FORM 4
[ ]Check box if no longer
subject to Section 16. Form 4
or Form 5 obligations may
continue. See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Barnett Lawrence R.
(Last) (First) (Middle)
767 Fifth Avenue, 46th Floor
(Street)
New York NY 10153
(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Chris-Craft Industries, Inc. (CCN)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement of Month/Year
05/97
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5. If Amendment, Date or Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
x Director x 10% Owner
---------- ----------
Officer (give title below) Other
---------- ---------- (specify
below)
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Table I - Non-Derivative Securties Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
1. Title of security 2.Transaction 3.Transaction 4.Securities 5.Amount of 6.Ownership 7.Nature of
(Inst.3) Date Code Acquired (A) Securities Form: Indirect
(Month/Day/Year) (Instr. 8) or Disposed Beneficially Direct (D) Beneficial
of (D) (Instr. Owned at End Indirect (I) or Ownership
Code V 3,4, and 5) of Month (Instr. 4) (instr. 4)
(Instr. 3 and 4)
Amount (A) Price
or
(D)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class B
Common Stock 05/14/97 G V 25,000 D -- D
05/14/97 M V 9,000 D -- 403,892 D
05/14/97 G V 25,000 A -- 25,000 I By trust
Common Stock 05/14/97 M V 9,000 A --
05/14/97 G V 6,500 D -- D
05/14/97 G V 2,500 D -- 1,203 D
2,529 I By trust
</TABLE>
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly. (Print or Type Responses)
<PAGE>
FORM 4 (Continued)
Table II-Derivative Securities Acquired, Disposed of,
or Beneficially Owned (e.g. puts, calls, warrants,
options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Conversion or 3. Transaction 4.Transaction 5. Number of 6.Date
Derivative Exercise Price Date Code (Instr. Derivative Exercisable
Security of Derivative (Month/ 8) Securities and Expiration
(Instr.3) Security Day/Year) Acquired (A) Date
or Disposed (Month/Day/Year)
(D) (Instr.3,
4 and 5)
Code V (A) (D) Date Expiration
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Director stock option
(right to buy) $42.875 5/06/97 A V 5,463 -- 5/06/97 5/05/02
<CAPTION>
7.Title and 8.Price of 9.Number of 10.Ownership 11.Nature
Amount of Derivative Derivative Form of of
Underlying Security Securities Derivative Indirect
Securities (Instr. 5) Beneficially Security: Beneficial
(Instr.3 Owned at End Direct (D) Ownership
and 4) of Month or (Instr.4)
(Instr.4) Indirect (I)
(Instr.4)
Title Number
of Shares
<S> <C> <C> <C> <C> <C>
Common
stock 5,463 -- 5,463 D
</TABLE>
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note. File three copies of this form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6 for procedure.
/s/ Lawrence R. Barnett June 4, 1997
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**Signature of Reporting Person Date
