MOVIES: Cannon Runs Low on Ammo

Cannon Runs Low on Ammo

Only a year ago Cannon Group provoked sneers -- and envy -- in Hollywood with such low-brow but high-profit films as Death Wish 3 and Breakin'. Now the studio is a fallen star. Cannon is slashing its production schedule this year by more than 65%. The studio last month narrowly avoided filing for bankruptcy because of its debt load, which reached $200 million at the end of 1985. Warner Communications at least temporarily rescued the studio by investing $75 million in exchange for a 23% stake in Cannon stock and $25 million worth of company bonds.

Cannon has been suffering from...

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