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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: November 12, 1996
DATE OF EARLIEST EVENT REPORTED: November 8, 1996
CHILDREN'S BROADCASTING CORPORATION
(Exact name of registrant as specified in its charter)
MINNESOTA 0-21534 41-1663712
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(State or other (Commission File No.) (IRS Employer ID No.)
jurisdiction
of incorporation)
724 FIRST STREET NORTH, MINNEAPOLIS, MINNESOTA 55401
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(Address of principal executive offices)
(612) 338-3300
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
(a) Reference is made to the Press Release issued to the public by the
Registrant on November 8, 1996, and attached hereto as an exhibit, relating to
the Company signing a commitment letter for a $15 million loan from Foothill
Capital Corporation.
(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 November 8, 1996.
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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: November 12, 1996 CHILDREN'S BROADCASTING CORPORATION
BY: /s/ James G. Gilbertson
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James G. Gilbertson
Chief Operating Officer, Chief
Financial Officer and Treasurer
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Exhibit 99
NEWS
CONTACT: Joy Plaschko, Media Relations Manager,
CBC, 612-330-9524
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FOR IMMEDIATE RELEASE
November 8, 1996
CHILDREN'S BROADCASTING SECURES
$15 MILLION FINANCING COMMITMENT
MINNEAPOLIS -- Children's Broadcasting Corporation (CBC, Nasdaq NM: AAHS)
announced today that it has signed a commitment letter for a $15 million loan
from Foothill Capital Corporation, (a Norwest Company), Los Angeles. The loan
will be secured by the assets of the company.
The loan will provide CBC with working capital and cash for the acquisition
of more radio stations to grow the Radio AAHS-Registered Trademark- distribution
system. As working capital, the money will enhance the marketing and sales
efforts that CBC has recently re-established in-house.
Closing on the financing transaction is expected to occur in November 1996,
but is subject to customary closing conditions.
Children's Broadcasting Corporation's Radio AAHS-Registered Trademark- is
an award-winning radio programming mix of music, news, stories and games,
produced and distributed for children age 12 and under and their parents. The
Company's Radio AAHS-Registered Trademark- format, which is broadcast via
satellite from its flagship station WWTC-AM in Minneapolis is available to
approximately 40 percent of the country. Radio AAHS-Registered Trademark- has
an affiliated network of stations across the country, including company owned
or operated stations that serve the markets of: New York, Los Angeles,
Philadelphia, Detroit, Dallas, Minneapolis, Kansas City, and Denver, with a
pending acquisitions in Chicago. It is the only live, 24-hour radio network for
children and their families in the United States providing programming that
includes shows from Universal Studios Hollywood, Universal Studios Orlando and
"What's Up? with Evan Roberts," from Long Island, NY. CBC's Radio
AAHS-Registered Trademark- is a multi-media product that includes the Radio
AAHS-Registered Trademark- website, now accessible at
http://www.netradioaahs.net and the Radio AAHS-Registered Trademark- interactive
phone system number is 1-800-522-2470.
