion Pictures, the studio in Chapter 11 bankruptcy proceedings. New York-based New Line, which in January made the first formal bid for Orion, withdrew its offer Tuesday, citing an inability to win support from Orion's creditors. "Our perception of value is somewhat higher than theirs, apparently," said Wilbur R. Ross Jr., a Manhattan investment banker who is advising the creditors.
BUSINESS
November 28, 1995 | JAMES BATES and SALLIE HOFMEISTER, TIMES STAFF WRITERS
Barry Diller's fledging Silver King Communications television company agreed Monday to buy ailing movie and TV company Savoy Pictures Entertainment for $210 million in stock, marking the end of a once-ambitious company that failed to compete with Hollywood's major studios.
BUSINESS
April 10, 1992 | ALAN CITRON, TIMES STAFF WRITER
A new suitor for Orion Pictures Corp. emerged Thursday: Savoy Pictures Entertainment Inc., a film distribution company created in February with the backing of such high-powered media figures as New York investment banker Herbert Allen Jr. Savoy's preliminary proposal comes five days before Orion's creditors must respond to an offer from New Line Cinema Corp., the company behind the "Ninja Turtle" movies.
BUSINESS
May 13, 1992 | DAVID WILLMAN, TIMES STAFF WRITER
With an important bankruptcy court hearing looming, another possible purchaser of troubled Orion Pictures emerged Tuesday--MGM-Pathe Communications Co. The entry of MGM, owned by the French bank Credit Lyonnais, raises to three the number of bidders seeking to acquire or merge with Orion, producer of "The Silence of the Lambs," 1991's Oscar juggernaut. Orion filed for Chapter 11 bankruptcy protection in December, despite a years-long string of Academy Awards.
BUSINESS
February 11, 1992 | ALAN CITRON, TIMES STAFF WRITER
With MGM/Pathe Communications and Orion Pictures facing uncertain futures, a group of influential Hollywood executives on Monday announced the creation of a new film distribution company. Savoy Pictures Entertainment Inc., formed with $100 million in start-up funds and the support of such financial powerhouses as New York investment banker Allen & Co., is the brainchild of former Columbia Pictures executives Victor A. Kaufman and Lewis J. Korman.
BUSINESS
August 2, 1994 | KATHRYN HARRIS
It has been a quiet summer for Savoy Pictures Entertainment Inc. Too quiet for some impatient investors, who are appalled that the cocky young company has only two movies scheduled for release before the end of the year. "Go out and make movies or give us our money back. Or come up with a new game plan!" one large shareholder complained recently, speaking on condition of anonymity. Savoy Chairman Victor A. Kaufman and President Lewis J. Korman are trying to address such concerns.
BUSINESS
November 28, 1995 | JAMES BATES and SALLIE HOFMEISTER, TIMES STAFF WRITERS
Barry Diller's fledging Silver King Communications television company agreed Monday to buy ailing movie and TV company Savoy Pictures Entertainment for $210 million in stock, marking the end of a once-ambitious company that failed to compete with Hollywood's major studios.
BUSINESS
May 15, 1995 | JAMES BATES Victor A. Kaufman..BD: TIMES STAFF WRITER
Savoy Pictures Entertainment Chief Executive Victor A. Kaufman is recuperating at home in New York following angioplasty surgery, the movie distributor has confirmed. Savoy President Lewis J. Korman said Friday that Kaufman, 52, underwent the procedure May 6 after he had chest pains. He was hospitalized until last Tuesday. In angioplasty surgery, a balloon-like device is threaded through clogged arteries to clear them. Korman said Kaufman is recovering well and has been working from home.
BUSINESS
November 21, 1995 | JAMES BATES, TIMES STAFF WRITER
The dismantling of Savoy Pictures' movie business continued Monday with New Line Cinema gaining domestic distribution rights to four upcoming Savoy films. Included in the deal are the live-action "Carlo Collodi's Pinocchio," "The Stupids" with Tom Arnold, the Paul Mazursky-directed "Faithful" and "A Thin Line Between Love and Hate" directed by and starring Martin Lawrence.
BUSINESS
November 15, 1995 | Times Staff and Wire Reports
2 Film Companies Report Big Losses: Independent distributor Savoy Pictures, plagued by box-office bombs such as "Steal Big, Steal Little," posted a $31.7-million loss for the quarter ended Sept. 30. The company, which lost $39.8 million for the first nine months of the year, recently announced that it is retreating from the film business to put more emphasis on television. Separately, Cinergi Pictures posted a $9.
BUSINESS
September 16, 1995 | JAMES BATES, TIMES STAFF WRITER
Savoy Pictures Entertainment, which since releasing its first film two years ago has been plagued by a string of box-office duds, said Friday that it is retreating from the movie business and shifting more of its resources toward buying television stations and TV programming. The publicly traded company, founded in 1992 with money from such high-powered players as the boutique investment firm Allen & Co.
BUSINESS
May 15, 1995 | JAMES BATES Victor A. Kaufman..BD: TIMES STAFF WRITER
Savoy Pictures Entertainment Chief Executive Victor A. Kaufman is recuperating at home in New York following angioplasty surgery, the movie distributor has confirmed. Savoy President Lewis J. Korman said Friday that Kaufman, 52, underwent the procedure May 6 after he had chest pains. He was hospitalized until last Tuesday. In angioplasty surgery, a balloon-like device is threaded through clogged arteries to clear them. Korman said Kaufman is recovering well and has been working from home.
BUSINESS
August 2, 1994 | KATHRYN HARRIS
It has been a quiet summer for Savoy Pictures Entertainment Inc. Too quiet for some impatient investors, who are appalled that the cocky young company has only two movies scheduled for release before the end of the year. "Go out and make movies or give us our money back. Or come up with a new game plan!" one large shareholder complained recently, speaking on condition of anonymity. Savoy Chairman Victor A. Kaufman and President Lewis J. Korman are trying to address such concerns.
BUSINESS
July 10, 1992 | From Times Staff and Wire Reports
Savoy Pictures Gets Equity Infusion: Savoy Pictures Entertainment, the new film company started earlier this year by former Columbia Pictures executives Victor Kaufman and Lew Korman, said it received a cash infusion of more than $50 million from three new foreign investors. The new equity partners are Italy's Silvio Berlusconi and Mario and Vittorio Cecchi Gori and Britain's Carlton Communications.
BUSINESS
November 21, 1995 | JAMES BATES, TIMES STAFF WRITER
The dismantling of Savoy Pictures' movie business continued Monday with New Line Cinema gaining domestic distribution rights to four upcoming Savoy films. Included in the deal are the live-action "Carlo Collodi's Pinocchio," "The Stupids" with Tom Arnold, the Paul Mazursky-directed "Faithful" and "A Thin Line Between Love and Hate" directed by and starring Martin Lawrence.
BUSINESS
November 15, 1995 | Times Staff and Wire Reports
2 Film Companies Report Big Losses: Independent distributor Savoy Pictures, plagued by box-office bombs such as "Steal Big, Steal Little," posted a $31.7-million loss for the quarter ended Sept. 30. The company, which lost $39.8 million for the first nine months of the year, recently announced that it is retreating from the film business to put more emphasis on television. Separately, Cinergi Pictures posted a $9.
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