COMPANY TOWN ANNEX

Showtime Buys Stake in Phoenix Pictures: The cable channel, owned by Viacom Inc., agreed to spend more than $10 million for an 11% stake in Phoenix Pictures, led by longtime studio executive Mike Medavoy and his partner Arnie Messer. As part of the deal, which hinges on Phoenix’s being able to close a financing arrangement with Chemical Bank, Showtime will acquire pay-television rights to as many as 40 films over seven years released through 2002. Separately, Phoenix said that Altamira Management, a private Canadian company, bought 7.5% of the preferred stock in the company on behalf of its mutual fund accounts.