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
Date of Report: July 30, 1996
Date of Earliest Event Reported: July 30, 1996
CHILDREN'S BROADCASTING CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota 0-21534 41-1663712
(State or other jurisdiction (Commission File No.) (IRS Employer ID No.)
of incorporation)
724 First Street North, Minneapolis, Minnesota 55401
(Address of principal executive offices)
(612) 338-3300
(Registrant's telephone number, including area code)
Item 5. Other Events.
(a) Reference is made to the Press Release issued to the public by the
registrant on July 30, 1996, the text of which is attached hereto as an exhibit,
for a description of the events reported pursuant to this Form 8-K.
(b) Reference is made to the cautionary statements of the Registrant
filed on Form 8-K on July 3, 1996.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99 Press Release dated July 30, 1996.
SIGNATURE
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.
Dated: July 30, 1996 CHILDREN'S BROADCASTING CORPORATION
BY: /s/ James G. Gilbertson
James G. Gilbertson
Chief Operating Officer, Chief Financial
Officer and Treasurer
NEWS
CONTACT:
Christopher T. Dahl, President & CEO, CBC
Joy Plaschko, Media Relations Manager, CBC, 612-330-9524
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FOR IMMEDIATE RELEASE
July 30, 1996
CHILDREN'S BROADCASTING CORPORATION ANNOUNCES
TERMINATION OF AGREEMENT WITH ABC RADIO NETWORKS
MINNEAPOLIS -- Children's Broadcasting Corporation (CBC, Nasdaq NM:
AAHS) today announced that ABC Radio Networks, Inc. (ABC) has terminated its
operations agreement with CBC. The agreement had provided for the provision of
various services by ABC in connection with the sale of CBC national advertising,
CBC affiliate development, research, marketing and promotion.
Christopher T. Dahl, president of CBC, in commenting on the
termination, stated: "We believe the agreement with ABC, which has indicated it
intends to independently examine opportunities in children's radio, presented a
potential conflict for ABC/Disney."
Also, CBC announced on July 26, that it had engaged Southcoast Capital
Corporation to assist in seeking strategic partners to maximize shareholder
value. The Company currently has 5,629,858 shares of Common Stock outstanding,
exclusive of warrants and options. The Company owns ten radio stations which had
an acquisition cost of $23 million, but which CBC believes to have a
significantly higher value currently, due to station improvements, appreciation
of radio station values in general and other factors.
CBC's Radio AAHS(R) format, which is broadcast via satellite from its
flagship station WWTC-AM in Minneapolis, is available to approximately 40
percent of the country including availability through pending station
acquisitions in Philadelphia and Chicago. Radio AAHS(R) has an affiliated
network of 30 stations across the country, including company owned or operated
stations in New York, Los Angeles, Dallas, Detroit, Minneapolis, Denver and
Kansas City.
-MORE-
CBC ANNOUNCES TERMINATION OF ABC AGREEMENT--ADD 1
Children's Broadcasting Corporation is an award-winning programming mix
of music, news, stories and games, produced and distributed for children age 12
and under and their parents. It is the only live, 24-hour radio network for
children and their families in the United States providing programming that
includes shows from Disneyland, Walt Disney World and "What's Up? with Evan
Roberts" from Long Island, NY. Radio AAHS(R) multimedia include: a web site at
http://www.radio-aahs.com; an interactive phone system at 1-800-552-2470; and
soon, an Internet presence with real-time Radio AAHS(R) audio through NetRadio
at http://www.netradio.net.
