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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K/A-1
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 29, 1996 Commission file number 33-99622
BUSSE BROADCASTING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 38-2750516
(State of Incorporation or organization) (IRS Employer Identification No.)
141 East Michigan Avenue, Suite 300
Kalamazoo, Michigan 49007
(616) 388-8019
(Address, including zip code and telephone number,
including area code, of registrant's principal executive offices)
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
None.
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None.
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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
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. /X/
As of March 28, 1997, 107,700 shares of Busse Broadcasting Corporation
Common Stock were outstanding. None of the outstanding shares were held by
non-affiliates.
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
Yes X No
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DOCUMENTS INCORPORATED BY REFERENCE
None.
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EXPLANATORY NOTE
The sole purpose of this Form 10-K/A is to amend certain information
under the heading LICENSE GRANT AND RENEWAL on page 13 of Busse Broadcasting
Corporation's annual report on Form 10-K for the fiscal year ended December
29, 1996 ("Busse's 1996 10-K"), which was filed with the Securities and
Exchange Commission on March 27, 1997. Page 13 of Busse's 1996 10-K is hereby
deleted and replaced in its entirety by the following page:
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located in the same general vicinity achieve the largest audience share.
Nielsen periodically publishes data on estimated audiences for the television
stations in the various television markets throughout the country. The
estimates are expressed in terms of the percentage of the total potential
audience in the market viewing a station and of the percentage of the
audience actually watching television. Nielsen provides such data on the
basis of total television households and selected demographic groupings in
the market. Nielsen uses two methods of determining a station's ability to
attract viewers. In larger geographic markets, ratings are determined by
meters connected directly to selected television sets, while in smaller
markets, including the DMAs in which each Station operates, weekly diaries of
television viewing are completed by selected households. Advertising rates
charged by a television station are based in large part on the number of
households tuned to a particular station during a particular time period, the
demographic characteristics of those households, and whether the station is a
leading station in its geographic market area. In addition, ratings
information for periods that the Olympic Games are broadcast by a network,
including February 1994, are not considered by broadcasters or advertisers to
be indicative of future viewing trends. Certain ratings for Olympic periods
may be more or less favorable to the Stations than ratings for other periods
Television audience share and aggregate television audience share
information with respect to KOLN/KGIN-TV for 1990, 1991 and 1992 is based
upon data compiled from surveys conducted by Arbitron. During such periods,
Arbitron measured rankings within specific geographic markets called ADIs and
published its estimates of audience share data in periodic Television Market
Reports. The ADI designated for KOLN/KGIN-TV is roughly comparable to the
Lincoln-Hastings-Kearney, Nebraska DMA, and the methodology employed by
Arbitron to determine audience share data is generally similar to that used
by Nielsen in comparable markets. Since 1993, KOLN/KGIN-TV has relied on
Nielsen for its ratings data.
FEDERAL REGULATION OF TELEVISION BROADCASTING
EXISTING REGULATION. Television broadcasting is subject to the jurisdiction
of the FCC under the Communications Act. The Communications Act prohibits the
operation of television broadcasting stations unless under a license issued
by the FCC and empowers the FCC, among other things, to issue, revoke and
modify broadcasting licenses, determine the locations of stations, regulate
the equipment used by stations, adopt regulations to carry out the provisions
of the Communications Act and impose penalties for violation of such
regulations. The Communications Act prohibits the assignment of a license or
the transfer of control of a licensee or of an entity controlling a licensee
without prior approval of the FCC. The Telecommunications Act of 1996
("1996 Act") was signed into law by the President of the United States on
February 8, 1996; however, implementation of most of the 1996 Act's
provisions which apply to the Company's business require action by the FCC.
Relevant provisions of the 1996 Act are discussed in the sections that follow.
LICENSE GRANT AND RENEWAL. Television broadcasting licenses generally are
granted or renewed for a period of five years, but may be renewed for a
shorter period upon a finding by the FCC that the "public interest,
convenience, and necessity" would be served thereby. Under current
procedures, at the time an application is made for renewal of a television
license, parties in interest may file petitions to deny, and such parties,
including members of the public, may comment upon the service the station has
provided during the preceding license term and urge denial of the
application. In the vast majority of cases, broadcast licenses are renewed by
the FCC even when petitions to deny are filed against broadcast license
renewal applications. Pursuant to authority granted by the 1996 Act, the FCC
extended the term for television station licenses being renewed from five to
eight years. The 1996 Act also requires a broadcast license to be renewed if
the FCC finds that (i) the station has served the public interest,
convenience and necessity; (ii) there have been no serious violations of
either the Communications Act or the FCC's rules and regulations by the
licensee; and (iii) there have been no other violations of the Communications
Act or the FCC's rules and regulations which, taken together, would
constitute a pattern of abuse. Competing applications would be permitted only
if an application for renewal of license were denied after hearing.
The FCC license renewal for WEAU-TV was granted for a five year term on
November 24, 1992 and expires on December 1, 1997. The FCC license renewals
for KOLN-TV and KGIN-TV were granted for five year terms on May 27, 1993 and
expire on June 1, 1998. Although there can be no assurance that the Company's
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SIGNATURE
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 COMPANY
Date: April 29, 1997 By: /s/ James C. Ryan
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James C. Ryan
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
