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Article: New World Entertainment Inc. completes sale of Marvel for $82.5 million; company begins 1989 with busy schedule and further debt reduction. (Marvel Entertainment Group Inc.)
- Article from:
- PR Newswire
- Article date:
- January 25, 1989
CopyrightCOPYRIGHT 1989 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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NEW WORLD ENTERTAINMENT INC. COMPLETES SALE OF MARVEL FOR $82.5 MILLION; COMPANY BEGINS 1989 WITH BUSY SCHEDULE AND FURTHER DEBT REDUCTION
LOS ANGELES, Jan. 25 /PRNewswire/ -- New World Entertainment Inc. (AMEX: NWE) today announced the completion of the sale of the Marvel Entertainment Group to The Andrews Group. The purchase price of $82.5 million includes Marvel Publications and four of its subsidiaries, most notably Marvel Comics LTD in the U.K.
After expenses and fees, proceeds from the $82.5 million sale were used to reduce the company's debt to G.E. Capital and to repurchase $12.5 million of interest bearing preferred stock previously ...