SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
AMERICAN MEDIA, INC.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
02744L100
(CUSIP Number)
* 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 the disclosure 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 ("Act") 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).
<PAGE>
CUSIP No. 02744L100
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Donald A. Yacktman
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5 SOLE VOTING POWER
NUMBER OF
-0-
SHARES
6 SHARED VOTING POWER
BENEFICIALLY
204,000 (see footnote 1)
OWNED BY
7 SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING
PERSON
8 SHARED DISPOSITIVE POWER
WITH
1,484,500 (see footnote 1)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,484,500
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [_]
Not Applicable
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.84% (see footnote 2)
12 TYPE OF REPORTING PERSON
IN
1 Represents shares beneficially owned by Yacktman Asset
Management Co.; the undersigned holds 100% of the outstanding
shares of capital stock of Yacktman Asset Management Co.
2 Based upon an aggregate of 21,711,000 shares outstanding at
September 29, 1997.
<PAGE>
CUSIP No. 02744L100
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Yacktman Funds, Inc. - 36-3831621
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
5 SOLE VOTING POWER
NUMBER OF
6 SHARED VOTING POWER
1,200,000
SHARES
-0-
BENEFICIALLY
7 SOLE DISPOSITIVE POWER
OWNED BY
-0-
EACH
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON -0-
WITH
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,200,000
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [_]
Not Applicable
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.53% (see footnote 1)
12 TYPE OF REPORTING PERSON
IV
1 Based upon an aggregate of 21,711,000 shares outstanding at
September 29, 1997.
<PAGE>
CUSIP No. 02744L100
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Yacktman Asset Management Co. - 36-3780592
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
N/A
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
5 SOLE VOTING POWER
NUMBER OF
204,000
SHARES
6 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
7 SOLE DISPOSITIVE POWER
EACH
1,484,500
REPORTING
PERSON
8 SHARED DISPOSITIVE POWER
WITH
-0-
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,484,500
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [_]
Not Applicable
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.84% (see footnote 1)
12 TYPE OF REPORTING PERSON
IA
1 Based upon an aggregate of 21,711,000 shares outstanding at
September 29, 1997.
<PAGE>
This Amendment No. 1 to the undersigned's Schedule 13G, which
was originally filed on February 14, 1997 (the "Schedule 13G") with regard
to American Media, Inc. (the "Issuer") is being filed to amend Items 2(a)-
(c), 3, 4 and 6 of the Schedule 13G. Except as expressly stated herein,
there have been no material changes in the information set forth in the
Schedule 13G.
Item 2(a). Name of Person Filing:
The filers of this Schedule 13G are: (i) Donald A. Yacktman ("Yacktman");
(ii) The Yacktman Funds, Inc. ("The Yacktman Funds"), an investment
company registered under the Investment Company Act of 1940; and (iii)
Yacktman Asset Management Co. ("Yacktman Asset Management"), an investment
adviser registered under Section 203 of the Investment Advisers Act of
1940. Yacktman holds 100% of the outstanding shares of capital stock of
Yacktman Asset Management. Attached as Exhibit 1 hereto is an agreement
among Yacktman, The Yacktman Funds and Yacktman Asset Management that this
Schedule 13G is filed on behalf of each of them.
Item 2(b). Address of Principal Business Office or, if none,
Residence:
(for each of Yacktman, The Yacktman Funds and Yacktman Asset Management)
303 West Madison Street
Suite 1925
Chicago, Illinois 60606
Item 2(c). Citizenship:
Yacktman is a United States citizen.
The Yacktman Funds is a Maryland corporation.
Yacktman Asset Management is an Illinois corporation.
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-
2(b), check whether the person filing is a:
[ ] Broker or Dealer registered under Section 15 of the Act
[ ] Bank as defined in Section 3(a)(6) of the Act
[ ] Insurance Company as defined in Section 3(a)(19) of the Act
[X] Investment Company registered under Section 8 of the Investment
Company Act (as to The Yacktman Funds)
[X] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940 (as to Yacktman Asset
Management)
[ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund
[X] Parent Holding Company (as to Yacktman)
[ ] Group
[ ] N/A
Item 4. Ownership.
Donald A. Yacktman
(a) Amount Beneficially Owned: 1,484,500
(b) Percent of Class: 6.84%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: -0-
(ii) shared power to vote or to direct the vote: 204,000
(iii) sole power to dispose or to direct the
disposition of: -0-
(iv) shared power to dispose or to direct the
disposition of: 1,484,500
The Yacktman Funds, Inc.
(a) Amount Beneficially Owned: 1,200,000
(b) Percent of Class: 5.53%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 1,200,000
(ii) shared power to vote or to direct the vote: -0-
(iii) sole power to dispose or to direct the
disposition of: -0-
(iv) shared power to dispose or to direct the
disposition of: -0-
Yacktman Asset Management Co.
(a) Amount Beneficially Owned: 1,484,500
(b) Percent of Class: 6.84%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 204,000
(ii) shared power to vote or to direct the vote: -0-
(iii) sole power to dispose or to direct the
disposition of: 1,484,500
(iv) shared power to dispose or to direct the
disposition of: -0-
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
All securities reported on this Schedule are owned by investment
advisory clients of Yacktman Asset Management Co. To its
knowledge, only one such client, The Yacktman Funds, Inc., a
registered investment company, owns in excess of 5.0% of the
shares of Class A Common Stock.
Item 10. Certification.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
February 5, 1998
Date
/s/ Donald A. Yacktman
Donald A. Yacktman
THE YACKTMAN FUNDS, INC.
By: /s/ Donald A. Yacktman
Donald A. Yacktman
President
YACKTMAN ASSET MANAGEMENT CO.
By: /s/ Donald A. Yacktman
Donald A. Yacktman
President
EXHIBIT 1
AGREEMENT dated as of February 5, 1998, by and among Donald A.
Yacktman ("Yacktman"), Yacktman Asset Management Co., an Illinois
corporation ("Yacktman Asset Management") and The Yacktman Funds, Inc., a
Maryland corporation (the "Yacktman Funds").
WHEREAS, in accordance with Rule 13d-1(f) of the Securities
Exchange Act of 1934 (the "Act"), only one such statement need be filed
whenever two or more persons are required to file a statement pursuant to
Section 13(d) of the Act with respect to the same securities, provided
that said persons agree in writing that such statement is filed on behalf
of each of them.
NOW, THEREFORE, in consideration of the premises and mutual
agreements herein contained, the parties hereto agree as follows:
Each of Yacktman, Yacktman Asset Management and The Yacktman
Funds hereby agree, in accordance with Rule 13d-1(f) under the Act, to
file one Statement on Schedule 13G relating to their ownership of the
Common Stock of American Media, Inc. and hereby further agree that said
Statement shall be filed on behalf of each of Yacktman, Yacktman Asset
Management and The Yacktman Funds. Nothing herein shall be deemed to be
an admission that the parties hereto, or any of them, are members of a
"group" (within the meaning of Section 13(d) of the Act and the rules
promulgated thereunder) with respect to any securities of American Media,
Inc.
IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first written above.
/s/ Donald A. Yacktman
Donald A. Yacktman
THE YACKTMAN FUNDS, INC.
By: /s/ Donald A. Yacktman
Donald A. Yacktman
President
YACKTMAN ASSET MANAGEMENT CO.
By: /s/ Donald A. Yacktman
Donald A. Yacktman
President