SOUTHAM BUYS INTEREST IN LIVENT
By Adnews Staff
Toronto-based Southam Inc. is moving into the live entertainment business. The publishing company has bought a 5% stake in Livent Inc. of Toronto for $12.2 million(US). The company has produced such shows as Ragtime, Kiss of the Spider Woman and Showboat. Earlier this month, Michael Ovitz, founder of Creative Arts Agency and the past president of the Walt Disney Company, bought a majority stake in Livent. Under Southam's deal, the publishing company and Ovitz have entered into agreements regarding each other's Board nominees, and Southam has granted a right of first refusal to Ovitz on its shares.
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