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Paul Allen to Sell Entire USA Networks Stake

Time: 10:11 EST/15:11 GMT | News Source: Reuters | Posted By: Byron Hinson

Microsoft Corp. co-founder Paul Allen has entered into a deal to sell all of his 19.95 million common shares of USA Networks Inc. for $28.50 apiece, a regulatory filing on Friday said. USA Networks shares were up 17 cents to $29.52 in morning trading on Nasdaq. The New York-based media firm run by Barry Diller is selling its cable television properties and other entertainment units to France's Vivendi Universal. Allen entered into the deal on May 2 to sell the USA Networks shares "to various purchasers," and the sale is expected to close on or before May 7, according to a filing with the Securities and Exchange Commission.

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