SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a).
(Amendment No. 1)(1)
GRANITE BROADCASTING CORP.
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
387241102
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(CUSIP Number)
Copy to:
Mr. Edward Grinacoff
Sandler Capital Management Morrison Cohen Singer & Weinstein, LLP
767 Fifth Avenue, 45th Floor 750 Lexington Avenue
New York, New York 10153 New York, New York 10022
Telephone (212) 754-8100 Telephone (212) 735-8600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 31, 1998
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(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following page(s))
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Sandler Associates
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
215,000 shares 2.4%
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Number of 8 Shared Voting Power
Shares 0 shares 0%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 215,000 shares 2.4%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 0 shares 0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
215,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 2.4%
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14 Type of Reporting Person*
PN
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<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Sandler Capital Management
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC,OO
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
0 shares 0%
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Number of 8 Shared Voting Power
Shares 321,000 shares 3.6%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 321,000 shares 3.6%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
321,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 3.6%
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14 Type of Reporting Person*
PN
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3 of 12
<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Michael J. Marocco
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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Number of 8 Shared Voting Power
Shares 536,000 shares 6.1%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 536,000 shares 6.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
536,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11)
6.1%
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14 Type of Reporting Person*
IN
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4 of 12
<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
John Kornreich
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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Number of 8 Shared Voting Power
Shares 606,000 shares 6.9%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 606,000 shares 6.9%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
606,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 6.9%
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14 Type of Reporting Person*
IN
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5 of 12
<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Harvey Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
-----------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 536,000 shares 6.1%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 536,000 shares 6.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
536,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 6.1%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Andrew Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
-----------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 536,000 shares 6.1%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 536,000 shares 6.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
536,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 6.1%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
J.K. Media, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [ ]
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
70,000 shares 0.8%
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Number of 8 Shared Voting Power
Shares 0 shares 0%
Beneficially -----------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 70,000 shares 0.8%
Reporting -----------------------------------------------------------------
Person 10 Shared Dispositive Power
With 0 shares 0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
70,000 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* [ ]
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13 Percent of Class Represented by Amount in Row (11) 0.8%
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14 Type of Reporting Person*
PN
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<PAGE>
This statement, dated March 31, 1998, constitutes Amendment No. 1 to
the Schedule 13D, dated February 11, 1998, regarding the reporting persons
ownership of common stock of Granite Broadcasting Corp. (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 1 to the Schedule is filed in accordance with
Rule 13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") by the reporting persons. It shall refer only to information which has
materially changed since the filing of the Schedule.
ITEM 3. Source and Amount of Funds or Other Consideration.
The source of funds for the acquisition of the additional securities
was the general working capital of the various managed accounts, the general
working capital of Sandler Associates, and the general working capital of J.K.
Media.
The amount of funds used in acquiring the additional shares of
Common Stock is set forth below:
Number of Purchase
Shares Price
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Accounts Managed by SCM 21,000 $244,315
Sandler Associates 60,000 $697,190
J.K. Media 20,000 $232,345
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and
percentage (based on 8,845,657 shares of Common Stock outstanding as reported by
the Issuer to the reporting persons as of February 12, 1998) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of March 31, 1998:
- 9 of 12 -
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
<S> <C> <C>
Sandler Capital Management 321,000(1) 3.6%
Sandler Associates 215,000(2) 2.4%
Michael J. Marocco 536,000(1),(2),(3) 6.1%
John Kornreich 606,000(1),(2),(3),(4) 6.9%
Harvey Sandler 536,000(1),(2),(3) 6.1%
Andrew Sandler 536,000(1),(2),(3) 6.1%
J.K. Media 70,000(4) .8%
</TABLE>
(b) By virtue of being the manager of certain accounts owning
shares of Common Stock with respect to which SCM exercises investment
discretion, SCM may be deemed to have shared power to vote and to dispose of
321,000 shares of Common Stock, representing approximately 3.6% of the
outstanding Common Stock.
By virtue of being the sole shareholder of MJ DM Corp. and a
general partner of Sandler Associates, Michael J. Marocco may be deemed to have
shared power to vote and to dispose of 536,000 shares of Common Stock,
representing approximately 6.1% of the outstanding Common Stock.
By virtue of being the sole shareholder of Four JK Corp. and a
general partner of Sandler Associates and J.K. Media, John Kornreich may be
deemed to have shared power to vote and to dispose of 606,000 shares of Common
Stock, representing approximately 6.9% of the outstanding Common Stock.
By virtue of being the sole shareholder of ARH Corp. and a
general partner of Sandler Associates, Harvey Sandler may be deemed to have
shared power to vote and to dispose of 536,000 shares of Common Stock,
representing approximately 6.1% of the outstanding Common Stock.
By virtue of being a majority member of ALSI, LLC and a
general partner of Sandler Associates, Andrew Sandler may be deemed to have
shared power to vote and to dispose of 536,000 shares of Common Stock,
representing approximately 6.1% of the outstanding Common Stock.
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1 Includes 321,000 shares of Common Stock held in accounts managed by SCM.
2 Includes 215,000 shares of Common Stock owned by Sandler Associates.
3 The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therein.
4 Includes 70,000 shares of Common Stock owned by J.K. Media.
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<PAGE>
(c) The following is a description of all transactions in the shares
of Common Stock by the persons identified in Item 2 of this Schedule 13D
effected from February 13, 1998 through March 31, 1998, inclusive:
Number of Shares
Purchase or of Common Stock Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
Sandler Associates 3/13/98 40,000 $11.625
3/31/98 20,000 $11.6095
Accounts Managed by
Sandler Capital Management 3/5/98 1,000 $12.125
3/31/98 20,000 $11.6095
J.K. Media 3/13/98 10,000 $11.625
3/31/98 10,000 $11.6095
All purchases of Common Stock were effected in open market
transactions in the over-the-counter market.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
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<PAGE>
Signature
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
Schedule is true, complete, and correct.
Date: April 9, 1998
SANDLER ASSOCIATES
By: /s/ Michael J. Marocco
---------------------------------
Name: Michael J. Marocco
Title: General Partner
/s/ Michael J. Morocco
--------------------------------
Michael J. Marocco
/s/ John Kornreich
---------------------------------
John Kornreich
/s/ Harvey Sandler
---------------------------------
Harvey Sandler
/s/ Andrew Sandler
---------------------------------
Andrew Sandler
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: /s/ Edward Grinacoff
----------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
J.K. MEDIA, L.P.
By: /s/ John Kornreich
----------------------------
Name: John Kornreich
Title: General Partner
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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