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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):
February 24, 1999
THE ACKERLEY GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
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<S> <C> <C>
1-10321 91-1043807
(Commission File Number) IRS Employer Identification No.
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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 February 24, 1999, The Ackerley Group, Inc., a Delaware corporation
("Company"), announced its sale of $25.0 million aggregate principal amount of
Senior Subordinated Notes due 2009 ("Notes"). The sale of the Notes was made in
a private offering to certain qualified institutional buyers and to non-U.S.
persons outside of the United States. Net proceeds to the Company from the
offering will be 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 February 24, 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: March 1, 1999
THE ACKERLEY GROUP, INC.
By: /s/ Keith W. Ritzman
_________________________________
Keith W. Ritzmann
Executive Vice President and Chief
Information Officer, Assistant
Secretary and Controller
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EXHIBIT 99
From: The Ackerley Group, Inc.
Tel: (206) 624-2888
Analyst Contact: Dan Evans, Jr., Vice President Public Affairs
Denis Curley, Co-President and Chief Financial Officer
Leon Berman, The MWW Group, 1-800-724-7602
Media Contact: Rosanne Marks, MWW/Savitt, (206) 587-7734
THE ACKERLEY GROUP ANNOUNCES DEBT FINANCING
SEATTLE, Wash., February 24, 1999 -- The Ackerley Group (NYSE: AK), a
leading media and entertainment company, announced today that it sold $25.0
million aggregate principal amount of Senior Subordinated Notes due 2009. The
sale of the notes was a private offering to certain qualified institutional
buyers. Net proceeds to the Company from the offering will be used to repay bank
debt and for general corporate purposes.
The Notes have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements. This announcement is
neither an offer to sell nor a solicitation of an offer to buy any securities of
The Ackerley Group, Inc.
The Ackerley Group is comprised of three operating segments, which contain
a total of 24 independent media and entertainment operations. The Out-of-Home
segment includes outdoor advertising in five major metropolitan markets. The
Broadcasting segment owns, or operates under management agreements, thirteen
television stations in California, New York, Oregon and Washington, as well as
four radio stations in the Seattle-Tacoma market. The Sports & Entertainment
segment includes Full House Sports & Entertainment, and the NBA's Pacific
Division Champion Seattle SuperSonics.
