SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 24, 1994
IDB COMMUNICATIONS GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-14972 93-0933098
(Commission (I.R.S. Employer
File No.) Identification No.)
10525 WEST WASHINGTON BOULEVARD, CULVER CITY, CALIFORNIA
(Address of Principal Executive Offices)
90232-1922
(Zip Code)
(213) 870-9000
(Registrant's Telephone Number, Including Area Code)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On June 24, 1994, the Registrant engaged Arthur Andersen &
Co. to act as the Registrant's independent certified public
accountant. Arthur Andersen & Co. replaces Deloitte & Touche,
who resigned on May 23, 1994.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
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None.
(b) Pro Forma Financial Information.
-------------------------------
None.
(c) Exhibits.
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Exhibit
No. Description
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99.1 Press Release dated June 26, 1994
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, in
the City of Culver City, State of California, on June 27, 1994.
IDB COMMUNICATIONS GROUP, INC.
By: \s\ Jeffrey P. Sudikoff
-----------------------
Jeffrey P. Sudikoff
Chairman and Chief
Executive Officer
EXHIBIT 99.1
Contact: Peter F. Hartz
Sr. VP Sales & Marketing
IDB Communications Group, Inc.
(213) 240-3721
FOR IMMEDIATE RELEASE
Michael Sitrick
Michael Kolbenschlag
Sitrick Krantz & Co.
(310) 788-2850
IDB RETAINS ARTHUR ANDERSEN & CO. AS NEW OUTSIDE AUDITOR
Los Angeles, CA -- June 26, 1994 -- IDB Communications
Group, Inc. (NASDAQ: IDBX) announced today that Arthur Andersen
& Co. has been retained as its new outside auditor. Franklin E.
Fried, Chairman of the Audit Committee, indicated that Andersen's
selection followed careful consideration. With respect to the
audit of the company's 1994 financial statements, Fried noted
"Andersen will report directly to the audit committee on the
results of their audit work."
As a part of its engagement, Andersen will examine the
Company's internal financial controls and reporting procedures,
and will issue its recommendations to the audit sub-committee,
which is currently examining those controls and procedures as
part of its review of the circumstances surrounding the
resignation of the Company's prior auditor. Mr. Fried stated
that "we are committed to ensuring that the procedures and
controls are in place so that the integrity of the Company's
financial statements will be beyond reproach." Andersen has been
given the authority to establish the scope of their work and will
strive to complete their initial review as soon as possible.
Dick Poladian, Managing Partner of Andersen's Southern
California Practice, commented that careful consideration was
given to this decision, in light of the resignation of another
firm and the publicity it received. "We have had discussions
with the company's former auditors and its other legal and
financial advisors, as well as with outside members of the audit
committee," Poladian said. Poladian added that "the commitment
of the audit committee to work closely with Arthur Andersen
demonstrates the high priority the Board has placed on addressing
the company's financial reporting issues."
Separately, the Company also announced that it had
previously aligned its internal financial reporting structure so
that Rudy Wann, Vice President of Finance and Chief Financial
Officer, now reports directly to IDB Chairman and Chief Executive
Officer, Jeffrey P. Sudikoff.
IDB Communications Group, Inc. is a global
telecommunications company that operates a domestic and
international communications network providing its customer with
international private line and long distance telephone services,
radio and television transmission services, facsimile and data
connections, mobile satellite communications capabilities and the
design and integration of satellite networks worldwide.
