Metromedia’s John Kluge Boosts His Share of Image Entertainment
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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., which is owned by Kluge and Stuart Subotnick, Metromedia’s vice president, purchased an additional 10 million shares of Image Entertainment common stock, raising Kluge’s stake from 32.3% to 37.1%, or 56.5 million shares, of Image Entertainment’s 152 million shares outstanding.
Image Investors will apply the unpaid principal and interest on two outstanding loans to Image Entertainment, worth $1.26 million, to the purchase of the stock, the filing said. The balance of the purchase price will be in the form of a promissory note that will later be converted into stock.
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