The Harvey Entertainment Group has completed its acquisition of George Shamieh's PM Entertainment Group following the securing of a $25m, five year revolving credit facility from Chase Manhattan Bank.

$15m of the funds have already been committed, enabling Harvey to complete the acquisition of 100% of the capital stock of PM, which has a library of over 150 films and 74 episodes of TV programming, for $10m. The purchase consisted of $6.5m in cash and $1.45m in Harvey Entertainment common stock paid at closing as well as a $2.05m subordinated note, payable over the next five quarterly periods.

PM president Shamieh will now report to Harvey chairman and CEO Roger Burlage, while continuing to run PM as a separate wholly owned subsidiary.