<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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) December 27, 1996
-----------------------
BUSSE BROADCASTING CORPORATION
------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-99622 38-2750516
- ----------------------------- ---------------- --------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
141 East Michigan Avenue, Suite 300
Kalamazoo, Michigan 49007
- ------------------- -------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (616) 388-8019
--------------------------
No Change
----------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
BUSSE BROADCASTING CORPORATION
ITEM 5: Other Events:
Reference is made to the Press Release of Busse Broadcasting
Corporation, a Delaware corporation (the "Company"), dated December 27, 1996
attached hereto as Exhibit 10.1 and incorporated by reference herein. The
Press Release announces that the Company has sold substantially all of the
assets of its Winnebago Color Press operating division to Winnebago Color
Press, Inc., a company affiliated with Mr. Lawrence A. Busse, for aggregate
consideration of $3.225 million in cash plus the assumption of certain
liabilities. The amount of such cash consideration is subject to possible
further upward adjustment based on certain net working capital items as set
forth in the buy and sell agreement between the parties.
ITEM 7: Financial Statements and Exhibits
A. Financial Statements: None
B. Exhibits:
Description Exhibit
----------- -------
Press Release dated December 27, 1996 10.1
-2-
<PAGE>
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.
BUSSE BROADCASTING CORPORATION
(Registrant)
Dated: December 27, 1996
By: /s/ James C. Ryan
-----------------------------------
Name: James C. Ryan
Title: Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
-------
Press Release dated December 27, 1996 10.1
<PAGE>
Exhibit 10.1
Busse Broadcasting Corporation
141 East Michigan Avenue, Suite 300
Kalamazoo, Michigan 49007
Phone 616-388-8019
Contact:
Busse Broadcasting Corporation
Lawrence A. Busse
James C. Ryan
FOR IMMEDIATE RELEASE
Friday, December 27, 1996
BUSSE BROADCASTING CORPORATION
SELLS WINNEBAGO COLOR PRESS OPERATING DIVISION
KALAMAZOO, MICHIGAN -- December 27, 1996 -- Busse Broadcasting
Corporation (the "Company") today announced that it has sold substantially
all of the assets of its Winnebago Color Press operating division to
Winnebago Color Press, Inc., a company affiliated with Mr. Lawrence A. Busse,
for aggregate consideration of $3.225 million in cash plus the assumption of
certain liabilities. The amount of such cash consideration is subject to
possible further upward adjustment based on certain net working capital items
as set forth in the buy and sell agreement between the parties. In
connection with the sale, Busse Broadcasting Corporation received an opinion
from an investment banking firm to confirm that the terms of the sale were
fair to the Company and its stockholders from a financial point of view.
Winnebago Color Press is a commercial printing business located in Menasha,
Wisconsin. Mr. Busse is the President of Winnebago Color Press, Inc. Following
this transaction, Mr. Busse will also retain his position as Chairman and Chief
Executive Officer of Busse Broadcasting Corporation.
Busse Broadcasting Corporation intends to use the net proceeds from the
sale to offer to redeem a portion of its 11-5/8% Senior Secured Notes due 2000
at a redemption price of 100% of accreted value in accordance with the terms of
the Indenture relating to such Notes. As of December 1, 1996, $62,527,000 in
aggregate principal amount of such Notes were issued and outstanding. Busse
Broadcasting Corporation anticipates that such offer to redeem shall be made in
the first quarter of 1997.
Busse Broadcasting Corporation owns and operates KOLN-KGIN-TV, a CBS
affiliate serving Lincoln and Grand Island, Nebraska and WEAU-TV, a NBC
affiliate serving Eau Claire and La Crosse, Wisconsin.
