New World Entertainment said it hired Drexel...

New World Entertainment said it hired Drexel Burnham Lambert and Kidder, Peabody & Co. “to explore strategic and financial alternatives, including a possible joint venture or other arrangement with a third party, for its motion picture business” . . . Earth Technology Corp., Long Beach, said it acquired 200,000 shares of Waste Processor Industries Inc., representing a 16% stake in the company. Terms weren’t disclosed . . . Motorola Inc. and its Codex Corp. unit signed an agreement with StrataCom Inc. of Campbell, Calif., to increase their equity investment in StrataCom to 20% from 8% for an undisclosed price.