INFINITY BROADCASTING CORP
10-Q/A, 1997-03-13
RADIO BROADCASTING STATIONS
Previous: FAHNESTOCK VINER HOLDINGS INC, 10-K, 1997-03-13
Next: NOVA NATURAL RESOURCES CORP, PRE 14A, 1997-03-13



<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                  FORM 10-Q/A

                               AMENDMENT NO. 1 TO
                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


<TABLE>
<S>                                                 <C>            
For the quarterly period ended September 30, 1996    Commission file number 0-14702
</TABLE>


                       INFINITY BROADCASTING CORPORATION
             (Exact name of registrant as specified in its charter)


        Delaware                                      13-2766282
(State of incorporation)                           (I.R.S. Employer
                                                  Identification No.)

                              40 West 57th Street
                              New York, NY  10019
                    (Address of principal executive offices)

                                 (212)314-9200
              (Registrant's telephone number, including area code)


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:  78,641,353 shares of Class A 
Common Stock and 5,550,031 shares of Class B Common Stock as of December 31, 
1996. 
<PAGE>   2
ITEM 6 -  EXHIBITS AND REPORTS ON FORM 8-K


(a)  EXHIBITS.


EXHIBIT
NUMBER                            DESCRIPTION OF EXHIBIT
- -------                           ----------------------

 2(a)     --     Asset Purchase Agreement, dated as of September 12, 1994, by
                 and between TK Communications, Inc. and Infinity Broadcasting
                 Corporation of Dallas.  (This exhibit can be found as Exhibit
                 2(f) to the Company's Quarterly Report on Form 10-Q for the
                 quarter ended September 30, 1994 (File No. 0-14702) and is
                 incorporated herein by reference.)

 2(b)     --     Purchase Agreement, dated September 22, 1995, among each of
                 the entities identified in Schedule 1.0(a) thereto, Alliance
                 Broadcasting, L.P., each of the entities identified in
                 Schedule 1.0(b) thereto, Infinity Broadcasting Corporation of
                 Los Angeles and the Company.  (This exhibit can be found as
                 Exhibit 2(a) to the Company's Report on Form 8-K dated
                 September 27, 1995 (File No. 0-14702) as is incorporated
                 herein by reference.)

 2(c)     --     Stock Purchase Agreement, dated as of February 22, 1996, by
                 and among the Company, William M. Apfelbaum, and each of the
                 other stockholders of TDI Worldwide, Inc. identified on
                 Schedule 4.2 thereto.  (This exhibit can be found as Exhibit
                 2(i) to the Company's Annual Report on Form 10-K for the year
                 ended December 31, 1995 (File No. 0-14702) as is incorporated
                 herein by reference.)

 2(d)     --     Stock Purchase Agreement, dated as of March 3, 1996, between
                 the Company and Granum Holdings L.P.  (This exhibit can be
                 found as Exhibit 2(j) to the Company's Annual Report on Form
                 10-K for the year ended December 31, 1995 (File No. 0-14702)
                 as is incorporated herein by reference.)

 2(e)     --     Agreement and Plan of Merger, dated as of June 20, 1996, among
                 Westinghouse Electric Corporation, R Acquisition Corp. and the
                 Company.  (This exhibit can be found as Exhibit 2 to the
                 Company's Current Report on Form 8-K dated July 1, 1996 (File
                 No. 0- 14702) and is incorporated herein by reference.)

 2(f)     --     Asset Exchange Agreement, dated as of June 26, 1996, by and
                 among WCKG, Inc., Cox Broadcasting, Inc., GCI Orlando
                 Holdings, Inc. and the Company. (This exhibit can be found as 
                 Exhibit 2(f) to the Company's Quarterly Report on Form 10-Q 
                 for the quarter ended September 30, 1996 (File No. 0-14702) 
                 and is incorporated herein by reference.)

 2(g)     --     Asset Purchase Agreement, dated August 22, 1996, between
                 Infinity Holdings Corp. of Orlando and Spanish Broadcasting
                 System, Inc. (This exhibit can be found as Exhibit 2(g) to the
                 Company's Quarterly Report on Form 10-Q for the quarter ended 
                 September 30, 1996 (File No. 0-14702) and is incorporated 
                 herein by reference.)

<PAGE>   3
 2(h)    --      Asset Purchase Agreement, dated as of September 30, 1996,
                 between Infinity Broadcasting Corporation of Dallas and
                 Inspiration Media of Texas, Inc., (This exhibit can be found 
                 as Exhibit 2(h) to the Company's Quarterly Report on Form 
                 10-Q for the quarter ended September 30, 1996 (File 
                 No. 0-14702) and is incorporated herein by reference.)

 2(i)    --      Asset Purchase Agreement, dated as of October 10, 1996,
                 between Infinity Broadcasting Corporation of Texas and Marcos
                 Rodriguez, Inc., (This exhibit can be found as Exhibit 2(i) 
                 to the Company's Quarterly Report on Form 10-Q for the 
                 quarter ended September 30, 1996 (File No. 0-14702) and is 
                 incorporated herein by reference.)

 27      --      Financial Data Schedule.

 99(a)   --      Stockholder Agreement, dated as of June 20, 1996, among
                 Westinghouse Electric Corporation and the other signatories
                 thereto.  (This exhibit can be found as Exhibit 99.1 to the
                 Company's Current Report on Form 8-K dated July 1, 1996 (File
                 No. 0-14702) and is incorporated herein by reference.)


<PAGE>   4
                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.


                               INFINITY BROADCASTING CORPORATION
                                          (Registrant)


                                /s/   FARID SULEMAN
                               -------------------------------
                               Farid Suleman,
                               Vice President-Finance/
                               Chief Financial Officer


Dated:  March 13, 1997



<TABLE> <S> <C>

<ARTICLE> 5
<CIK> 0000792863
<NAME> INFINITY BROADCASTING CORP.
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                          17,524
<SECURITIES>                                         0
<RECEIVABLES>                                  171,989
<ALLOWANCES>                                     3,135
<INVENTORY>                                          0
<CURRENT-ASSETS>                               203,997
<PP&E>                                          60,450
<DEPRECIATION>                                  19,706
<TOTAL-ASSETS>                               1,706,874
<CURRENT-LIABILITIES>                          119,499
<BONDS>                                              0
                                0
                                          0
<COMMON>                                           182
<OTHER-SE>                                     392,671
<TOTAL-LIABILITY-AND-EQUITY>                 1,706,874
<SALES>                                              0
<TOTAL-REVENUES>                               462,244
<CGS>                                                0
<TOTAL-COSTS>                                  294,869
<OTHER-EXPENSES>                                64,634
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              45,464
<INCOME-PRETAX>                                 59,046
<INCOME-TAX>                                     3,449
<INCOME-CONTINUING>                             55,597
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    55,597
<EPS-PRIMARY>                                      .48
<EPS-DILUTED>                                        0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission