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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 1997 (January
14, 1997)
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GRANITE BROADCASTING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-19728 13-3458782
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
767 THIRD AVENUE, 34TH FLOOR
NEW YORK, NEW YORK 10017
(212) 826-2530
(Address, including zip code, and telephone number, including area code of
registrant's principal executive offices)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Not Applicable
ITEM 2. ACQUISITION OF ASSETS
Not Applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
Not Applicable
ITEM 5. OTHER EVENTS
On January 14, 1997, Granite Broadcasting Corporation ("Granite") announced
that it intends to commence a private offering of securities to raise funds to
consummate the previously announced acquisition of WXON-TV, the WB affiliate
serving Detroit, Michigan. A copy of the press release issued by Granite on
January 14, 1997 is attached hereto as Exhibit 1 and hereby incorporated by
reference herein.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Not Applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
C. Exhibits.
1. Press Release, dated January 14, 1997.
ITEM 8. CHANGE IN FISCAL YEAR
Not Applicable
2
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ITEM 9. SALE OF EQUITY SECURITIES PURSUANT TO REGULATION S
Not Applicable
3
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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 hereunto duly authorized.
GRANITE BROADCASTING CORPORATION
Dated: January 15, 1997 By: /s/ Lawrence I. Wills
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Name: Lawrence I. Wills
Its: Vice President -- Finance and Controller
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EXHIBIT INDEX
1. Press Release, dated January 14, 1997.
5
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767 Third Avenue EXHIBIT 1
New York, New York 10017
(212) 826-2530
FAX (212) 826-2858
Granite
GBC Broadcasing
Corporation
Contact: Ellen McClain
Tel: 212/826-2530
FOR IMMEDIATE RELEASE
Tuesday, January 14, 1997
GRANITE BROADCASTING CORPORATION ANNOUNCES PRIVATE OFFERING
OF SECURITIES TO FINANCE ACQUISITION
NEW YORK -- January 14, 1997 -- Granite Broadcasting Corporation (NASDAQ:
GBTVK, GBTVP) announced today that it intends to commence a private offering of
securities to raise funds to consummate the previously announced acquisition of
WXON-TV, the WB affiliate serving Detroit, Michigan.
Granite Broadcasting Corporation plans to offer $150 million liquidation
preference of a new class of Cumulative Exchangeable Preferred Stock due 2009.
The proceeds from the sale of the Exchangeable Preferred Stock, together with
borrowings under the Company's existing $200 million credit facility, will be
used to fund the $175 million cash purchase price for WXON-TV. The Exchangeable
Preferred Stock to be sold in the foregoing offering will not be registered
under the Securities Act of 1933, as amended, or any state securities or blue
sky laws and may not be offered or sold in the United States or in any state
thereof absent registration or an applicable exemption from the registration
requirements or such laws.
* * * * *
Granite Broadcasting Corporation owns and operates nine network-affiliated
television stations and operates a tenth station in geographically diverse
markets reaching almost 6.0% of the nation's television households. Three
stations are affiliated with the NBC Television Network (NBC), four with the ABC
Television Network (ABC), and three are affiliated with the CBS Television
Network (CBS). The NBC stations include: KSEE-TV, Fresno-Visalia, California;
WEEK-TV, Peoria-Bloomington, Illinois; and KBJR-TV, Duluth, Minnesota and
Superior, Wisconsin. The ABC affiliates are WKBW-TV, Buffalo, New York;
KNTV(TV), San Jose and Monterey-Salinas, California; WPTA-TV, Fort Wayne,
Indiana; and WLAJ-TV, Lansing, Michigan. Granite operates WLAJ-TV pursuant to a
Time Brokerage Agreement. The CBS affiliates are WWMT-TV, Grand
Rapids-Kalamazoo-Battle Creek, Michigan; WTVH-TV, Syracuse, New York; and
KEYE-TV, Austin, Texas. Granite also operates WEEK-FM in Eureka, Illinois.
Granite was the 1995 BLACK ENTERPRISE Company of the Year and number 9 on BLACK
ENTERPRISE Magazine's Industrial/Service 100 List.
