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UNITED STATES
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): SEPTEMBER 10, 1997
PLATINUM ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-27852 36-3802328
(State or Other Jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.
2001 BUTTERFIELD ROAD, SUITE 1400, DOWNERS GROVE, ILLINOIS 60515
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (630) 769-0033
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ITEM 5. OTHER EVENTS.
On September 10, 1997, the Registrant issued the press release attached as
Exhibit 99.1 announcing termination of an agreement between the Registrant and
K-tel International, Inc. The information contained in this press release is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release of Registrant dated September 10, 1997.
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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.
PLATINUM ENTERTAINMENT, INC.
Dated: September 10, 1997 By: /s/ STEVEN DEVICK
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Steven Devick
Chairman of the Board and
Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT # ITEM
99.1 Press Release
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Contact: Douglas C. Laux
Chief Financial Officer
630-769-0033, ext: 234
PLATINUM ENTERTAINMENT, INC. TERMINATES K-TEL AGREEMENT
Downers Grove, IL - September 10, 1997 -- Platinum Entertainment, Inc.
(NASDAQ: PTET) today announced that it has terminated its agreement with
K-tel International, Inc. to acquire the K-tel music business. Platinum has
notified K-tel that it is terminating the agreement due to K-tel's breaches
of the agreement. K-tel also has notified Platinum that K-tel is terminating
the agreement due to the transaction failing to close within the period
required under the contract.
Steve Devick, Chairman and Chief Executive Officer of Platinum Entertainment,
said, "Although we feel that K-tel could have been a good strategic
acquisition, information which was recently provided to us by K-tel regarding
K-tel's operations and its plans to compete with Platinum led us to the
decision that it was in the best interest of our Company and our shareholders
to conclude that the closing of this transaction could not occur without a
significant amount of additional information. K-tel was not prepared at this
point to give Platinum additional time."
Platinum anticipates that Platinum and K-tel will dispute the causes for the
termination and the disposition of the $1,750,000 escrow deposit previously
escrowed by Platinum in connection with this transaction.
Platinum Entertainment, Inc. produces, licenses, acquires, markets and
distributes high quality recorded music for a variety of music formats.
Platinum and its wholly-owned subsidiaries currently produce music for the
Gospel, Classical/Themed, Adult Contemporary, Country, Blues and Urban/Dance
formats, primarily under the CGI Records, Intersound/Classical, River North
Records, Intersound/Country, House of Blues and Intersound/Urban labels.
Platinum's products include new releases, typically by artists established in
a particular format, as well as compilation and repackagings of previously
recorded music that enable Platinum to exploit its catalog of master
recordings.
