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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 (DATE OF EARLIEST EVENT REPORTED): January 6, 1998
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 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)
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ITEM 5. OTHER EVENTS.
(a) Reference is made to the Press Release issued to the public by the
Registrant on January 7, 1998, and attached hereto as an exhibit, relating to
the Company's shareholders approving the sale of all of the Company's owned and
operated radio stations to Global Broadcasting Company, Inc. for $72.5 million
in cash (subject to adjustment).
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
99 Press Release dated January 7, 1998.
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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: January 7, 1998 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
CHILDREN'S BROADCASTING RECEIVES SHAREHOLDER
APPROVAL FOR SALE OF RADIO STATIONS
TO GLOBAL BROADCASTING FOR $72.5 MILLION
MINNEAPOLIS, MN, JAN. 7 -- Children's Broadcasting Corporation (CBC, Nasdaq
National Market: AAHS) announced today that, at its Special Meeting of
Shareholders held yesterday, CBC shareholders voted to approve the sale of all
of the Company's owned and operated radio stations to Global Broadcasting for
approximately $72.5 million in cash.
Christopher T. Dahl, Chairman and CEO of CBC, said that, "All requirements
have now been met and we look forward to closing the sale of the stations later
this month."
