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TUSSAUD'S PARENT FIRM DROPS TIMES SQUARE PLAN

The British company that owns Madame Tussaud's wax museums has dropped plans to develop an entertainment complex at One Times Square.

Pearson P.L.C. abandoned its plans after losing a bidding war to Lehman Bros., the investment banking firm. A French bank had owned the building -- best known as the site from which the New Year's Eve ball descends.

Pearson offered to buy the building from Lehman, but the banking firm rejected the British company's final offer, Pearson said.

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