<PAGE> 1
As filed with the
Securities and Exchange Page 1 of 21 Pages
Commission on October 27, 1994 Registration No. 33-71696
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------
PRE-EFFECTIVE AMENDMENT
NO. 1
TO FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
-------------------------------
KING WORLD PRODUCTIONS, INC.
(exact name of registrant as specified in its charter)
DELAWARE 13-2565808
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1700 BROADWAY, NEW YORK, NEW YORK 10019
(212) 315-4000
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
-------------------------------
STEPHEN W. PALLEY, ESQ., EXECUTIVE VICE PRESIDENT AND
CHIEF OPERATING OFFICER
KING WORLD PRODUCTIONS, INC.
1700 BROADWAY
NEW YORK, NEW YORK 10019
(212) 315-4000
(Name, address, including zip code, and telephone number
including area code, of agent for service)
-------------------------------
The Commission is requested to mail signed copies of all orders,
notes and communications to:
MARK J. TANNENBAUM, ESQ.
REBOUL, MACMURRAY, HEWITT, MAYNARD & KRISTOL
45 ROCKEFELLER PLAZA
NEW YORK, NEW YORK 10111
-------------------------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
From time to time after the effective date of this Registration
Statement.
If the only securities being registered on this Form are to be offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
[Cover page continued on following page]
<PAGE> 2
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box. / X /
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE
OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
<PAGE> 3
PROSPECTUS
450,000 SHARES
KING WORLD PRODUCTIONS, INC.
COMMON STOCK
($.01 par value)
-------------------------------
This Prospectus relates to the offer and sale of 450,000
shares (the "Shares") of the Common Stock, par value $.01 per share
(the "Common Stock"), of King World Productions, Inc., a Delaware corporation
(the "Company"), which are issuable upon the exercise of certain stock options
granted to the Selling Stockholders in connection with the grant of
distribution rights to the Company for The Oprah Winfrey Show. See "Selling
Stockholders." The Selling Stockholders, directly or through agents, dealers
or underwriters to be designated from time to time, may sell the Shares from
time to time on the New York Stock Exchange ("the NYSE") or on any other
securities exchange on which the Common Stock is then listed, in the over the
counter market, in negotiated transactions or otherwise, at prices and on terms
to be determined at the time of sale. To the extent required, the number of
Shares being offered and the terms of the offering, including the name or names
of any agents, dealers or underwriters, the purchase price paid by any
underwriter, any discounts or commissions and the proposed public offering
price will be set forth in an accompanying Prospectus Supplement. The
aggregate proceeds to the Selling Stockholders from the sale of the Shares will
be the purchase price of the Shares sold less the aggregate agents' commissions
and underwriters' discounts, if any, and other expenses of issuance and
distribution not borne by the Company. See "Plan of Distribution."
The Company will not receive any of the proceeds from the sale
of the Shares by the Selling Stockholders. The expense of preparing and filing
the Registration Statement and the listing of the Shares on the NYSE are being
paid by the Company, but the Selling Stockholders will bear any brokerage
commissions or other sales expenses incurred in effecting any sales of the
Shares. See "Selling Stockholders" and "Plan of Distribution."
The Selling Stockholders and any brokers, dealers, agents or
underwriters that participate with the Selling Stockholders in the distribution
of any Shares may be deemed an "underwriter" within the meaning of the
Securities Act of 1933, as amended (the "Securities Act"), and any commissions
received by them and any profit on the resale of the Shares purchased by them
may be deemed to be underwriting commissions or discounts under the Securities
Act. Under applicable rules and regulations promulgated under the Securities
Exchange Act of 1934, as amended
<PAGE> 4
(the "Exchange Act"), any person engaged in a distribution of securities may
not simultaneously bid for or purchase securities of the same class for two
business days prior to the commencement of the distribution. In addition,
without limiting the foregoing, the Selling Stockholders will be subject to the
applicable provisions of the Exchange Act and the rules and regulations
thereunder and may be subject, without limitation, to Rules 10b-5, 10b-6 and
10b-7 thereunder in connection with transactions in shares of the Common Stock
during the effectiveness of the Registration Statement of which this Prospectus
is a part.
The Common Stock of the Company is listed on the NYSE under
the symbol "KWP". On October 25, 1994, the last reported sale price of the
Common Stock as reported on the NYSE was $35 7/8 per share.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS
THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is October __, 1994.
2
<PAGE> 5
TABLE OF CONTENTS
<TABLE>
<S> <C>
Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Incorporation of Certain Documents by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . 4
King World Productions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Selling Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Indemnification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
</TABLE>
------------------------------
No person has been authorized to give any information or to
make any representations other than those contained or incorporated by
reference in this Prospectus and, if given or made, such information or
representations must not be relied upon as having been authorized. This
Prospectus does not constitute an offer to sell or the solicitation of an offer
to buy any securities other than the securities described in this Prospectus or
an offer to sell or the solicitation of an offer to buy such securities in any
circumstances in which such offer or solicitation is unlawful. Neither the
delivery of this Prospectus nor any sale made hereunder or thereunder shall,
under any circumstances, create any implication that the information contained
herein or therein is correct as of any time subsequent to the date of such
information.
AVAILABLE INFORMATION
The Company is subject to the informational requirements of
the Securities Exchange Act of 1934 (the "Exchange Act") and in accordance
therewith files reports, proxy statements and other information with the
Securities and Exchange Commission (the "Commission"). Such reports, proxy
statements and other information concerning the Company can be inspected and
copied at the public reference facilities of the Commission at Room 1024, 450
Fifth Street, N.W., Washington, D.C. 20549, and at the following regional
offices of the Commission: 7 World Trade Center, 13th Floor, New York, New
York 10048; and Northwestern Atrium Center, 500 West Madison Street, Suite
1400, Chicago, Illinois 60661. Copies of such material can also be obtained
from the Public Reference Section of the Commission, at 450 Fifth Street, N.W.,
Washington, D.C. 20549 at prescribed rates. In addition, such material may
also be inspected at the offices of the New York Stock Exchange, 20 Broad
Street, New York, New York 10005, on which the Company's Common Stock is
listed.
This Prospectus constitutes part of a registration statement
on Form S-3 (together with all amendments and exhibits,
3
<PAGE> 6
the "Registration Statement") filed by the Company with the Commission under
the Securities Act of 1933, as amended (the "Securities Act"). This Prospectus
does not contain all of the information set forth in the Registration
Statement, certain parts of which are omitted in accordance with the rules and
regulations of the Commission. Reference is made to such Registration
Statement for further information with respect to the Shares offered hereby.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents heretofore filed by the Company with
the Commission are hereby incorporated by reference:
1. The Company's Annual Report on Form 10-K for the
twelve months ended August 31, 1993.
2. The Company's Quarterly Report on Form 10-Q for the
quarterly period ended November 30, 1993.
3. The Company's Quarterly Report on Form 10-Q for the
quarterly period ended February 28, 1994.
4. The Company's Quarterly Report on Form 10-Q for the
quarterly period ended May 31, 1994.
5. The Company's Current Report on Form 8-K filed on
March 18, 1994, filed pursuant to Section 13 of the Exchange Act, as amended by
Form 8-K/A filed on May 18, 1994.
6. "Description of Registrant's Securities to be
Registered" contained in the Registration Statement on Form 8-A filed with the
Commission on August 22, 1986 pursuant to Section 12 of the Exchange Act, and
"Description of Capital Stock" contained in the Registration Statement of the
Company on Form S-1 (No. 33-8357).
All documents filed by the Company pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act after the date of this Prospectus and
prior to the termination of the offering of the Shares shall be deemed to be
incorporated by reference in this Prospectus and to be a part hereof from the
date of filing of such documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Prospectus to the extent that
a statement contained herein or in any other subsequently filed document which
also is incorporated or deemed to be incorporated by reference herein modifies
or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Prospectus.
4
<PAGE> 7
The Company will provide without charge to each person to whom
a copy of this Prospectus is delivered, upon written or oral request, a copy of
any or all of the documents incorporated by reference herein, excluding
exhibits to such documents unless such exhibits are specifically incorporated
by reference into such documents. Any such requests may be directed to Leonard
S. Spilka, King World Productions, Inc., c/o King World Corporation, 830
Morris Turnpike, Short Hills, New Jersey 07078.
KING WORLD PRODUCTIONS, INC.
The Company was incorporated in October 1984 under the laws of
the State of Delaware and is the successor to a corporation incorporated in
1964 under the laws of the State of New Jersey to distribute or syndicate
feature length films and television programs to television stations. The
Company currently distributes first-run syndicated television programming to
television stations throughout the United States, in Canada and in a number of
other foreign countries.
The Company's revenues are currently derived primarily from
licenses to distribute The Oprah Winfrey Show, Wheel of Fortune, and Jeopardy!
and Inside Edition, a first-run syndicated series produced and distributed by
the Company.
The Company distributes The Oprah Winfrey Show pursuant to an
agreement with Harpo, Inc. ("Harpo"), the producer of the series. The Company
introduced The Oprah Winfrey Show in national television syndication in the
1986-1987 television season and has served as the exclusive distributor of the
series since such time. The Company distributes Wheel of Fortune and Jeopardy!
pursuant to agreements with Columbia TriStar Television (formerly Merv Griffin
Enterprises).
The Company's corporate headquarters are located at 1700
Broadway, New York, New York 10019 ((212) 315-4000). Except as otherwise
indicated or as implied by the context, references to the "Company" include
King World Productions, Inc., its consolidated subsidiaries and its predecessor
corporation.
INVESTMENT CONSIDERATIONS
Investors should carefully consider the factors set forth
below as well as the other information set forth in this Prospectus, including
the information contained in the documents incorporated herein by reference,
before purchasing the Shares offered hereby.
Anti-Takeover Provisions. The Company's Restated Certificate
of Incorporation and By-laws contain certain provi-
5
<PAGE> 8
sions that could discourage potential takeover attempts and make more difficult
attempts by stockholders to change the management of the Company. The restated
Certificate of Incorporation and By-laws provide for a Board of Directors
classified in three classes and permit the Board to create new directorships
and to elect new directors therefor to serve for the full term of the class of
directors in which the new directorship was created. The Board (or its
remaining members, even though less than a quorum) is also empowered to fill
vacancies on the Board occurring for any reason for the remainder of the term
of the class of directors in which the vacancy occurred. In addition, the
By-laws provide that nominations for directors may not be made by stockholders
at any annual or special meeting thereof unless the stockholder intending to
make a nomination notifies the Company of its intention in advance of the
meeting and furnishes to the Company certain information regarding itself and
the intended nominee. The By-laws also provide that special meetings of the
stockholders of the Company may be called only by the Chairman of the Board,
the President or a majority of the directors.
The Company's Restated Certificate of Incorporation provides
that, in addition to the requirements of the Delaware General Corporation law,
any "Business Combination" (defined in the Restated Certificate of
Incorporation to include, among other things, a merger or consolidation or
sale, lease exchange or other disposition of more than 75% of the assets of the
Company and its consolidated subsidiaries) requires the affirmative vote of the
holders of 66 2/3% of the Company's then outstanding Common Stock and voting
Preferred Stock, voting as a class, unless not less than 66 2/3% of the members
of the Board of Directors approve the transaction.
The foregoing provisions of the Company's Restated Certificate
of Incorporation can be changed or amended only by an affirmative vote of at
least 66 2/3% of the Company's then outstanding voting stock. Provisions of
the Company's By-laws can be changed only by majority vote of the Board of
Directors or by the holders of 66 2/3% of the Company's outstanding voting
stock.
The Company is also authorized to issue 5,000,000 shares of
Preferred Stock, $.01 par value, in one or more series and with such powers,
preferences and special rights, including voting rights, dividend rights, terms
of redemption, liquidation preferences and conversion rights as the Board of
Directors determines without further stockholder approval. The issuance of
Preferred Stock could be used, under certain circumstances, as a method of
preventing a takeover.
The foregoing is a summary and is qualified in its entirety by
the provisions of the Company's Restated Certificate of Incorporation and
By-laws, copies of which have been filed
6
<PAGE> 9
with the Commission and are incorporated by reference in the Registration
Statement.
Dividends. The Company has not paid any cash dividends on the
Common Stock since 1979, and has no present intention of doing so. The Company
requires substantial amounts to fund development, production and promotion
costs for its programming and intends to use its cash reserves and future
earnings to finance such expenses and the development and expansion of its
business.
From time to time, the Company has used cash reserves and/or
borrowed funds to make acquisitions of and investments in broadcast and related
properties in the entertainment field, to repurchase shares of its Common Stock
and to fund development and production of new programming. The Company
continues to evaluate opportunities in these areas, and may seek to raise
capital in public or private securities markets to finance such activities if
it considers it advantageous to do so.
SELLING STOCKHOLDERS
The Shares may be acquired by the Selling Stockholders from
time to time upon exercise of stock options granted to them in connection with
the execution and delivery of an Agreement dated as of January 28, 1991 (the
"Harpo Agreement") between the Company and Harpo, which granted the Company the
exclusive right to distribute and exploit episodes of The Oprah Winfrey Show
("The Oprah Winfrey Show" or the "Series") produced during the 1993-1994 and
the 1994-1995 broadcast seasons. The Selling Stockholders are the principal
executive officers of Harpo and Oprah Winfrey is the principal performer in the
Series.
Pursuant to the Harpo Agreement, a portion of the
consideration paid by the Company for the right to distribute The Oprah Winfrey
Show in the above-referenced two seasons was payable in the form of an option
to purchase shares of the Company's Common Stock. In accordance with the Harpo
Agreement and at the direction of Harpo, the Company entered into a stock
option agreement with Jeffrey D. Jacobs dated as of January 25, 1991 (the
"Jacobs 1991 Stock Option Agreement") and a stock option agreement with Ms.
Winfrey dated as of January 28, 1991 (the "Winfrey 1991 Stock Option Agreement,
and together with the Jacobs 1991 Stock Option Agreement, the "1991 Stock
Option Agreements"). The 1991 Stock Option Agreements granted the Selling
Stockholders options (the "1991 Options") to purchase an aggregate 1,000,000
shares of Common Stock (the "1991 Option Shares") at a purchase price of $25.50
per share (subject to adjustment in certain events), subject to vesting
requirements. The 450,000 Shares offered hereby are a portion of the 1991
Option Shares that were granted pursuant to the 1991 Stock Option Agreements.
7
<PAGE> 10
On March 17, 1994, the Company and Harpo entered into an
extension and modification of the Harpo Agreement (the "Modified
Agreement") relating to the distribution of the Series in the 1995-1996 through
the 1999-2000 television seasons. Under the terms of the Modified Agreement,
the Company was granted the exclusive right and has agreed to distribute
episodes of The Oprah Winfrey Show produced through the 1999-2000 broadcast
season, subject to Harpo's and Ms. Winfrey's right to decline to produce and
host the show in any season after the 1995-1996 season. After the 1999-2000
television season, Harpo will not be obligated to distribute the Series through
the Company.
Pursuant to the Modified Agreement and in consideration of
Harpo's agreement to produce the Series in the 1995-1996 season, all
1991 Option Shares vested and became exercisable upon the execution of the
Modified Agreement. In addition, the Company granted options (the "1994
Options") to Ms. Winfrey and Mr. Jacobs for an additional 450,000 shares of
Common Stock and an additional 50,000 shares of Common Stock, respectively (the
"1994 Option Shares"). Such options are exercisable at $33 5/8 per share and
vested and became exercisable upon the execution of the Modified Agreement. In
accordance with the Modified Agreement, the Company entered into a stock option
agreement with Mr. Jacobs dated as of March 17, 1994 (the "Jacobs 1994 Stock
Option Agreement") and into a stock option agreement with Ms. Winfrey dated as
of March 17, 1994 (the "Winfrey 1994 Stock Option Agreement", and together with
the Jacobs 1994 Stock Option Agreement, the "1994 Stock Option Agreements").
The Company also agreed to grant such individuals additional options to
purchase an aggregate 250,000 shares for each season after the 1995-1996 season
in which the Series is produced, at an exercise price equal to the closing
price of the Common Stock on the date Harpo elects to produce the Series for
such season.
Pursuant to the Harpo Agreement, the Company made a loan to
Harpo in the amount of $17,250,000. The loan is due in two installments
of $8,625,000 each, one of which was paid in July 1994 and the other of which
is due in July 1995 and the repayment of which is secured by the 1991 Option
Shares. Pursuant to the Modified Agreement, the Company from time to time
advances funds to Harpo against Harpo's profit participation in the Series.
All or a portion of the Selling Stockholders' rights in the 1991 Option Shares
and/or the 1994 Option Shares and the proceeds of sales thereof may serve as
additional collateral security for such loans and advances if the Company
determines, and notifies the Selling Stockholders, that Harpo's share of the
projected revenues from The Oprah Winfrey Show is inadequate to fully secure
such loans or advances. As of the date of this Prospectus, no such
determination has been made by the Company. The Shares offered hereby have
been released from the lien of the Company's security interest and may be sold
by the Selling Stockholders without restriction by the foregoing provisions.
8
<PAGE> 11
The following table sets forth the names and addresses of the
Selling Stockholders and the number of Shares to be offered for the account of
such Selling Stockholder. Any and all of such Shares may be offered for sale
and sold by the Selling Stockholders from time to time by means of this
Prospectus. Except as described in this Prospectus, within the past three
years, none of the Selling Stockholders has held any position or office with
the Company or any of its affiliates or had any other material relationship
with the Company.
<TABLE>
<CAPTION>
Shares Bene-
ficially Shares Shares Bene-
Owned Prior Being ficially Owned Percent
Name and Address to Offering Offered After Offering(1) After Offering
- ---------------- ----------- ------- ----------------- --------------
<S> <C> <C> <C> <C>
Jeffrey D. Jacobs 151,686(2)(3)(4) 45,000(2) 106,686(3)(4) *
c/o Harpo, Inc.
110 North Carpenter Street
Chicago, Illinois 60607
Oprah Winfrey 1,350,000(5)(6) 405,000(5) 945,000(6) 2.5%
c/o Harpo, Inc.
110 North Carpenter Street
Chicago, Illinois 60607
</TABLE>
- ----------------------
* Less than 1%.
(1) Assumes the sale of all of the Shares being offered by the Selling
Stockholders pursuant to this Prospectus.
(2) Includes 45,000 Shares not currently outstanding but issuable upon the
exercise of options granted pursuant to the Jacobs 1991 Stock Option Agreement
that are vested and exercisable on the date of this Prospectus.
(3) Includes 55,000 shares of Common Stock not currently outstanding but
issuable upon the exercise of options granted pursuant to the Jacobs
1991 Stock Option Agreement that are vested and exercisable on the date of this
Prospectus and includes 50,000 additional shares of Common Stock not currently
outstanding but issuable upon the exercise of options granted pursuant to the
Jacobs 1994 Stock Option Agreement that are vested and exercisable on the date
of this Prospectus.
(4) Includes an aggregate 1,686 shares of Common Stock held in individual
retirement accounts for the benefit of Mr. Jacobs and his wife. Jeffrey D.
Jacobs disclaims beneficial ownership of 843 of such shares of Common
Stock as are held in an individual retirement account for the benefit of
his wife.
(5) Includes 405,000 Shares not currently outstanding but issuable upon
the exercise of the options granted pursuant to the Winfrey 1991 Stock Option
Agreement that are vested and exercisable on the date of this Prospectus.
9
<PAGE> 12
(6) Includes 495,000 shares of Common Stock not currently
outstanding but issuable upon the exercise of options granted pursuant to the
Winfrey 1991 Stock Option Agreement that are vested and exercisable on the
date of this Prospectus and includes 450,000 additional shares of Common Stock
not currently outstanding but issuable upon the exercise of options
granted pursuant to the Winfrey 1994 Stock Option Agreement that are vested
and exercisable on the date of this Prospectus.
USE OF PROCEEDS
The Shares offered hereby will be sold by the Selling
Stockholders. The Company will not receive any of the proceeds from the sale
of the Shares by the Selling Stockholders, except that in certain
circumstances, the Company may require the Selling Stockholders to apply the
proceeds of sales of the Shares as collateral security for the repayment of
certain loans made by the Company to Harpo. In addition, the Company will
receive the proceeds of any exercise of options in respect of the Shares. The
Company intends to use the proceeds from any such option exercises for general
working capital purposes. See "Selling Stockholders."
PLAN OF DISTRIBUTION
The Company will not receive any proceeds from this offering.
The Selling Stockholders, directly or through agents, dealers or
underwriters to be designated from time to time, may sell the Shares from time
to time on the NYSE or on any other securities exchange on which the Common
Stock is then listed, in the over the counter market, in negotiated
transactions or otherwise, at prices and on terms to be determined at the time
of sale. The Selling Stockholders and any underwriters, dealers or agents that
participate in the distribution of the Shares may be deemed to be
"underwriters" under the Securities Act, and any profit on the sale of the
Shares by them and any discounts, commissions or concessions received by any
such underwriters, dealers or agents might be deemed to be underwriting
discounts and commissions under the Securities Act.
To the extent required, the number of Shares being offered and
the terms of the offering, including the name or names of any underwriters,
dealers or agents, the purchase price paid by any underwriter for the Shares
purchased from the Selling Stockholders, any discounts, commissions and other
items constituting compensation from the Selling Stockholders and any
discounts, commissions or concessions allowed or reallowed or paid to dealers,
and the proposed selling price to the public will be set forth in an
accompanying Prospectus Supplement.
10
<PAGE> 13
The Shares offered hereby may be sold from time to time in one
or more transactions at a fixed offering price, which may be changed, at
varying prices determined at the time of sale, or at negotiated prices. Such
prices will be determined by the Selling Stockholders or by agreement between
the Selling Stockholders and any underwriters or dealers and the criteria used
by them to establish price are likely to include subjective factors.
Under applicable rules and regulations promulgated under the
Exchange Act, any person engaged in the distribution of securities may not
simultaneously bid for or purchase securities of the same class for a period of
two business days prior to the commencement of such distribution. In addition
and without limiting the foregoing, the Selling Stockholders will be subject to
applicable provisions of the Exchange Act and the rules and regulations
thereunder, including without limitation Rules 10b-5, 10b-6 and 10b-7
thereunder, in connection with transactions in shares of Common Stock during
the effectiveness of the Registration Statement of which this Prospectus is a
part.
The expenses of preparing and filing the Registration
Statement and listing the Shares with the NYSE are being paid by the Company.
Such expenses are estimated to be approximately $25,400.
Pursuant to the terms of the 1991 and 1994 Stock Option
Agreements, the Selling Stockholders have agreed not to sell, in any three
month period, more than the greater of (i) one percent of the outstanding
shares of Common Stock, as disclosed in the Company's public report most
recently filed with the Securities and Exchange Commission before the date of
any sale and (ii) the average weekly reported trading volume of the Common
Stock on the New York Stock Exchange and all other national securities
exchanges on which the Common Stock is listed during the four calendar weeks
preceding the date of any sale. The foregoing limitation does not apply in the
case of a firm commitment registered public offering by the Selling
Stockholders.
Pursuant to the terms of the 1991 and 1994 Stock Option
Agreements, the Company has, among other things, agreed to (i) register the
1991 Option Shares and the 1994 Option Shares and bear all costs related to
such registration, other than underwriting and brokerage commissions and
discounts and the fees and expenses of the Selling Stockholders' attorneys;
(ii) indemnify the Selling Stockholders from any and all liabilities under
federal and state securities laws with respect to the Registration Statement,
except as to information therein provided in writing by the Selling
Stockholders; (iii) use its best efforts to keep the Registration Statement
effective for a period of one hundred eighty (180) days from the effective date
of the Registration Statement, or such longer period as may be necessary to
dispose of all the 1991 Option Shares and 1994 Option Shares
11
<PAGE> 14
under the resale limitations referred to the immediately preceding paragraph;
and (iv) cause the 1991 Option Shares and the 1994 Option Shares to be listed
on each securities exchange on which the Common Stock is listed at the time
the Shares are issued.
LEGAL MATTERS
The validity of the Shares being offered hereby will be passed
upon for the Company by the law firm of Reboul, MacMurray, Hewitt, Maynard &
Kristol, 45 Rockefeller Plaza, New York, New York 10111.
EXPERTS
The consolidated financial statements and schedule included in
the Company's Annual Report on Form 10-K for the fiscal year ended August 31,
1993, incorporated by reference in this Prospectus and elsewhere in the
Registration Statement, have been audited by Arthur Andersen & Co., independent
public accountants, as indicated in their report with respect thereto, and are
incorporated by reference herein in reliance upon the authority of such firm as
experts in accounting and auditing in giving said report.
INDEMNIFICATION
The Company's Restated Certificate of Incorporation limits the
personal liability of directors to the Company or its stockholders for monetary
damages for breaches of fiduciary duty, as directors, except for liability for
any breach of directors' duty of loyalty to the Company or its stockholders, or
acts or omissions not in good faith or which involve intentional misconduct or
violation of law under Section 174 of the Delaware General Corporation Law, or
any transaction from which a director derived an improper personal benefit.
This provision of the Company's Restated Certificate of Incorporation is
consistent with the Delaware General Corporation Law, which permits Delaware
corporations to include in their certificates of incorporation a provision
limiting directors' liability for monetary damages for certain breaches of
their fiduciary duties as directors.
The Company's By-laws provide for indemnification of officers,
directors and employees of the Company to the fullest extent permitted by the
Delaware General Corporation Law. Under the Delaware General Corporation Law,
directors and officers as well as other employees and individuals may be
indemnified against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement in connection with specified actions, suits or
proceedings, whether civil, criminal, adminis-
12
<PAGE> 15
trative or investigative (other than an action by or in the right of the
corporation -- a "derivative action") if they acted in good faith and in a
manner they reasonably believed to be in or not opposed to the best interests
of the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe their conduct was unlawful. A similar standard of
care is applicable in the case of derivative actions, except that
indemnification extends only to expenses (including attorneys' fees) incurred
in connection with defense or settlement of such an action and that the
Delaware General Corporation Law requires court approval before there can be
any indemnification of expenses where the person seeking indemnification has
been found liable to the Company.
The Company also maintains agreements with each of its
directors requiring the Company to maintain in effect policies of directors'
and officers' liability insurance in specified minimum amounts, or, in lieu
thereof, to hold harmless and indemnify the director to the full extent of the
coverage that would otherwise have been required to be provided pursuant to the
agreement. In addition, the agreements require the Company to hold harmless
and indemnify the director, to the full extent permitted by the Delaware
General Corporation Law or any other statutory provisions authorizing or
permitting indemnification of directors, from and against any losses suffered
or incurred by the director in excess of the amounts reimbursed under the
Company's directors' and officers liability insurance policy or the indemnity
provided in lieu thereof.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers or persons
controlling the Company pursuant to the Company's By-laws, the Delaware General
Corporation Law or agreements between the Company and its officers, directors
and controlling persons, the Company has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.
13
<PAGE> 16
PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The expenses relating to the registration of the Shares will
be borne by the registrant. Such expenses are as follows:
<TABLE>
<S> <C>
Filing fee for Registration Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,838.36
Legal fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000.00*
Accounting fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000.00*
NYSE Listing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,575.00
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000.00*
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,413.36
</TABLE>
- ---------------------
*Estimated fee or expense.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The registrant's Restated Certificate of Incorporation limits
the personal liability of directors to the registrant or its stockholders for
monetary damages for breaches of fiduciary duty, as directors, except for
liability for any breach of directors' duty of loyalty to the registrant or its
stockholders, or acts or omissions not in good faith or which involve
intentional misconduct or violation of law under Section 174 of the Delaware
General Corporation Law, or any transaction from which a director derived an
improper personal benefit. This provision of registrant's Restated Certificate
of Incorporation is consistent with the Delaware General Corporation Law, which
permits Delaware corporations to include in their certificates of incorporation
a provision limiting directors' liability for monetary damages for certain
breaches of their fiduciary duties as directors.
The registrant's By-laws provide for indemnification of
officers, directors and employees of the registrant to the fullest extent
permitted by the Delaware General Corporation Law. Under the Delaware General
Corporation Law, directors and officers as well as other employees and
individuals may be indemnified against expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement in connection with specified
actions, suits or proceedings, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation -- a
"derivative action") if they acted in good faith and in a manner they
reasonably believed to be in or not opposed to the best interest of the
registrant and, with respect to any criminal action or proceeding, had no
reasonable cause to believe their conduct was unlawful. A similar standard
14
<PAGE> 17
of care is applicable in the case of derivative actions, except that
indemnification extends only to expenses (including attorneys' fees) incurred
in connection with defense or settlement of such an action and that the
Delaware General Corporation Law requires court approval before there can be
any indemnification of expenses where the person seeking indemnification has
been found liable to the registrant.
The registrant also maintains agreements with each of its
directors requiring the registrant to maintain in effect policies of directors'
and officers' liability insurance in specified minimum amounts, or, in lieu
thereof, to hold harmless and indemnify the director to the full extent of the
coverage that would otherwise have been required to be provided pursuant to the
agreement. In addition, the agreements require the registrant to hold harmless
and indemnify the director, to the full extent permitted by the Delaware
General Corporation Law or any other statutory provisions authorizing or
permitting indemnification of directors, from and against any losses suffered
or incurred by the director in excess of the amounts reimbursed under the
registrant's directors' and officers liability insurance policy or the
indemnity provided in lieu thereof.
See "Item 17, Undertakings" for a description of the
Commission's position regarding such indemnification provisions.
ITEM 16. LIST OF EXHIBITS. Exhibit Numbers are in accordance with the Exhibit
Table in Item 601 of Registration S-K.
<TABLE>
<CAPTION>
No. Description of Exhibit.
- --- -----------------------
<S> <C>
3.1 Registrant's Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant's
Registration Statement No. 2-93987).
3.2 Certificate of Amendment to the Registrant's Restated Certificate of Incorporation (incorporated by reference to
Exhibit 3.3 to the Registrant's Registration Statement No. 33-8357).
3.3 Registrant's By-laws, as amended April 28, 1988 (incorporated by reference to Exhibit 3.3 to the Registrant's
Annual Report on Form 10-K for the fiscal year ended August 31, 1988).
*5 Opinion of the Company's counsel.
</TABLE>
15
<PAGE> 18
<TABLE>
<S> <C>
10.1 Agreement dated as of January 28, 1991 between the Registrant and Harpo, Inc. (incorporated by reference to
Exhibit 10.18 to the Registrant's Amended Report on Form 10-K for the fiscal year ended August 31, 1991).
*10.2 Stock Option Agreement dated as of January 28, 1991 between Registrant and Oprah Winfrey.
*10.3 Stock Option Agreement dated as of January 25, 1991 between the Registrant and Jeffrey D. Jacobs.
10.4 Letter Agreement dated March 17, 1994 between the Registrant and Harpo, Inc. (incorporated by reference to Exhibit
99.2 to the Registrant's Current Report on Form 8-K filed on March 18, 1994, as amended by Form 8-K/A filed on May
18, 1994).
*23.1 The consent of the Company's counsel is contained in its opinion, which is filed as Exhibit 5 to this Registration
Statement.
*23.2 Consent of Arthur Andersen & Co.
*24 Power of Attorney (included on signature page).
</TABLE>
- -----------------------
* Previously filed.
ITEM 17. UNDERTAKINGS
(a) Rule 415 Offering.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or
sales are being made, a post-affective amendment to this registration
statement:
(i) To include any prospectus required by
section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement;
16
<PAGE> 19
(iii) To include any material information
with respect to the plan of distribution not previously disclosed in this
registration statement or any material change to such information in the
registration statement.
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the registrant
pursuant to Section 13 or 15(d) of the Securities Act of 1934 that are
incorporated by reference in the registration statement.
(2) That for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.
(b) FILINGS INCORPORATING SUBSEQUENT EXCHANGE ACT
DOCUMENTS BY REFERENCE. The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 25(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) INDEMNIFICATION. Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification in against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as
17
<PAGE> 20
expressed in the Act and will be governed by the final adjudication of such
issue.
18
<PAGE> 21
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, the State of
New York, on this 27th day of October, 1994.
KING WORLD PRODUCTIONS, INC.
(Registrant)
By /s/ STEPHEN W. PALLEY
--------------------------------
Name: Stephen W. Palley
Title: Executive Vice President
and Chief Operating
Officer
Pursuant to the requirements of the Securities Act of 1933,
this Amendment No. 1 to the Registration Statement has been signed below by the
following persons in the capacities indicated, on the 27th day of October, 1994.
<TABLE>
<CAPTION>
Signature Title
--------- -----
<S> <C>
Michael King* President and Director
- ------------------- (principal executive officer)
Michael King
/s/ ANTHONY E. HULL Chief Financial Officer
- ------------------- (principal financial officer)
Anthony E. Hull
Steven A. LoCascio* Vice President and Controller
- ------------------- (principal accounting officer)
Steven A. LoCascio
Roger King* Director
- -------------------
Roger King
/s/ STEPHEN W. PALLEY Director
- ---------------------
Stephen W. Palley
</TABLE>
19
<PAGE> 22
<TABLE>
<S> <C>
Diana King* Director
- -------------------
Diana King
Richard King* Director
- -------------------
Richard King
Ronald S. Konecky* Director
- -------------------
Ronald S. Konecky
James M. Rupp* Director
- -------------------
James M. Rupp
Joel Chaseman* Director
- -------------------
Joel Chaseman
*/s/ STEPHEN W. PALLEY
- ----------------------
Stephen W. Palley
Attorney-in-fact
</TABLE>
20
<PAGE> 23
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
No. Description of Exhibit Sequential Page
--- Number
<S> <C>
3.1 Registrant's Restated Certificate of Incorporation (incorporated by
reference to Exhibit 3.1 to the Registrant's Registration Statement
No. 2-93987).
3.2 Certificate of Amendment to the Registrant's Restated Certificate of
Incorporation (incorporated by reference to Exhibit 3.3 to the
Registrant's Registration Statement No. 33-8357).
3.3 Registrant's By-laws, as amended April 28, 1988 (incorporated by
reference to Exhibit 3.3 to the Registrant's Annual Report on Form
10-K for the fiscal year ended August 31, 1988).
*5 Opinion of the Company's counsel.
10.1 Agreement dated as of January 28, 1991 between the Registrant and
Harpo, Inc. (incorporated by reference to Exhibit 10.18 to the
Registrant's Amended Report on Form 10-K for the fiscal year ended
August 31, 1991).
*10.2 Stock Option Agreement dated as of January 28, 1991 between
Registrant and Oprah Winfrey.
*10.3 Stock Option Agreement dated as of January 25, 1991 between the
Registrant and Jeffrey D. Jacobs.
10.4 Letter Agreement dated March 17, 1994 between the Registrant and
Harpo, Inc. (incorporated by reference to Exhibit 99.2 to the
Registrant's Current Report on Form 8-K filed on March 18, 1994, as
amended by Form 8-K/A filed on May 18, 1994).
*23.1 The consent of the Company's counsel is contained in its opinion,
which is filed as Exhibit 5 to this Registration Statement.
*23.2 Consent of Arthur Anderson & Co.
*24 Power of Attorney (included on signature page).
</TABLE>
- -------------------
*Previously filed
21
