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OGDEN SPLITS ITS BUSINESS DIVISION INTO TWO PUBLIC COMPANIES
Published March 12, 1999
Ogden Corp. "intends to break its three business lines into two publicly traded companies in an effort to prop up its lagging share price," according to Allanna Sullivan of the WALL STREET JOURNAL. The company "said it will put its entertainment and aviation businesses into one company and its energy operations into another company in a deal that Ogden executives hope will be done on a tax-free basis." Ogden will first sell "as much" as 20% of the "newly created entertainment and aviation company" in an IPO this fall and then "spin off the remainder to shareholders by year end." Ogden Chair R. Richard Ablon will run the entertainment and aviation division (WALL STREET JOURNAL, 3/12).