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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): SEPTEMBER 14, 1999
(AUGUST 31, 1999)
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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 OR DISPOSITION OF ASSETS
On August 31, 1999, Granite Broadcasting Corporation (the "Company") sold
the assets of KEYE-TV, the CBS affiliated station serving the Austin, Texas
television market ("KEYE"), to CBS Corporation ("CBS") for a purchase price of
$160 million, subject to certain adjustments. The terms and conditions of such
disposition were negotiated on an arms length basis and were set forth in that
certain Purchase and Sale Agreement, dated as of April 28, 1999 (the "KEYE Sale
Agreement"), among the Company, certain of the Company's subsidiaries and CBS.
The assets sold by the Company included, without limitation, all real property
owned or held by the Company and certain of its subsidiaries in connection with
the business and operations of KEYE and all broadcasting and other equipment,
office furniture, fixtures, tapes, machinery, office materials and supplies,
spare parts, tubes and other tangible personal property owned or held by the
Company and its subsidiaries in connection with the business and operations of
KEYE.
The KEYE Sale Agreement, filed as Exhibit 1 to the Company's Current Report
on Form 8-K, dated and filed with the Commission on May 11, 1999, is hereby
incorporated by reference herein.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
Not Applicable
ITEM 5. OTHER EVENTS
Not Applicable
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
Not Applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
C. EXHIBIT.
Press Release, dated August 31, 1999.
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ITEM 8. CHANGE IN FISCAL YEAR
Not Applicable
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: September 14, 1999 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
Press Release, dated August 31, 1999.
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Exhibit 99.1
Contacts Press: W. Don Cornwell
Analysts: Ellen McClain
Telephone: 212-826-2530
For Immediate Release
Tuesday, August 31, 1999
GRANITE BROADCASTING CORPORATION COMPLETES THE
OF SALE OF KEYE-TV, AUSTIN, TEXAS TO CBS CORPORATION
NEW YORK.--August 31, 1999--Granite Broadcasting Corporation (NASDAQ: GBTVK)
announced today that it has completed the sale of the assets of KEYE-TV, the
CBS affiliate serving Austin, Texas, to CBS Corporation (NYSE: CBS) for
$160,000,000 in cash. Granite will use the proceeds from the sale to reduce
indebtedness.
* * * * *
Granite Broadcasting Corporation operates ten television stations in
geographically diverse markets reaching 7.0% of the nation's television
households. Two stations are affiliated with the CBS Television Network,
three with the NBC Television Network (NBC), three with the ABC Television
Network (ABC) and two with the Warner Brothers Network (WB). The CBS
affiliates are WTVH-TV, Syracuse, New York; and KEYE-TV, Austin, Texas. The
NBC affiliates are KSEE-TV, Fresno-Visalia, California; WEEK-TV,
Peoria-Bloomington, Illinois; and KBJR-TV, Duluth, Minnesota and Superior,
Wisconsin. Granite also owns WEEK-FM in Eureka, Illinois and operates the
radio station in combination with WEEK-TV. The ABC affiliates are WKBW-TV,
Buffalo, New York; KNTV (TV), San Jose and Monrerey-Salines, California; and
WPTA-TV, Fort Wayne, Indiana. The WB affiliates are KBWB-TV, San
Francisco-Oakland-San Jose, California; and WDWB-TB, Detroit Michigan.
Granite was the 1995 BLACK ENTERPRISE Company of the Year and is number 6 on
BLACK ENTERPRISE Magazine's 1998 Industrial/Service 100 List. This press
release contains forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, which represent the Company's
expectations or beliefs concerning future events. The Company cautions that
these statements are further qualified by important factors that could cause
actual results to differ materially from those in the forward looking
statements. Such factors include, without limitation, general economic
conditions, competition in the markets in which the Company's stations are
located, technological change and innovation in the Broadcasting industry and
proposed legislation. Consequently, all forward-looking statements made
herein are qualified by these cautionary statements and the cautionary
language set forth in the Company's most recent Form 10Q report and other
documents filed with the Securities and Exchange Commission. There can be no
assurance that the actual results, events or developments referenced herein
will occur or be realized. The Company assumes no obligation to update these
forward-looking statements to reflect actual results, changes in assumptions
or changes in factors affecting such forward-looking statements.
