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Michael Grade has purchased the famous Pinewood Studios for £62m. The former head of Channel 4 and BBC1 led a consortium of investors backed by investment trust 3i, which is buying the film studio from Rank, the leisure and entertainment group. The consortium is paying £55.5m in cash and £6.5m in a loan note. Rank had been seeking a buyer for Pinewood for some years, and on Monday it also sold its cinema chain, Odeon, for £280m. Rank is using some of the money to buy a DVD processing plant in Los Angeles for £11m.
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