Metromedia International does not declare convertible preferred dividend

New York, Sept. 25 - Metromedia International Group, Inc. said it has again decided not to declare the dividend on its 7¼% cumulative convertible preferred stock, this time for the quarter ending Sept. 15.

The New York communications and media company said it took the decision to "conserve cash in anticipation of further business development opportunities and potential refinancing of the company's senior discount notes."

Dividends in arrears now total $37.5 million.

But Metromedia International said that on Thursday it remitted $7.98 million for the coupon payment due Sept. 30 to the trustee for its 10½% senior discount notes due 2007.

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