Warner Bros and the SCi Entertainment have amended a previously agreed 'standstill arrangement' made in April this year. That agreement limited the number of shares Warners could own.
SCi - which owns Tomb Raider
among others - has issued a statement saying, "On 25 April 2008 the Company entered into new share acquisition "standstill" arrangements with Warner Bros Entertainment Inc ("Warner Bros") that restrict the ability of Warner Bros and its affiliates to acquire additional shares in the Company until 25 January 2009
. These arrangements are described on page 134 of the Company's prospectus dated 25 April 2008.
The Company (SCi) announces that it has consented to Warner Bros and its affiliates acquiring more shares in the Company prior to 1 December 2008
, should they wish to do so, provided that their aggregate holding is not increased to 30.0 per cent or more of all ordinary shares in issue."
So, while this still means that Warners cannot take a controlling stake in SCi yet, it does speed up a schedule in which this might happen. This also follows Warners recent upping of its stake
in Tomb Raider
-owning SCi Entertainment.