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This Supplement relates to
the Prospectus of Odyssey
Pictures Corporation, dated
August 12, 1997, Registration
No. 333-20701, and is filed
under Rule 424(b)(3)
The proposed financing with Kinnevik Media Properties, Ltd., referenced
on the bottom of Page 27 of the Prospectus, was consummated on September 15,
1997, substantially in accordance with the terms described in the Prospectus.
On September 23, 1997, Mr. Yves Bayle was appointed as a Director of
the Company, to replace Mr. Lawrence Schneider, who resigned as Co-Chairman
and Director to pursue other non-media business interests. Mr. Bayle is a
member of the Executive Committee of Banque Colbert (Luxembourg) S.A., and a
non-executive director of a number of investment companies and funds. Prior
to joining the bank in 1989, Mr. Bayle spent a number of years with several
international banks located in Luxembourg.
