UA Communications said it will spin off Todd-AO.

United Artists Communications, which owns 85% of the Los Angeles sound studio, said it will offer all of its 1.65 million shares of Todd-AO to the holders of UA Communications’ Class A common and Class B common stock. For each 25 shares of UA Communications, shareholders will receive warrants to buy one share of Todd-AO at a subscription price of $6, placing a total valuation of $11.6 million on the company. If warrants are exercised by UA Communications’ two largest shareholders, Marshall and Robert Naify, the San Francisco brothers will acquire 51% of the offered stock.