
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, April 18, 1995                   TAG: 9504180155
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE: NEW YORK                                LENGTH: Short

CONTROL OF SIX FLAGS TO CHANGE HANDS

Time Warner Inc. agreed to sell control of the Six Flags theme park business in a $1 billion deal that takes a big bite out of its debt while preserving a home in the parks for Bugs Bunny and Batman.

The world's biggest media-entertainment company said Monday it will sell 51 percent of Six Flags to a Boston-based investment group that will pay $200 million in cash for an operation that will carry $800 million in debt.

The investment group is led by Boston Ventures, which owns part of tabloid publisher Enquirer-Star Group and other media-entertainment properties.

Time Warner, which retains a 49 percent stake, will serve as co-manager of the 10 Six Flags theme parks and will continue to showcase its characters, such as Bugs Bunny and Batman, in stores, restaurants and attractions in the parks.

Time Warner also reported a smaller loss and increased cash flow for the first quarter as its five main businesses each posted operating gains.

In Monday's trading on the New York Stock Exchange, Time Warner stock was up 25 cents a share to $36.62 1/2.

Time Warner is trying to cut its hefty $15 billion debt by $2 billion to $3 billion by mid-1996 through non-core asset sales. The debt is an outgrowth of the 1989 merger of Time Inc. and Warner Communications.

- Associated Press

by CNB