<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
June 17, 1998
-------------
(Date of earliest event reported)
BET HOLDINGS, INC.
------------------
(Exact name of Registrant as specified in its charter)
Delaware 1-10880 52-1742995
- --------------------------------------------------------------------------------
(State of Incorporation) (Commission File No.) (IRS Employer
Identification No.)
One BET Plaza
1900 W Place, N.E.
Washington, D.C. 20018-1211
(Address of principal executive offices, including zip code)
(202) 608-2000
--------------
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On June 17, 1998 BET Holdings, Inc. (the "Company" or "BET") issued a
press release announcing that it has purchased a line of African American
romance novels known as Arabesque from Kensington Publishing Corporation, a New
York corporation. The Company purchased Arabesque for $11,000,000 in cash. The
Company has also secured the dramatic rights to the Arabesque books for possible
television film development.
The press release is attached hereto as Exhibit 99.1 and incorporated
herein by reference.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
EXHIBIT NUMBER
- --------------
99.1 Press Release of BET dated June 17, 1998.
<PAGE>
SIGNATURES
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.
BET HOLDINGS, INC.
Date: June 23, 1998 By: /s/ Debra L. Lee
-----------------------
Name: Debra L. Lee
Title: President and Chief
Operating Officer
<PAGE>
EXHIBIT INDEX
The following exhibits are attached hereto and incorporated by
reference:
99.1 Press Release of BET dated June 17, 1998.
<PAGE>
EXHIBIT 99.1
[BET HOLDINGS, INC. LETTERHEAD]
PRESS RELEASE
FOR IMMEDIATE RELEASE
BET HOLDINGS, INC. ACQUIRES ARABESQUE BOOKS
FROM KENSINGTON PUBLISHING
BET PURCHASES LARGEST BOOK LINE
OF AFRICAN AMERICAN ROMANCE NOVELS
TO FAMILY OF PUBLISHING INTERESTS
NEW YORK, NEW YORK (JUNE 17, 1998) Robert L. Johnson, Chairman and CEO of
BET Holdings, Inc. (BET) and Walter Zacharius, Chairman of Kensington Publishing
Corporation have announced BET's purchase of Arabesque, Kensington's line of
African-American romance novels. The sale, for an undisclosed amount, will
include the ongoing Arabesque publishing program of four new books each month,
an extensive lists of over 150 titles and the Arabesque Book Club. The
Arabesque Book Club is the fastest growing club in the Kensington group. BET
has also secured the dramatic rights to Arabesque Books for possible television
and film development.
"The strength of the BET brand name combined with Arabesque's reputation
for quality romance titles creates significant growth opportunities within the
African-American marketplace," said Debra Lee, President and COO of BET. "BET
has a unique opportunity to expand the Arabesque book line through BET media
properties which target black female consumers including the BET network, the
internet (MSBET), Heart & Soul, BET Weekend and Emerge magazines."
The acquisition of the Arabesque line offers BET an immediate presence in
the area of African-American book publishing. Since we started Arabesque in
1994, we've put a lot of care and effort into these books and their authors, and
we've made enormous inroads into this market," said Walter Zacherius, Chairman
of Kensington Publishing Corporation. "BET can further expand the line using
all of its media and publishing entities. The resources generated by the sale
gives us the flexibility to be even more creative, try new things and expand
into new markets."
<PAGE>
Kensington has plans to publish a line of English/Spanish language
romances, enhance its book titles in the alternative health field, and expand
its general romance publishing. Kensington will continue to be involved with
Arabesque and work closely with BET over the next year during this transition.
Kensington will continue to see and service its Arabesque line.
The line, which launched in July 1994, remains the only ongoing program of
African American romance novels from a major publisher. Among its many
successes, Arabesque has garnered extensive coverage in the New York Times,
Washington Post, Publishers Weekly, Quarterly Black Review, Essence, Ms. and
newspapers nationwide. Literary awards have been received from Waldenbooks,
Romantic Times, Affaire de Coeur magazines and romance writers associations.
In June 1997, nine of the top 50 titles on the Romance Bestseller List for
Ingram, one of the country's largest book distributors, were Arabesque novels.
The books have appeared regularly on "BlackBoard", the bestseller list of
African-American bookstores, and on best-seller lists of Library Journal, Ingram
and Waldenbooks.
Kensington Publishing Corporation is a privately held company. It is the
foremost American publisher of romance novels and the second largest romance
publisher worldwide. In addition to romance, the company is known for its
celebrity biographies, general and women's fiction, true crime, mysteries,
health and fitness books.
BET Holdings, Inc., is a multi-media entertainment company, publicly traded
on the New York Stock Exchange (NYSE:BTV) which owns and operates Black
Entertainment Television (BET). BET is the first and only national cable
network targeted primarily toward African American consumers and is currently
seen in 54 million cable households nationwide.
Recognized by Forbes magazine as one of "America's Best Small Companies",
BET Holdings, Inc. also owns and operates BET On Jazz: The Cable Jazz ChannelTM;
BET Movies/STARZ3; BET Action Pay Per View; BET InternationalTM; Emerge, BET
Weekend and Heart & Soul magazines; BET SoundStage and BET On Jazz Restaurants;
MSBET, an internet based joint venture with Microsoft Corporation; and a BET
branded visa card through BET Financial Services, a joint venture with Chevy
Chase Bank of Maryland.
<PAGE>
Recently, BET Holdings introduced a new men's clothing line called
EXSTO XXIV VII from BET Design Studio and opened a BET SoundStage Club at
Disney's Pleasure Island in Orlando, Florida as part of a joint venture with
Walt Disney.
###
Contact: Michele Moore, BET Corporate Communications 202/608-2003
Laura Shatzkin, Kensington 212/407-1523
