Sale of Andrews Assets Brings in $43 Million Cash

Andrews Group, formerly Compact Video in Burbank, reported Monday that it had completed the previously announced sale of several subsidiaries.

Corporate raider Ronald Perelman, who owns 41% of Andrews through his investment company MacAndrews & Forbes, has been selling the assets of the diversified video concern to raise cash and to turn Andrews into a shell company for a major acquisition.

Perelman’s office said the sales announced Monday brought in $43 million in cash and $4.5 million in liabilities. What company Perelman intends to acquire has been the subject of much speculation for the last two months. With the sales of the subsidiaries complete, analysts expect Perelman to soon announce his target.