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MONARCHY/REGENCY POUNCES ON PUMA, DOUBLING ITS STAKE

          Entertainment company Monarchy/Regency has increased
     its shareholding in Germany-based Puma AG from 12.5% to 25%. 
     Monarchy/Regency purchased its initial stake in the company
     last November (Monarchy/Regency).  Monarchy/Regency paid
     "about" $75M for its initial stake and the option to double
     its interest, but did not disclose what it paid for the
     additional equity, according to Stephen Galloway of the
     HOLLYWOOD REPORTER.  Sources told Galloway that Regency sees
     Puma "as a part of its overall strategy to build a global
     entertainment conglomerate."  Monarchy/Regency Founder Arnon
     Milchan: "We feel our powerful partners in communication and
     entertainment can make a great difference in helping Puma
     achieve rapid business growth in an industry that demands a
     shakeup" (Stephen Galloway, HOLLYWOOD REPORTER, 11/12).
          CATS QUARTER: Puma said its consolidated net sales for
     the 3Q of '97 were up 16.3%, to $94.66M from $81.4M in '96. 
     All product categories contributed to this growth, including
     footwear by 10%, apparel by 28.9% and accessories by 50.6%. 
     Income before taxes reached $12.73M, an increase of 15.7%
     the same period last year.  Through the first nine months of
     '97, Puma's footwear sales increased 6.6% from $169.47M to
     $180.68M.  Apparel sales are up 16%, from $55.24M to
     $64.06M, while accessories sales grew 27.1% from $8.58M to
     $10.97M.   Worldwide sales including sales by licensees
     under the Puma brand grew by 5.4% through the first nine
     months of '97, from a total of $534.3M to $563.44M (Puma).

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