Matsushita Electric Industrial Co. Ltd. has closed its $6.6 billion purchase of entertainment giant MCA Inc., completing the largest Japanese acquisition of a U.S. company.
Matsushita, Japan's largest electronics company, said it acquired about 97 percent of MCA's outstanding shares for $66 a share, Matsushita said in a statement released Saturday.MCA shareholders also are entitled to stock in a newly created company MCA is spinning off that will own its WWOR television station in Secaucus, N.J. Federal regulations prohibit foreign companies from owning a U.S. television station.
MCA owns Universal Studios and produces television series and holds recording contracts with such artists as Elton John and Guns N' Roses.
MCA shareholders filed a lawsuit to block the sale but a federal judge in Los Angeles rejected the bid. U.S. District Judge Manuel Real did not dismiss the suit, but said there was insufficient evidence presented to block the deal.