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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
VIDEO JUKEBOX NETWORK, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001
(Title of Class of Securities)
92656G 10 8
(CUSIP Number)
Lawrence Mestel
Director
Island Trading Company, Inc.
825 Eighth Avenue
24th Floor
New York, New York 10019
(212) 333-6789
(Name, Address and Telephone Number
of Person Authorized to Receive Notices
and Communications)
July 8, 1996
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]
Check the following box if a fee is being paid with the statement [ ]
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1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Island Trading Company, Inc.
Taxpayer Identification No. 13-3170327
2) Check Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
3) SEC Use Only
4) Source of Funds
WC
5) Check Box if Disclosure of Legal Proceeding is Required Pursuant to
Items 2(d) or 2(e) [ ]
6) Citizenship or Place of Organization
New York
7) Sole Voting Power
Number of
Shares
Beneficially 8) Shared Voting Power
Owned By 3,500,000
Each
Reporting 9) Sole Dispositive Power
Person
With
10) Shared Dispositive Power
3,500,000
11) Aggregate Amount Beneficially Owned By Each Reporting Person
3,500,000
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [ ]
13) Percent of Class Represented By Amount in Row (11)
14.62%
14) Type of Reporting Person
CO
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This Amendment No. 3 (the "Amendment") amends the Schedule
13D dated April 25, 1994 (the "April 1994 Statement") as amended by Amendment
No. 1 dated April 25, 1995 ("Amendment No. 1") and Amendment No. 2 dated June
10, 1996 ("Amendment No. 2"). The April 1994 Statement, Amendment No. 1 and
Amendment No. 2 are collectively referred to as the "Original Statement."
Except as specifically modified, amended or supplemented by
this Amendment, all of the information in the Original Statement is unchanged.
Capitalized terms not defined herein shall have the meanings provided in the
Original Statement.
Item 6 of the Original Statement is amended and supplemented
as follows:
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
As a condition to the fulfillment of Liberty Media's
obligation to complete the proposed purchase of certain outstanding shares of
the Common Stock of the Company, the approval of Liberty Media's Board of
Directors was required. Management of Liberty Media has informed a
representative of the proposed sellers that the Board of Directors of Liberty
Media has not approved the proposed purchase. Accordingly, the Letter
Agreement, as amended and supplemented, has been terminated.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: July 11, 1996 ISLAND TRADING COMPANY, INC.
By: /s/ LAWRENCE MESTEL
Name: Lawrence Mestel
Title: Director
