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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): March 20, 1998
THE HARVEY ENTERTAINMENT COMPANY
(Exact name of registrant as specified in charter)
California
(State or other jurisdiction
of incorporation or organization)
Commission File Number: 000-23000
95-4217605
(I.R.S. employer identification no.)
1999 Avenue of the Stars, Suite 2050
Los Angeles, California 90067
(Address of principal executive
offices, including zip code)
(310) 789-1990
(Registrant's telephone number,
including area code)
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Item 5. Other Events
On March 20, 1998, the Board of Directors (the "Board") of The Harvey
Entertainment Company (the "Company") voted not to renew the employment
agreements of the Company's Chief Executive Officer, Jeffrey A. Montgomery, and
the Company's Executive Vice President and Chief Financial Officer, Gregory M.
Yulish, due to expire on April 17, 1998, and appointed Anthony J. Scotti and
Michael S. Hope to be its interim Chief Executive Officer and Chief Financial
Officer, respectively. The attached press release provides further detail.
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THE HARVEY ENTERTAINMENT COMPANY RETAINS
ANTHONY J. SCOTTI AND MICHAEL S. HOPE
AS NEW SENIOR MANAGEMENT
LOS ANGELES, CA (March 23, 1998) -- The Harvey Entertainment Company (Nasdaq:
HRVY) announced that it has retained the services of Global Media Management
Group, LLC, a firm headed by Anthony J. Scotti and Michael S. Hope which is
engaged in managing and acquiring media properties throughout the world. Harvey
has elected Mr. Scotti to serve as Harvey's interim Chief Executive Officer and
President and elected Mr. Hope to serve as Harvey's interim Chief Financial
Officer. Global Media has also agreed to provide certain other management
personnel to the Company. The arrangement has been entered into for an initial
period of six months.
The Company further announced that the employment agreements of Jeffrey A.
Montgomery, Chief Executive Officer, and Gregory M. Yulish, Executive Vice
President and Chief Financial Officer will not be renewed after expiration on
April 17, 1998.
Anthony J. Scotti, Chairman of Global Media, has been a leading executive in the
entertainment industry for over 30 years. Most recently, Mr. Scotti served as
Chairman and Chief Executive Officer of All American Communications, Inc. Mr.
Scotti recently completed the sale of that firm to Pearson PLC. for a total
purchase price (including debt) of approximately $550 million. Mr. Scotti, the
founder of Scotti Brothers Entertainment, also has served as Chairman of the
Board of LIVE Entertainment Inc.
Michael S. Hope served as Executive Vice President of Metro Goldwyn-Mayer Inc.
from 1993 to 1997. At MGM, he was responsible for all financial and
administrative functions of the studio, and was jointly responsible for all
businesses outside the film and television production and distribution. Prior to
joining MGM, Mr. Hope was Executive Vice President, Planning and Operations and
Chief Financial Officer for Paramount Communications Inc. While at Paramount,
Mr. Hope shared the management of a three-phase restructuring that transformed a
$6.5 billion highly diversified conglomerate into a focused $3.5 billion
entertainment and publishing company.
The Harvey Entertainment Company is engaged in the management and exploitation
of its proprietary branded characters through merchandising and filmed
entertainment, which includes theatrical, home video and television. The Harvey
Classic Character Brands include Casper, The Friendly Ghost, Fatso, Stinkie and
Stretch (the Ghostly Trio), Richie Rich, Baby Huey, Hot Stuff, Little Audrey,
Wendy the Good Little Witch and many others. For more information on The Harvey
Entertainment Company, visit the Company's website at http://www.harvey.com.
This press release includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, the success of the Company's
expansion strategy and risks of the Company's merchandising, home video and
filmed entertainment activities, the management of growth, fluctuations in
quarterly and annual operating results, the release of filmed entertainment
products and other risks most recently in the section entitled "Factors Which
May Affect Future Results" in the Company's filings with the Securities and
Exchange Commission. Actual results may differ materially from management
expectations.
Contact:
David C. Collins,
Executive Vice President Jaffoni & Collins Incorporated
212/835-8500
[email protected]
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.
THE HARVEY ENTERTAINMENT COMPANY
By: /s/ Michael S. Hope
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Michael S. Hope, Interim Chief
Financial Officer
Date: March 26, 1998
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