MOVIES - March 27, 1993

Valenti Contract Extended: Jack Valenti, president and chief executive officer of the Motion Picture Assn. of America since 1966, has had his contract extended through 1996, it was announced Friday. A one-time personal assistant to President Lyndon B. Johnson, Valenti, 71, took the reins of the MPAA when annual U.S. box-office revenues were $1 billion, compared to $5 billion today. As the chief spokesman for the film industry, Valenti said the trade association faces several challenges in the years ahead, including doing something about the $1.5 billion to $2 billion a year lost to film piracy.