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Article: NEW WORLD COMMUNICATIONS GROUP AGREES TO ACQUIRE CANNELL ENTERTAINMENT INC.
- Article from:
- PR Newswire
- Article date:
- March 23, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES, March 23 /PRNewswire/ -- New World Communications Group Inc. (Nasdaq: NWCG) announced today that it has entered into an agreement in principle with Stephen J. Cannell to acquire his production company, Cannell Entertainment Inc., for New World Communications Group convertible securities valued at $30 million.
The transaction will combine Cannell, one of the television industry's most successful and prolific production companies, with the rapidly expanding production activities of New World, and the resulting synergy is expected to make New World a major competitor in the production of television programs.
It also reunites Mr. Cannell with Brandon ...