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FORM 4 OMB APPROVAL
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|_| Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: September 30, 1998
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response...0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
<TABLE>
<S> <C> <C>
- ------------------------------------------ ------------------------------------------- ------------------------------------------
1. Name and Address of Reporting Person 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Issuer (Check all applicable)
Finkelstein, Jerry News Communications, Inc. (NCOM) __x__ Director ___x___10% Owner
- ------------------------------------------ ------------------ ------------------------
(Last) (First) (Middle) 3. IRS or Social 4. Statement for _____ Officer (give title below)
Security Number Month/Year
10 East 40th Street, Suite 1308 of Reporting July 1999 _____ Other (specify below)
- ------------------------------------------ Person ------------------------
(Street) (Voluntary) 5. If Amendment, ---------------------------------
Date of Original 7. Individual or Joint/Group Filing
New York, New York 10016 (Month/Year) (Check Applicable Line)
- ------------------------------------------ _x_ Form filed by One Reporting Person
(City) (State) (Zip) ___ Form filed by More than One
Reporting Person
------------------ ------------------------ ------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -------------------------- ---------- ------------ ----------------------------------- --------------- ------------- ---------------
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6.Owner- 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Instr. 8) owned at Direct Ownership
(Month/ End of Month (D) or (Instr. 4)
Day/ (Instr. 3 Indirect
Year) and 4) (I)
------------ ---------------------------------- (Instr.4)
------ ----- ------------- ------ -------------
Code V Amount (A)or Price
(D)
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
Common Stock, $.01 par 7/28/99 J(1) 187,389 (1) (1) 187,389 D
value
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
Common Stock, $.01 par J(2) 66,667 (2) (2) 6,667 (2) (2)
value
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
Common Stock, $.01 par J(3) 9,945 (3) (3) 9,945 (3) (3)
value
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
SEC 1474 (7-96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Page 1 of 2
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------- ---------- ------- ------- ----------------- ------------ ------------------ -------- ---------- ------- ---------
1.Title of Deri- 2.Conver- 3.Trans-4.Trans-5.Number of Deri- 6.Date Exer- 7.Title and Amount 8.Price 9.Number 10.Own- 11.Nature
vative Security sion or action action vative Securities cisable and of Underlying Sec- of Deri- of Deri- ership of Bene-
(Instr. 3) Exercise Date Code Acquired (A) or Expiration urities vative vative Form of ficial
Price of (Month/ (Instr. Disposed of (D) Date (Instr. 3 and 4) Security Securities Deriva- Indirect
Deriva- Day/ 8) (Instr.3,4 and 5) (Month/Day (Instr. Benefi- tive Ownership
tive Year) Year) 5) cially Securi (Instr.
Security Owned at ty: Di- 4)
End of rect (D)
Month or In-
(Instr. 4) direct
(I)
(Instr.
4)
------- ----------------- ------------- -----------------
---- -- -------- -------- ------ ------ ------- ---------
Code V (A) (D) Date Expir- Title Amount or
Exer- ation Number of
cis- Date Shares
able
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right Immed- 7/28/ Common
to buy) $2.25 7/28/99 A V 200,000 iately 04 Stock 200,000 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Immed- 7/28/ Common
Stock Option $2.25 P V 100,000 iately 04 Stock 100,000 300,000 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 8/12/ 8/12/ Common
to buy) $7.875 (4) 50,000 94(5) 99 Stock 50,000 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 8/17/ 8/17/ Common
to buy) $7.875 (4) 3,333 94(6) 99 Stock 3,333 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 11/7/ 11/7/ Common
to buy) $6.00 (4) 16,667 94(7) 99 Stock 16,667 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 6/22/ 6/22/ Common
to buy) $6.00 (4) 116,667 95(8) 00 Stock 116,667 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 8/17/ 8/17/ Common
to buy) $8.063 (4) 3,333 95(9) 00 Stock 3,333 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right D 8/17/ 8/17/ Common
to buy) $4.875 (4) 3,333 96(10) 01 Stock 3,333 0 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 8/12/ 7/28/ Common
to buy) $7.875 A V 50,000 94 04(5) Stock 50,000 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 8/17/ 7/28/ Common
to buy) $7.875 A V 3,333 94(6) 04(6) Stock 3,333 53,333 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 11/7/ 7/28/ Common
to buy) $6.00 A V 16,667 94 04(7) Stock 16,667 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 6/22/ 7/28/ Common
to buy) $6.00 A V 116,667 95 04(8) Stock 116,667 133,334 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
<PAGE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------- ---------- ------- ------- ----------------- ------------ ------------------ -------- ---------- ------- ---------
1.Title of Deri- 2.Conver- 3.Trans-4.Trans-5.Number of Deri- 6.Date Exer- 7.Title and Amount 8.Price 9.Number 10.Own- 11.Nature
vative Security sion or action action vative Securities cisable and of Underlying Sec- of Deri- of Deri- ership of Bene-
(Instr. 3) Exercise Date Code Acquired (A) or Expiration urities vative vative Form of ficial
Price of (Month/ (Instr. Disposed of (D) Date (Instr. 3 and 4) Security Securities Deriva- Indirect
Deriva- Day/ 8) (Instr.3,4 and 5) (Month/Day (Instr. Benefi- tive Ownership
tive Year) Year) 5) cially Securi (Instr.
Security Owned at ty: Di- 4)
End of rect (D)
Month or In-
(Instr. 4) direct
(I)
(Instr.
4)
------- ----------------- ------------- -----------------
---- -- -------- -------- ------ ------ ------- ---------
Code V (A) (D) Date Expir- Title Amount or
Exer- ation Number of
cis- Date Shares
able
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 8/17/ 7/28/ Common
to buy) $8.063 A V 3,333 95 04(9) Stock 3,333 3,333 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Employee Stock
Option (right 8/17/ 7/28/ Common
to buy) $4.875 A V 3,333 96 04(10)Stock 3,333 3,333 D
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Page 2 of 4
Explanation of Responses:
(1) No acquisition or disposition occurred. Mr. Finkelstein is filing this joint Form 4, because for Section 16 filing purposes,
he became a 10% beneficial owner upon becoming a member of a group. These shares are owned directly by Mr. Finkelstein.
(2) These shares are owned directly by Shirley Finkelstein, Mr. Fineklstein's wife, and indirectly by Mr. Finkelstein. No
acquisition or disposition occurred. Mrs. Finkelstein is filing this joint Form 4, because for Section 16 filing purposes,
she became a 10% beneficial owner upon becoming a member of a group.
(3) These shares are owned directly by The Jerry Finkelstein Foundation, Inc., of which Mr. Finkelstein is the sole director and
President, and indirectly by Mr. Finkelstein. No acquisition or disposition occured. The Foundation is filing this joint
Form 4, because for Section 16 filing purposes, it became a 10% beneficial owner upon becoming a member of a group.
(4) Cancellation of option in connection with grant of replacement options.
(5) The transaction involved the extension of the exerise period of the option from August 12, 1999 to July 28, 2004.
(6) The transaction involved the extension of the exerise period of the option from August 17, 1999 to July 28, 2004.
(7) The transaction involved the extension of the exerise period of the option from November 7, 1999 to July 28, 2004.
(8) The transaction involved the extension of the exerise period of the option from June 22, 2000 to July 28, 2004.
(9) The transaction involved the extension of the exerise period of the option from August 17, 2000 to July 28, 2004.
(10) The transaction involved the extension of the exerise period of the option from August 17, 2001 to July 28, 2004.
</TABLE>
By: /s/ Jerry Finkelstein 8/6/99
---------------------------- ------
**(Signature of Reporting Person) Date
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6 for
procedure.
Potential persons who are to respond to the collection contained in this form
are not required to respond unless the form displays valid OMB Number.
Page 3 of 4
<PAGE>
Joint Filer Information
Name: Shirley Finkelstein
Address: The Carlyle Hotel
35 East 76th Street
New York, NY 10021
Designated Filer: Jerry Finkelstein
Issuer & Ticker Symbol: News Communications, Inc. (NCOM)
Date of event requiring
Statement: 7/28/99
Signature: /s/ Shirley Finkelstein
-----------------------
Name: The Jerry Finkelstein Foundation, Inc.
Address: 10 East 40th Street, Suite 1308
New York, New York 10016
Designated Filer: Jerry Finkelstein
Issuer & Ticker Symbol: News Communications, Inc. (NCOM)
Date of event requiring
Statement: 7/28/99
Signature: The Jerry Finkelstein Foundation, Inc.
By: /s/ Jerry Finkelstein
----------------------
Jerry Finkelstein
Page 4 of 4
