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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 24, 1999
METROMEDIA INTERNATIONAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-5706 58-0971455
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY 07073-2137
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 531-8000
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ITEM 5. OTHER EVENTS
Metromedia International Group, Inc. today announced that it has agreed to
settle its outstanding litigation with the plaintiffs in SIDNEY H. SAPSOWITZ AND
SID SAPSOWITZ & ASSOCIATES, INC. V. JOHN W. KLUGE, STUART SUBOTNICK, METROMEDIA
INTERNATIONAL GROUP, INC., ORION PICTURES CORPORATION, LEONARD WHITE ET AL.
described in greater detail in Metromedia International Group's Annual Report
on Form 10-K/A for the fiscal year ended December 31, 1998.
On September 23, 1999, the jury in this litigation returned a verdict of $4.5
million in compensatory damages and $3.4 million in other damages against
Metromedia International Group. Before the conclusion of the proceedings
relating to punitive damages, Metromedia International Group agreed to a
settlement with the plaintiffs. Under the terms of the settlement, Metromedia
International Group will be obligated to pay $5 million immediately, an
additional $5 million on September 30, 2000 and an additional $4 million on
September 30, 2001. This settlement fully resolves all litigation among
Metromedia International Group and the other parties in this litigation.
Metromedia International Group will record a $12.8 million charge against
discontinued operations in its third quarter results of operation as a result
of this settlement.
This report contains forward-looking statements that involve risks and
uncertainties. Factors that could cause or contribute to such risks and
uncertainties include, but are not limited to, general economic and business
conditions and various other factors beyond Metromedia International Group's
control. A more thorough discussion of factors affecting Metromedia
International Group's operating results are included in the Company's Annual
Report on Form 10-K and on Form 10-K/A for the fiscal year ended December 31,
1998, its Quarterly Report on Form 10-Q and on Form 10-Q/A for the quarter ended
June 30, 1999, and other reports filed by the Company with the Securities and
Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METROMEDIA INTERNATIONAL GROUP, INC.
Date: September 24, 1999 By: /s/ Silvia Kessel
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Silvia Kessel
Executive Vice President, Chief Financial
Officer and Treasurer
