SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): September 6, 1996
Golden Books Family Entertainment, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-14399 06-1104930
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
850 Third Avenue, New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(212) 753-8500
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On September 6, 1996, the Company announced the completion
of the sale to a subsidiary of Hallmark Cards, Incorporated of
2,356,198 shares of common stock of the Company for $25 million.
This sale represents the completion of the first step in the Company's
strategic relationship with Hallmark.
As previously announced, the Company is discussing with
Hallmark (i) a further $25 million investment by Hallmark in common
stock of the Company and (ii) the terms of its strategic alliance with
Hallmark and anticipate finalizing these arrangements by year end.
The complete text of the press release issued by the
Company is attached hereto as an exhibit and is hereby incorporated
by reference in its entirety to this item.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
c. Exhibits
99.1 Press Release, dated September 6, 1996
<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 hereunto duly authorized.
GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.
Dated: September 16, 1996 By: /s/ Philip E. Rowley
Philip E. Rowley
Chief Financial Officer and
Executive Vice President
Golden Books Family Entertainment, Inc.
FOR IMMEDIATE RELEASE
CONTACT: Tracey Riese
Golden Books Family Entertainment, Inc.
(212) 583-6710
GOLDEN BOOKS FAMILY ENTERTAINMENT COMPLETES FIRST STEP OF
HALLMARK RELATIONSHIP
Purchase of $25 million in Common Stock
of Golden Books Family Entertainment
NEW YORK, September 6, 1996 -- Golden Books Family Entertainment, Inc.
(Nasdaq: GBFE) announced today the completion of the sale to a subsidiary
of Hallmark Cards, Incorporated of 2,356,198 shares of Golden Books Common
Stock for $25 million. This sale represents the completion of the first
step in Golden Books strategic relationship with Hallmark.
As previously announced, Golden Books and Hallmark are discussing
a further $25 million investment by Hallmark in Golden Books Common Stock and
the terms of their strategic alliance and anticipate finalizing these
arrangements by year end.
Golden Books Family Entertainment, Inc., the largest publisher of
children's books in North America, creates, publishes and markets an extensive
range of children's entertainment products, including story and picture books,
interactive electronic books and games, as well as coloring books, activity
books and other products for children and families.
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