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Firm buys lottery operation

Tuesday, Nov. 19, 2002 | 11:06 a.m.

NEW YORK -- Scientific Games Corp. today agreed to acquire MDI Entertainment Inc. for $18.5 million.

Scientific Games will acquire the shares of MDI Entertainment except for 708,333 shares currently owned by Scientific Games and about 4 million shares beneficially owned by MDI President and Chief Executive Steve Saferin for $1.60 each, or $13.1 million.

Saferin, who is also MDI's founder and principal stockholder, has agreed to sell his shares to Scientific Games for $1.40 a share under a separate agreement.

Saferin also has entered into a three-year employment contract with Scientific Games, under which he will head the MDI business unit. Saferin also will be responsible for ensuring the successful integration of MDI's business into Scientific Games' lottery division in Alpharetta, Ga.

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