UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Aguirre, Alvaro J.
TV Filme, Inc.
c/o ITSA-Intercontinental Telecomunicacoes
SCS, Quadra 07-B1.A
Brasilia, Brazil 70.300-911
2. Issuer Name and Ticker or Trading Symbol
TV Filme, Inc.
("PYTV")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chief Financial and Accounting Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $0.01 par val|-- |-- |-|-- |-- |-- |5,128 | D |-- |
ue | | |-| | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Time based options (ri|$11.00 |-- |-- |-|-- -- |A,D|(1) |07/26|Common Stock|110,000|-- |110,000 |D |-- |
ght to buy) | | | |-| | | |/06 | | | | | | |
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Time based optiions (|$5.625 |12/26|A |V|50,000 -- |A,D|(2) |12/26|Common Stock|50,000 |-- |50,000 |D |-- |
right to buy) | |/97 | | | | | |/07 | | | | | | |
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</TABLE>
Explanation of Responses:
(1) These options vested and became fully exercisable as to 20% on July 26,
1997 and will vest and become
exercisable as to an additional 20% on each anniversary thereafter until all
such options are fully vested and
exercisable. These options also vest, to the extent not then vested on
December 31, 1998, if Mr. Aguirre's
employment arrangement with the Company is not
renewed.
(2) These options vest and become fully exercisable as to 20% on December 26,
1998 and as to an additional 20%
on each anniversary thereafter until all such options are fully vested and
exercisable.
SIGNATURE OF REPORTING PERSON
/s/ Alvaro J. Aguirre
DATE
February 6, 1998
