SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended February 28, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______to_____________
Commission File Number 1-9244
_____________________________
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 Identification No.)
incorporation or organization)
1700 Broadway
New York, New York 10019
________________________________________ __________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 212 315-4000
____________
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
__________ _______
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date. Common Stock, $.01 par
value, 37,412,617 shares outstanding as of April 7, 1997.<PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Dollars in thousands)
<TABLE>
<CAPTION>
February 28, August 31,
1997 1996
___________ __________
(Unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . $300,045 $344,766
Short-term investments. . . . . . . . . . 229,767 153,969
Accounts receivable (net of
allowance for doubtful accounts of
$4,115 and $4,196 at February 28, 1997
and August 31, 1996, respectively). . . 71,309 60,378
Producer advances and
deferred costs. . . . . . . . . . . . . 96,871 74,824
Other current assets. . . . . . . . . . . 1,816 1,932
________ ________
Total current assets . . . . . . . . 699,808 635,869
________ ________
LONG-TERM INVESTMENTS, at cost,
which approximates market value . . . . . 185,986 145,645
________ ________
FIXED ASSETS, at cost . . . . . . . . . . . 20,661 13,384
Less - accumulated depreciation
and amortization. . . . . . . . . . . . (11,319) (10,503)
________ ________
9,342 2,881
________ ________
PRODUCER ADVANCES AND
OTHER ASSETS. . . . . . . . . . . . . . . 4,988 69,746
________ ________
$900,124 $854,141
======== ========
</TABLE>
The accompanying Notes to Consolidated Financial Statements
are an integral part of these balance sheets. <PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
(Dollars in thousands)
<TABLE>
<CAPTION>
February 28, August 31,
1997 1996
____________ __________
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and
accrued liabilities . . . . . . . . . . $ 17,085 $ 15,237
Payable to producers and others . . . . . 44,622 71,920
Income taxes payable. . . . . . . . . . . 25,997 29,099
________ ________
Total current liabilities . . . . 87,704 116,256
________ ________
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value;
5,000,000 shares authorized,
none issued . . . . . . . . . . . . . . -- --
Common stock, $.01 par value;
75,000,000 shares authorized,
50,831,211 shares and
50,734,739 shares issued
at February 28, 1997 and
August 31, 1996, respectively . . . . . 508 507
Paid-in capital . . . . . . . . . . . . . 113,556 110,666
Retained earnings . . . . . . . . . . . . 1,004,295 932,651
Treasury stock, at cost; 13,442,594
shares at February 28, 1997 and
August 31, 1996 . . . . . . . . . . . . (305,939) (305,939)
________ ________
812,420 737,885
________ ________
$900,124 $854,141
======== ========
</TABLE>
The accompanying Notes to Consolidated Financial Statements
are an integral part of these balance sheets.<PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
________ ________
Feb. 28, Feb. 29, Feb. 28, Feb.29,
1997 1996 1997 1996
(Dollars in thousands except per share data)
REVENUES....................... $175,169 $176,784 $339,456 $338,923
________ ________ ________ ________
<S> <C> <C> <C> <C>
EXPENSES:
Producers' fees, programming
and other direct
operating costs............ 103,764 108,040 202,570 206,131
Selling, general and
administrative expenses.... 21,254 19,575 39,693 38,046
________ ________ ________ ________
125,018 127,615 242,263 244,177
________ ________ ________ ________
Income from operations..... 50,151 49,169 97,193 94,746
INTEREST AND
DIVIDEND INCOME.............. 7,034 6,224 13,915 12,907
NONRECURRING GAIN - Sale of
Buffalo Broadcasting
Co. Inc. -- -- -- 14,060
________ _________ ________ _________
Income before provision
for income taxes......... 57,185 55,393 111,108 121,713
PROVISION FOR INCOME TAXES..... 20,508 20,231 39,464 42,889
________ ________ ________ ________
Net income................. $ 36,677 $ 35,162 $ 71,644 $ 78,824
======== ======== ======== ========
PRIMARY EARNINGS PER
SHARE........................ $ .97 $ .93 $ 1.90 $ 2.10
======== ======== ======== ========
</TABLE>
The accompanying Notes to Consolidated Financial Statements
are an integral part of these statements.<PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
______________________
Feb. 28, Feb. 29,
1997 1996
______________________
(Dollars in thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . . $ 71,644 $ 78,824
Items not affecting cash:
Gain on sale of Buffalo
Broadcasting Co. Inc. . . . . . . . . . -- (14,060)
Depreciation and amortization . . . . . . 816 390
Change in assets and liabilities:
Accounts receivable . . . . . . . . . . . (10,872) (23,645)
Producer advances and
deferred costs. . . . . . . . . . . . . 42,953 (72,466)
Accounts payable and accrued
liabilities . . . . . . . . . . . . . . 1,848 5,870
Payable to producers and others . . . . . (27,298) 8,431
Income taxes payable. . . . . . . . . . . (3,102) 5,411
Other, net. . . . . . . . . . . . . . . . (185) (5,185)
________ __________
Net cash provided by (used in)
operating activities . . . . . . . . . . . . 75,804 (16,430)
________ _________
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in investments. . . . . . . . . . . . (116,138) (44,701)
Proceeds from sale of Buffalo
Broadcasting Co. Inc.. . . . . . . . . . . . -- 9,802
Additions to fixed assets. . . . . . . . . . . (7,278) (225)
________ _________
Net cash used in investing
activities . . . . . . . . . . . . . . . . . (123,416) (35,124)
________ _________
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock . . . . 2,891 6,551
________ _________
NET DECREASE IN CASH AND
CASH EQUIVALENTS . . . . . . . . . . . . . . . (44,721) (45,003)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD. . . . . . . . . . . . . . . . . . . 344,766 446,896
________ _________
CASH AND CASH EQUIVALENTS AT END
OF PERIOD. . . . . . . . . . . . . . . . . . . $300,045 $401,893
======== ========
</TABLE>
The accompanying Notes to Consolidated Financial Statements
are an integral part of these statements. <PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Summary of significant accounting policies
Principles of consolidation
___________________________
The accompanying consolidated financial statements include the
accounts of King World Productions, Inc. ("King World") and its wholly-
owned subsidiaries. All significant intercompany transactions have been
eliminated. Unless the context suggests otherwise, the "Company", as used
herein, means King World and its subsidiaries.
The unaudited consolidated financial statements for the six
months and three months ended February 28, 1997 have been prepared in
accordance with the instructions to Form 10-Q and include, in the opinion
of management, all adjustments (consisting only of normal recurring
accruals) necessary for a fair presentation of the results of operations
for such periods. They do not, however, include all of the information and
disclosures required by generally accepted accounting principles for
complete financial statements. For further information, reference is made
to the consolidated financial statements for the fiscal year ended
August 31, 1996 and the footnotes related thereto included in the Company's
Annual Report on Form 10-K from which the August 31, 1996 balances
presented herein have been derived. The results of operations for the six
months and three months ended February 28, 1997 are not necessarily indica-
tive of the results of operations for the full year.
Revenue recognition
___________________
License fees from first-run syndicated television properties are
recognized at the commencement of the license period pursuant to noncancel-
able agreements and as each show is made available to the licensee via
satellite transmission. Because transmission to the satellite takes place,
on the average, no more than two to three days prior to the broadcast of
the programming, revenues are recognized on or about the air date.
The Company typically receives a portion of the fees derived from
the licensing of syndicated television programming in the form of retained
advertising time, which is sold to advertisers by Camelot Entertainment
Sales, Inc. ("Camelot"), a wholly-owned subsidiary of the Company. Such
<PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Summary of significant accounting policies (continued)
revenues are recognized at the same time as the cash portion of the license
fees derived from such programming is recognized, in amounts adjusted for
expected ratings.
License fees for non-first-run syndicated properties are recog-
nized at the gross contract amount (net of discount to present value for
license periods greater than one year) at the commencement of the license
period.
Principal properties
_____________________
The Company's principal properties are 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
OPRAH WINFREY SHOW accounted for approximately 40% and 38% of revenues for
the six months ended February 28, 1997 and February 29, 1996, respectively;
WHEEL OF FORTUNE accounted for approximately 19% of revenues for each such
period; JEOPARDY! accounted for approximately 17% and 16% of revenues for
such periods, respectively; and INSIDE EDITION accounted for approximately
8% of revenues for each such period.
Producers' fees, programming and other direct operating costs
_____________________________________________________________
Producers' fees, programming and other direct operating costs
primarily include the producers' share of both cash license fees from the
sale of programming to television stations and revenues derived from the
sale of retained advertising time to advertisers with respect to program-
ming distributed by the Company; participation fees payable by the Company
to producers and talent; production and distribution costs for first-run
syndicated programming; and the direct operating costs of King World
Direct. That portion of recognized revenue that is to be paid to producers
and owners of programming is accrued as the license fees are earned. The
share of license fees payable by the Company to such producers and others
is generally paid as cash license fees and revenues derived from the sale
of retained advertising time are received from television stations and
advertisers.
<PAGE>
<PAGE>
KING WORLD PRODUCTIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Stockholders' equity
____________________
Primary earnings per share has been computed using the weighted
average number of common shares outstanding of 37,838,000 and 37,698,000,
respectively, for the three months ended February 28, 1997 and February 29,
1996 and 37,765,000 and 37,484,000, respectively, for the six months ended
February 28, 1997 and February 29, 1996, which include the dilutive effect
from the assumed exercise of vested and unvested stock options outstanding
as of the end of each such period. The difference between primary and
fully diluted earnings per share for all periods presented was not sig-
nificant.
(2) Nonrecurring gain - sale of Buffalo Broadcasting Co. Inc.
In October 1995, the Company closed its agreement to sell WIVB-
TV, the CBS-affiliated VHF television station in Buffalo, New York, to LIN
Television Corporation for $95 million in cash. As a result of this
transaction, the Company recorded a nonrecurring gain of approximately
$14.1 million, of which approximately $9.8 million represents cash proceeds
to the Company from the sale. The remaining $4.3 million of such gain
represents the reversal of previously recognized accounting losses (with no
associated income tax effect) in excess of the Company's original invest-
ment.
(3) Producer advances
On January 2, 1996, the Company paid Harpo, Inc. ("Harpo"), the
producer of THE OPRAH WINFREY SHOW, a $65 million advance against its
minimum participation payments for the 1996-1997 broadcast season. As of
February 28, 1997, approximately $8.2 million of such advance remained
unrecouped. In addition, on January 2, 1996, the Company made an advance
to Harpo of $65 million against Harpo's minimum participation payments for
the 1997-1998 broadcast season, none of which has been recouped as of
February 28, 1997. Based on the license agreements in place for the
seasons covered by such advances, the Company believes that revenues from
the series will be sufficient to enable the Company to recoup such advan-
ces. Such advances are refundable to the Company by Harpo and Ms. Winfrey
if King World terminates such license agreements with Harpo due to Harpo's
failure to deliver episodes of THE OPRAH WINFREY SHOW.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
COMPARISON OF SIX MONTHS AND THREE MONTHS ENDED FEBRUARY 28, 1997 AND
FEBRUARY 29, 1996
Revenues
________
Revenues for the first six months of fiscal 1997 were comparable
to revenues for the first six months of the prior fiscal year, increasing
by less than 1%. Such increase was primarily due to increased cash license
fees from THE OPRAH WINFREY SHOW, WHEEL OF FORTUNE and, to a lesser extent,
JEOPARDY!. The increase in revenues was offset in part by lower revenues
derived from the sale of retained advertising time on INSIDE EDITION,
AMERICAN JOURNAL and ROLONDA and by lower revenues from King World Direct.
King World Direct's revenues for such period were derived primarily from
telemarketing sales of the WILD AMERICA video series and from participation
in the retail sales of certain Sears products, including the Craftsman
Robogrip pliers. King World Direct operates in a seasonal business with
revenues heavily reliant on the Christmas selling season. Consequently,
King World Direct's revenues and earnings have historically been higher in
the Company's second fiscal quarter than in the first, third and fourth
fiscal quarters.
The Company's revenues for the three months ended February 28,
1997 were comparable to revenues for the three months ended February 29,
1996, decreasing by approximately 1% due primarily to the same factors
discussed above as applied the six month period (including in particular
the greater impact of King World Direct's operations on the Company's
revenues in the second fiscal quarter).
THE OPRAH WINFREY SHOW, WHEEL OF FORTUNE, JEOPARDY! and INSIDE
EDITION accounted for approximately 40%, 19%, 17% and 8%, respectively, of
the Company's revenues for the first six months of fiscal 1997 compared to
38%, 19%, 16% and 8%, respectively, for the first six months of fiscal
1996. AMERICAN JOURNAL accounted for approximately 4% of the Company's
revenues for the first six months in each of fiscal 1997 and fiscal 1996,
and ROLONDA accounted for approximately 1% of the Company's revenues for
the first six months of fiscal 1997 and 2% for the first six months of
fiscal 1996. King World Direct accounted for approximately 6% of the
Company's revenues for the first six months of fiscal 1997 and 7% for the
first six months of fiscal 1996.
For the three months ended February 28, 1997, THE OPRAH WINFREY
SHOW, WHEEL OF FORTUNE, JEOPARDY! and INSIDE EDITION accounted for approxi-
mately 38%, 19%, 16% and 7%, respectively, of the Company's revenues com-
pared to 36%, 18%, 16% and 8%, respectively, for the three months ended
February 29, 1996. AMERICAN JOURNAL accounted for approximately 4% of the
Company's<PAGE>
<PAGE>
revenues for each of the three months ended February 28, 1997 and February
29, 1996, and ROLONDA accounted for approximately 1% of the Company's reve-
nues for the three months ended February 28, 1997 and 2% for the three
months ended February 29, 1996. King World Direct accounted for approxi-
mately 9% of the Company's revenues for the three months ended February 28,
1997 and 10% for the three months ended February 29, 1996.
Producers' fees, programming and other direct operating costs
_____________________________________________________________
Producers' fees, programming and other direct operating costs
decreased by approximately 2% in the first six months of fiscal 1997
compared to the first six months of fiscal 1996, primarily as a result of a
significant decrease in operating costs for King World Direct, offset by a
modest increase in revenues generated by THE OPRAH WINFREY SHOW, WHEEL OF
FORTUNE and, to a lessor extent, JEOPARDY! (a portion of which revenues is
payable to the producer of each such series). For the three months ended
February 28, 1997, producers' fees, programming and other direct operating
costs decreased by approximately 4% compared to the three months ended
February 29, 1996, due primarily to the same factors as those discussed
above for the six month period.
Selling, general and administrative expenses
____________________________________________
In December 1995, the Company entered into new employment
agreements with its President and Chief Executive Officer and its Chairman
of the Board. The agreements provide, among other things, for annual
performance-based bonuses, including bonuses payable upon the introduction
of new shows and bonuses which vary depending on the Company's net income
and Common Stock price during preestablished measurement periods. As a
result, the Company's compensation expense will increase if the Company
introduces a new series in syndication, if the Company's net income
increases or if the Common Stock price exceeds the specified levels during
the applicable measurement periods. The Company has recognized the impact
of certain of these bonuses in its operating results for the first and
second quarters of fiscal 1997, which includes all amounts payable in
accordance with the terms of such employment agreements.
Selling, general and administrative expenses for the first six
months and second quarter of fiscal 1997 increased approximately 4% <PAGE>
<PAGE>
and 9%, respectively, from the corresponding periods of fiscal 1996. Such
increases were primarily due to a general increase in advertising and
promotion costs, particularly with respect to AMERICAN JOURNAL and JEOPAR-
DY!, and an increase in compensation costs due to the hiring of additional
executive personnel.
Net income and primary earnings per share
_________________________________________
Due to the factors discussed above, the Company's operating
income for the six months and three months ended February 28, 1997 in-
creased by approximately 3% and 2%, respectively, compared to the cor-
responding period of the prior year. Reported net income decreased by
approximately $7.2 million, or 9%, as a result of the Company recording a
nonrecurring gain of approximately $14.1 million on the sale of Buffalo
Broadcasting Co. Inc. ("Buffalo") to LIN Television Corporation during the
first quarter of fiscal 1996. Reported primary earnings per share
decreased for the six months ended February 28, 1997, to $1.90 per share,
from $2.10 per share for the six months ended February 29, 1996, as a
result of the nonrecurring Buffalo gain.
Absent the nonrecurring gain on the sale of Buffalo, net income
increased by approximately $3.1 million, or 5%, for the six months ended
February 28, 1997 in comparison to the six months ended February 29, 1996,
reflecting the increase in operating income, slightly higher interest
income earned on the Company's cash and investments and a lower effective
tax rate for the first six months of fiscal 1997 than in the first six
months of fiscal 1996. Primary earnings per share increased by $.07 per
share, or approximately 4%, to $1.90 per share in the six months ended
February 28, 1997 as a result of the increase in net income and a slightly
greater number of shares outstanding for the period. For the three months
ended February 28, 1997, net income increased by approximately $1.5
million, or 4%, and primary earnings per share increased by $.04 per share,
or approximately 4%, to $.97, for the same reasons discussed above for the
six month period.
The Company's results of operations are highly dependent upon the
viewing preferences of television audiences and the Company's ability to
acquire distribution rights to, or itself produce, television programming
that achieves broad and enduring audience acceptance. The success of the
Company's programming could be significantly affected by changes in viewer
preferences or the unavailability of new programming or talent. Moreover,
the amount of revenue derived from the sale of retained advertising time is
dependent upon a large number of factors, such as household ratings, the
demographic composition of the viewing audience and economic conditions in
general and in the advertising business in particular.
<PAGE>
<PAGE>
Due to the success of the shows distributed by the Company and in
order to mitigate the influence of some of the factors referred to above,
the Company has been obtaining multi-year licenses and license renewals
from television stations for its principal distribution properties,
extending as far into the future as the 2001-2002 broadcast season. In
general, these licenses and renewals have been at rates as favorable or
more favorable to the Company than the rates applicable to the 1996-1997
broadcast season. All such licenses and renewals are contingent upon the
continued production of the series by their respective producers through
the broadcast seasons for which the licenses run.
The Company believes that the impact of inflation on its opera-
tions has not been significant.
LIQUIDITY AND CAPITAL RESOURCES
The Company requires capital resources to fund development,
production and promotion costs of independently produced programming,
including, in some instances, advances to producers and talent, to produce
its own programs and to acquire distribution rights to new programming. In
acquiring distribution rights from independent producers, King World has
tried to avoid making significant capital commitments to such producers
until it has obtained broadcast commitments from a substantial number of
television stations. As a result of this strategy and the success of its
existing syndication properties, to date, King World has funded substan-
tially all programming acquisition, development and production costs and
advances from its operations.
The distribution of television programming is highly competitive
and the Company may be obliged to offer, among other things, guarantees and
cash advances to acquire, renew or extend distribution rights. Under the
terms of the Company's agreement with Harpo, Inc. ("Harpo"), the Company
has the exclusive right, and has agreed, to distribute episodes of THE
OPRAH WINFREY SHOW produced through the 1999-2000 television 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. To date, Harpo and
Ms. Winfrey have committed to produce and host the show through the 1997-
1998 broadcast season. There can be no assurances that Harpo and Ms. <PAGE>
<PAGE>
Winfrey will elect to produce and host the show for seasons beyond the
1997-1998 season. Their failure to do so would have a material adverse
effect on the Company's results of operations.
Under the terms of its agreement with Harpo, the Company agreed,
among other things, to pay Harpo production fees and to guarantee par-
ticipation payments to Harpo at levels which are substantially higher than
those that were in effect prior to the 1995-1996 season. In addition, in
the 1997-1998 season and thereafter, profit sharing arrangements between
Harpo and the Company currently in effect will terminate and the Company
will instead receive distribution fees based on a percentage of gross
revenues derived from the series. These arrangements are less favorable to
the Company than those contained in prior agreements between the Company
and Harpo and, unless offset by significant increases in license fees paid
by television stations for the series in forthcoming seasons, increased
barter revenues from the series and/or increased foreign revenues from the
series, the Company's net profits and cash flow derived from THE OPRAH
WINFREY SHOW will decline in the coming years.
From time to time, the Company has used cash reserves and/or
borrowed funds to make acquisitions of and investments in properties in the
media field, to repurchase shares of its Common Stock and to fund develop-
ment 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. The Company recently formed a new division, King
World Ventures, which has primary responsibility for the Company's
investment and acquisition program including analysis of new business
opportunities.
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
(a) Reports on Form 8-K
__________________
The Company filed a Report on Form 8-K on February 12, 1997 in
which it reported the following matters under item 5:
(i) that on February 10, 1997 the Company and four of its principal
stockholders, Roger King, Chairman of the Board of Directors of the
Company, Michael King, President and Chief Executive Officer of the
Company, Richard King, a director of the Company, and Diana King,
Secretary and a director of the Company (collectively, the "Sharehold-
ers"), agreed to the termination of the Stockholders' Agreement, dated
as of May 1, 1991, among them (the "Old Shareholders' Agreement").
Concurrently with the termination of the Old Shareholders' Agreement,
the Shareholders also entered into a new Shareholders' Agreement;
(ii) the votes cast for and against and abstentions for the matters
submitted to a vote of security-holders at the Company's 1997 Annual
Meeting of Stockholders, held on January 13, 1997; and
(iii) the adoption by the Company of the King World and Subsidiaries
Salesforce Bonus Plan and the reservation by the Board of Directors of
the Company of 500,000 shares of Common Stock for issuance thereunder.
<PAGE>
<PAGE>
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, thereunto duly authorized.
KING WORLD PRODUCTIONS, INC.
By: /s/ Steven A. LoCascio
___________________________________
Steven A. LoCascio
As Interim Chief Financial Officer
and on behalf of the Registrant
April 14, 1997
