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. 3)(1)
GRANITE BROADCASTING CORP.
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
(Title of Class of Securities)
387241102
(CUSIP Number)
Copy to:
Mr. Edward Grinacoff Michael R. Reiner, Esq.
Sandler Capital Management Morrison Cohen Singer &
767 Fifth Avenue, 45th Floor Weinstein, LLP
New York, New York 10153 750 Lexington Avenue
Telephone (212) 754-8100 New York, New York 10022
Telephone (212) 735-8600
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 9, 1998
(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))
- --------
(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
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Associates
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 260,000 shares 2.5%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
0 shares 0%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 260,000 shares 2.5%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
0 shares 0%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
260,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
- 2 of 15 -
<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Management
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC, OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
484,000 shares 4.6%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
484,000 shares 4.6%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
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<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael J. Marocco
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
744,000 shares 7.1%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
744,000 shares 7.1%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
744,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
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<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John Kornreich
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
849,000 shares 8.1%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
849,000 shares 8.1%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
849,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
- 5 of 15 -
<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Harvey Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 41,000 shares 0.4%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
745,250 shares 7.1%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 41,000 shares 0.4%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
745,250 shares 7.1%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
786,250 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
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<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Andrew Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E)
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
744,000 shares 7.1%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
744,000 shares 7.1%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
744,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
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<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
J.K. Media, L.P.
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 105,000 shares 1.0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
0 shares 0%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 105,000 shares 1.0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
0 shares 0%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
105,000 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
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<PAGE>
CUSIP No. 387241102 13D
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Phyllis Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 1,250 shares 0.01%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
41,000 shares 0.4%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,250 shares 0.01%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
41,000 shares 0.4%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,250 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 15 -
<PAGE>
This statement, dated December 9, 1998, constitutes Amendment No. 3 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. 3 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 2. Identity and Background.
(a) Phyllis Sandler is the wife of Harvey Sandler.
(b) Address:
17591 Lake Estate Drive
Boca Raton, Florida 33496
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
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 J.K. Media and the general working capital of Harvey Sandler, and the
source of funds for the acquisition of the securities by Phyllis Sandler was the
general working capital of Phyllis Sandler.
The amount of funds used in acquiring the additional shares of Common Stock
is set forth below:
Number of Purchase
Shares Price
--------- ----------
Accounts Managed by SCM 56,000 $321,373
J.K. Media 31,000 $146,965
Harvey Sandler 41,000 $250,239
Phyllis Sandler 1,250 $ 7,490
ITEM 4. Purpose of Transaction.
Other than the reporting persons' purchase or sale of additional securities
of the Issuer, no reporting person has any present plan or proposal which would
relate to or result in any
- 10 of 15 -
<PAGE>
of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D
except as set forth herein.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 10,473,545 shares of Common Stock outstanding as reported by the
Issuer in its Form 10-Q for the quarter ended September 30, 1998) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of December 9, 1998:
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Sandler Capital Management 484,000 (1) 4.6%
Sandler Associates 260,000 (2) 2.5%
Michael J. Marocco 744,000 (1)(2)(3) 7.1%
John Kornreich 849,000 (1)(2)(3)(4) 8.1%
Harvey Sandler 786,250 (1)(2)(3)(5)(6) 7.5%
Andrew Sandler 744,000 (1)(2)(3) 7.1%
J.K. Media 105,000 (4) 1.0%
Phyllis Sandler 42,250 (3)(5)(6) 0.4%
(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 484,000 shares of
Common Stock, representing approximately 4.6% of the outstanding Common Stock.
Sandler Associates has sole power to vote and to dispose of 260,000 shares
of Common Stock, representing approximately 2.5% of the outstanding Common
Stock.
By virtue of being the sole shareholder of MJDM Corp. and a general partner
of Sandler Associates, Michael J. Marocco may be deemed to have shared power to
vote and to dispose of 744,000 shares of Common Stock, representing
approximately 7.1% 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
- --------
(1) Includes 484,000 shares of Common Stock held in accounts managed by
SCM.
(2) Includes 260,000 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 105,000 shares of Common Stock owned by J.K. Media.
(5) Includes 41,000 shares of Common Stock owned by Harvey Sandler.
(6) Includes 1,250 shares of Common Stock owned by Phyllis Sandler.
- 11 of 15 -
<PAGE>
and to dispose of 849,000 shares of Common Stock, representing approximately
8.1% of the outstanding Common Stock.
By virtue of being the sole shareholder of ARH Corp., a general partner of
Sandler Associates and the husband of Phyllis Sandler, Harvey Sandler may be
deemed to have shared power to vote and to dispose of 745,250 shares of Common
Stock, representing approximately 7.1% of the outstanding Common Stock. Harvey
Sandler has sole power to vote and to dispose of 41,000 shares of Common Stock,
representing approximately 0.4% of the outstanding Common Stock.
By virtue of being the sole shareholder of ALCR Corp. and a general partner
of Sandler Associates, Andrew Sandler may be deemed to have shared power to vote
and to dispose of 744,000 shares of Common Stock, representing approximately
7.1% of the outstanding Common Stock.
J.K. Media has sole power to vote and to dispose of 105,000 shares of
Common Stock, representing approximately 1.0% of the outstanding Common Stock.
By virtue of being the husband of Harvey Sandler, Phyllis Sandler may be
deemed to have shared power to vote and to dispose of 41,000 shares of Common
Stock, representing approximately 0.4% of the outstanding Common Stock. Phyllis
Sandler has sole power to vote and to dispose of 1,250 shares of Common Stock,
representing approximately 0.01% of the outstanding Common Stock.
(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 October 9, 1998 through December 9, 1998, inclusive:
- 12 of 15 -
<PAGE>
<TABLE>
<CAPTION>
Name Date Purchased (Sold) No. of Shares Price Per Share
- ---- --------------------- ------------- ---------------
<S> <C> <C> <C>
Sandler Capital Management 10/13/98 5,000 $4.3125
10/20/98 20,000 4.7656
10/29/98 1,000 5.6250
10/29/98 (8,000) 5.2500
11/09/98 30,000 6.6291
J.K. Media 10/20/98 20,000 4.7660
11/23/98 1,000 6.8000
Harvey Sandler 11/05/98 1,000 5.9370
11/06/98 3,000 6.4370
11/23/98 2,000 6.5620
11/24/98 2,000 6.5000
11/30/98 5,000 6.3750
11/30/98 5,000 6.3120
11/30/98 1,000 6.0620
12/01/98 4,000 6.0000
12/01/98 4,000 6.0620
12/02/98 1,000 5.9370
12/03/98 1,000 5.9370
12/08/98 4,000 5.8120
12/09/98 4,000 5.6870
12/09/98 4,000 5.8130
Phyllis Sandler 12/01/98 950 6.0000
12/01/98 300 5.9680
</TABLE>
All purchases and sales 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.
ITEM 7. Material to be Filed as Exhibits.
Exhibit B - Agreement, effective as of December 9, 1998, among the
reporting persons by which they have agreed to file this Schedule 13D and all
necessary amendments as required by Rule 13d-1(f).
- 13 of 15 -
<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: February 11, 1999
SANDLER ASSOCIATES
By: /s/ Michael J. Marocco
--------------------------
Name: Michael J. Marocco
Title: General Partner
/s/ Michael J. Marocco
--------------------------
Michael J. Marocco
/s/ John Kornreich
--------------------------
John Kornreich
/s/ Harvey Sandler
--------------------------
Harvey Sandler
/s/ Andrew Sandler
--------------------------
Andrew Sandler
/s/ Phyllis Sandler
--------------------------
Phyllis Sandler
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
--------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
J.K. MEDIA, L.P.
By: 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).
- 14 of 15 -
<PAGE>
Exhibit B
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per share, of Granite Broadcasting Corp. and
that this Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective
as of the 9th day of December, 1998.
SANDLER ASSOCIATES
By: /s/ Michael J. Marocco
--------------------------
Name: Michael J. Marocco
Title: General Partner
/s/ Michael J. Marocco
--------------------------
Michael J. Marocco
/s/ John Kornreich
--------------------------
John Kornreich
/s/ Harvey Sandler
--------------------------
Harvey Sandler
/s/ Andrew Sandler
--------------------------
Andrew Sandler
/s/ Phyllis Sandler
--------------------------
Phyllis Sandler
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
--------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
J.K. MEDIA, L.P.
By: John Kornreich
--------------------------
Name: John Kornreich
Title: General Partner
- 15 of 15 -
