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Modern Entertainment sells titles to Lions Gate
Modern Entertainment Ltd. will sell the majority of its film titles to Lions Gate Entertainment as it prepares to close down, the company said in a release Thursday.
Terms of the deal were not disclosed.
Modern Entertainment, based in Los Angeles, is a unit of Stockholm, Sweden-based television broadcaster Modern Times Group.
MTG (Pink Sheets: MTZZZ) said it intends to close the subsidiary "in due course" to focus on its primary broadcasting operations in Europe.
Modern Entertainment will sell 332 of its film titles, including "Conan the Barbarian" and "Halloween II" to Lions Gate (NYSE: LGF), the company said.
Modern Entertainment licenses film rights to theatrical and DVD distributors, broadcasters and cable networks around the world.
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