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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 7, 1999
THE ACKERLEY GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-10321 91-1043807
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(Commission File Number) IRS Employer Identification No.
1301 Fifth Avenue, Suite 4000
Seattle, Washington 98101
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (206) 624-2888
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ITEM 5. OTHER EVENTS
On April 7, 1999, The Ackerley Group, Inc. announced that it had extended
the expiration date of its offer to exchange up to $200,000,000 of its 9% Series
B Senior Subordinated Notes due 2009 for its outstanding 9% Series A Senior
Subordinated Notes due 2009. Due to certain technical difficulties that may have
prevented some note holders from tendering their Series A Notes by the original
April 6 deadline, the expiration date was changed to 5:00 p.m., New York City
time, on Wednesday, April 7, 1999.
The Series A Notes, which had restrictions on transfer, were sold in
private offerings to certain qualified institutional buyers. There will be no
proceeds to the Company from the exchange offer and issuance of the Series B
Notes; net proceeds from the sales of the Series A Notes were used to repay bank
debt and for general corporate purposes.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
(99) Press release issued by Company, dated April 7, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 21, 1999
THE ACKERLEY GROUP, INC.
By: /s/ Keith W. Ritzmann
--------------------------------
Keith W. Ritzmann
Senior Vice President and Chief
Information Officer, Assistant
Secretary and Controller
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EXHIBIT 99
MEDIA CONTACT:
Rosanne Marks, MWW/Savitt (206) 689-8505
ANALYST CONTACT:
Dan Evans, Jr., Vice President Public Affairs
Denis Curley, Co-President and Chief Financial Officer
Leon Berman, The MWW Group, Inc (800) 724-7602
THE ACKERLEY GROUP ANNOUNCES EXTENSION
OF DEBT EXCHANGE OFFER
SEATTLE, Wash., April 7, 1999 - The Ackerley Group (NYSE: AK), a leading
media and entertainment company, announced today that it is extending the
expiration date of its offer to exchange up to $200,000,000 of its 9% Series B
Senior Subordinated Notes due 2009 for its outstanding 9% Series A Senior
Subordinated Notes due 2009. Due to certain technical difficulties that may have
prevented some note holders from tendering their Series A Notes by the original
April 6 deadline, the expiration date has been changed to 5:00 p.m., New York
City time, on Wednesday, April 7, 1999.
The Series A Notes, which had restrictions on transfer, were sold in
private offerings to certain qualified institutional buyers. There will be no
proceeds to the Company from the exchange offer and issuance of the Series B
Notes; net proceeds from the sales of the Series A Notes were used to repay bank
debt and for general corporate purposes. This announcement is neither an offer
to sell nor a solicitation of an offer to buy any securities of The Ackerley
Group, Inc. Any such offer or solicitation will be made only by means of a
prospectus.
The Ackerley Group is comprised of three operating segments, which contain
a total of 24 independent media and entertainment operations. The Outdoor Media
segment includes outdoor advertising in five major metropolitan markets. The
Television Broadcasting segment owns, or operates under management agreements,
thirteen television stations in California, New York, Oregon and Washington. The
Radio Broadcasting segment includes four radio stations in the Seattle-Tacoma
market. The Sports and Entertainment segment includes Full House Sports and
Entertainment, and the NBA's Pacific Division Champion Seattle SuperSonics.
For further information, contact Dan Evans, Jr., The Ackerley Group, Inc.
Seattle, WA (206) 624-2888.
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