Turner Seeks Buyer For Castle Rock

Turner Broadcasting System Inc.’s troubled Castle Rock Entertainment movie and television unit may be sold by the end of September, Castle Rock Chairman Alan Horn said in an interview.

Horn said that he talked with unidentified potential buyers after Turner Chairman Ted Turner agreed to consider a sale. Horn said the asking price is more than the $584 million that Turner paid for the unit in 1994.

“Even though we’ve had disappointing results recently, we’ve made good movies, and that adds to the value of the company,” he said.

Turner’s widely held Class B shares rose 12.5 cents Friday to $27 with 616,900 changing hands, more than the three-month daily average of 145,600.

The planned sale comes as Turner prepares to be acquired by Time Warner Inc. for about $7.5 billion in stock.

Time Warner likely won’t need the business because it owns Warner Brothers, one of Hollywood’s largest studios, analysts have said.

Turner took a $60 million writeoff in the first quarter for films produced by Castle Rock that haven’t done well at the box office.