Lorimar Reaches Agreement Over Three TV Stations
CULVER CITY, Calif. (AP) _ Lorimar Telepictures Corp. said it has reached a definitive agreement with one of its executives and other investors who will buy three of its television stations for $23 million.
Under the agreement announced Wednesday, KMID-TV in Midland-Odessa, Texas, KPR-TV in Springfield, Mo., and KCPM-TV in Chico-Redding, Calif., will be purchased by Joseph Goldfarb, a member of Lorimar’s office of the president, his wife Barbara Goldfarb, a Los Angeles attorney, and Melvyn Estrin, chairman and chief executive of the Washington-based investment firm Human Services Group Inc.
The Goldfarbs and Estrin will buy the stations through Goltrin Communications Inc., a privately held concern formed in July. The deal is expected to close within three to six months.
In announcing a major restructuring in June, Lorimar said it had reached an agreement in principle with Goldfarb to buy the stations. Terms weren’t released at that time.
Lorimar, in a return to its roots of television and movie production, already has agreed to shed its advertising agencies and children’s publishing unit.
It is still negotiating to sell TV stations in Pittsburgh, Pa., and San Juan and Ponce, Puerto Rico, and its 75 percent stake in US magazine.