PROSPECTUS SUPPLEMENT NO. 1
(TO PROSPECTUS DATED JANUARY 10, 1997)
2,300,000 Preferred Securities
Golden Books Financing Trust
8 3/4% Convertible Trust Originated Preferred
SecuritiesSM (Convertible TOPrSSM)
The Prospectus dated January 10, 1997, relating to the 8
3/4% Convertible Trust Originated Preferred SecuritiesSM (the
"Preferred Securities"), which represent preferred undivided
beneficial ownership interests in the assets of Golden Books
Financing Trust, a statutory business trust formed under the laws
of the State of Delaware, and the shares of common stock, par
value $.01 per share, of golden Books Family Entertainment, Inc.,
a Delaware corporation, issuable upon conversion of the Preferred
Securities, is hereby supplemented as follows:
The line item "Northwestern Mutual Life Insurance Co. . . .
. . . 90,000" contained in the table set forth in the Prospectus
under the caption "Selling Holders" shall be deleted in its
entirety and replaced with the following:
The Northwestern Mutual Life Insurance Company......... 120,000 *
* Includes 5,000 shares of Preferred Securities held in The Northwestern
Mutual Life Insurance Company Group Annuity Separate Account.
This Prospectus Supplement is not complete without, and may
not be delivered or utilized except in connection with, the
Prospectus, including and amendments or supplements thereto.
THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JUNE 4, 1997
