Advertisement
  1. Archive

Paramount loses $55-million

Paramount Communications Inc. on Tuesday reported a loss of $55-million for the second quarter, in contrast to a profit of $21.2-million, or 18 cents a share, a year earlier. Revenues rose 7.6 percent, to $869-million, from $811-million in 1990's first quarter. Included in the loss was a net charge of $35.4-million, primarily related to write-downs on some failed motion pictures, including Godfather III and Almost an Angel, and the settlement of a lawsuit brought by Frank Mancuso, the former chairman of Paramount Pictures.

New York-based Paramount, formerly Gulf and Western Corp., also owns Simon & Schuster publishing, Madison Square Garden and the New York Knicks.

YOU MIGHT ALSO LIKE

Advertisement
Advertisement