SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
To
SCHEDULE 13D
Under the Securities Exchange Act of 1934
SFX Broadcasting, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Class A Common Stock (par value $0.01 per share)
- --------------------------------------------------------------------------------
(Title of Class of Securities)
784174104
------------------------------------------------------
(CUSIP Number)
Paul A. Merolla, Esq.
Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004
(212) 902-1000
(Name, address and telephone number of person authorized
to receive notices and communications)
September 15, 1997
------------------------------------------------------
(Date of Event which requires Filing of this Statement)
If a filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
//
Page 1 of 8
<PAGE>
- --------------------
CUSIP NO. 784174104
- --------------------
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Goldman, Sachs & Co.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
See Item 3.
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[X]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES ----------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 649,574
EACH ----------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------------------------------------
10. SHARED DISPOSITIVE POWER
649,574
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
649,574
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
BD-PN-IA
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Page 2 of 8
<PAGE>
- --------------------
CUSIP NO. 784174104
- --------------------
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Goldman Sachs Group, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
See Item 3.
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES ----------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 689,574
EACH ----------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------------------------------------
10. SHARED DISPOSITIVE POWER
689,574
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
689,574
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
HC-PN
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Page 3 of 8
<PAGE>
AMENDMENT NO. 1 TO
SCHEDULE 13D
RELATING TO THE COMMON STOCK OF
SFX BROADCASTING, INC.
Goldman, Sachs & Co ("GS") and The Goldman Sachs Group, L.P. ("GS
Group" and, together with GS, the "Filing Persons") hereby amend this Statement
on Schedule 13D filed with respect to the Class A Common Stock, par value $.01
per share (the "Common Stock"), of SFX Broadcasting, Inc. a Delaware corporation
(the "Company").1
Item 2 is hereby amended and restated as follows:
Item 2. Identity and Background.
As of September 19, 1997, GS Group may be deemed to indirectly
beneficially own an aggregate of 689,574 shares of Common Stock.2 As of
September 19, 1997, GS, and GS Group indirectly, may be deemed to have owned
beneficially (i) an aggregate of 293,952 shares of Common Stock issuable upon
conversion of 267,545 shares of 6-1/2% Series D Cumulative Convertible
Exchangeable Preferred Stock (the "Preferred Stock") held through investment
accounts, (ii) 72 shares of Common Stock acquired in ordinary course trading
activities, and (iii) 1,250 shares of Common Stock held in client accounts with
respect to which GS or employees of GS have voting or investment discretion, or
both ("Managed Accounts"). GS and GS Group each disclaim beneficial ownership of
the shares of Common Stock held in Managed Accounts.
GS, a New York limited partnership, is an investment banking firm and a
member of the New York Stock Exchange, Inc. and other national exchanges. GS
Group, one of the general partners of GS, owns a 99% interest in GS. GS Group is
a Delaware limited partnership and holding partnership that engages (directly
and indirectly through subsidiaries or affiliated companies or both) in the
business of buying and selling securities, both foreign and domestic, and in
making investments on behalf of its partners. The other general partner of GS is
The Goldman, Sachs & Co. L.L.C., a Delaware limited liability company ("GS
L.L.C."), which is wholly-owned by GS Group and The Goldman Sachs Corporation, a
Delaware corporation ("GS Corp."). GS Corp. is the sole general
- ---------------
1Neither the present filing nor anything contained herein shall be construed as
an admission that any Filing Person constitutes a "person" for any purposes
other than Section 13 (d) of the Securities Exchange Act of 1934 or that the
Filing Person constitute a "group for any purpose."
2Certain shares of Common Stock indirectly beneficially owned by GS Group are
held by partnerships indirectly controlled by GS Group. Each partnership
beneficially owned less than 1% of the outstanding shares of Common Stock.
Page 4 of 8
<PAGE>
partner of GS Group. The principal business and office address of each Filing
Person, GS L.L.C. and GS Corp., is 85 Broad Street, New York, NY 10004.
The name, business address, present principal occupation or employment
and citizenship of each director and of each member of the Executive Committee
of GS Corp. and GS L.L.C. and of each member of the Executive Committee of GS
Group and GS are set forth in Schedule I hereto and are incorporated herein by
reference.
During the last five years, none of the Filing Persons, or, to the
knowledge of each of the Filing Persons, any of the persons listed on Schedule I
hereto, (i) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) except as set forth in Schedule II
to this Schedule 13D, has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws, or finding any violation with respect to such laws.
Item 3 is hereby amended and restated as follows:
Item 3. Source and Amount of Funds or Other Consideration.
As of September 19, 1997, GS held 649,574 shares of Common Stock
(including 293,952 shares of Common Stock obtainable upon the conversion of the
Preferred Stock) through various investment accounts, 72 shares of Common Stock
acquired in ordinary course trading activities and 1,250 shares of Common Stock
for Managed Accounts. All transactions that were effected from August 26, 1997
through September 19, 1997 are set forth on Schedule III hereto; all such
transactions were effected in the over-the-counter market. The aggregate
consideration for the purchases listed on Schedule III was $26,833,045.59. GS
purchased the Preferred Stock in the ordinary course of its business. The amount
of funds used by GS to purchase the Preferred Stock was $11,990,847.50.
As of September 19, 1997, GS Group may be deemed to beneficially own
689,574 shares of Common Stock, including the 649,574 shares of Common Stock
that may be deemed to be beneficially owned by Goldman, Sachs & Co. The funds
for 40,000 shares came from capital contributions and other funds from
partnerships which GS Group indirectly controls.
The funds used to purchase the shares of Common Stock for investment
accounts of GS was working capital. The funds used to purchase shares of Common
Stock for the Managed Accounts came from client funds.
None of the persons listed on Schedule I hereto has contributed any
funds or other consideration towards the purchase of the securities of the
Company, except
Page 5 of 8
<PAGE>
insofar as they may be general or limited partners of the partnerships
controlled by GS Group and made capital contributions to such partnerships.
Item 5 is hereby amended and restated as follows:
Item 5. Interest in Securities of the Issuer.
(a) As of September 19, 1997, GS may be deemed to have beneficially
owned an aggregate of 649, 574 shares of Common Stock, including (i) the 354,300
shares of Common Stock held through various investment accounts, (ii) the
293,952 shares of Common Stock issuable upon conversion of the Preferred Stock,
(iii) 72 shares of Common Stock acquired in ordinary course trading activities,
and (iv) the 1,250 shares of Common Stock held in Managed Accounts, representing
in the aggregate approximately 7.5% of the Common Stock reported to be
outstanding as of August 4, 1997 (as reported in the Company's Form 10-Q for the
quarter ended June 30, 1997 (the "Company's 10-Q")).
As of September 19, 1997, GS Group may be deemed to have beneficially
owned an aggregate of 689,574 shares of Common Stock, including (i) the 354,300
shares of Common Stock beneficially owned by GS and held through various
investment accounts, (ii) the 293,952 shares of Common Stock issuable upon
conversion of the Preferred Stock, (iii) 72 shares of Common Stock acquired in
ordinary course trading activities and (iv) the 1,250 shares of Common Stock
held in Managed Accounts, representing in the aggregate approximately 7.9% of
the shares of Common Stock reported to be outstanding as of August 4, 1997 (as
reported in the Company's 10-Q).1
GS Group and GS each disclaim beneficial ownership of the shares of
Common Stock held in Managed Accounts.
None of the persons listed in Schedule I beneficially owns any shares
of Common Stock as of September 19, 1997.
(b) Each Filing Person shares the power to vote or direct the vote
and to dispose or direct the disposition of shares of Common Stock beneficially
owned by such Filing Person as indicated in the second and third pages of this
filing.
- ---------------
1GS Group also indirectly owned 40,000 shares of Common Stock held by
partnerships indirectly controlled by GS Group.
Page 6 of 8
<PAGE>
(c) Except as set forth in Schedule III, no transactions in the
Common Stock were effected by the Filing Persons or, to their knowledge, any of
the persons listed on Schedule I hereto, between August 25, 1997 and September
19, 1997. Schedule III sets forth transactions in the Common Stock which have
been effected by GS during the period from August 26, 1997 through September 19,
1997. The purchases by GS set forth on Schedule III were made in the ordinary
course of business either for GS' own benefit or for the benefit of the Managed
Accounts. All of these transactions were effected in the over-the-counter
market.
(d) No other person is known by any Filing Person to have the right
to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, any shares of Common Stock beneficially owned by any Filing
Person.
(e) Not Applicable.
Page 7 of 8
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Dated: September 24, 1997
GOLDMAN, SACHS & CO.
By: /s/ Hans L. Reich
Name: Hans L. Reich
Title: Attorney-in-fact
THE GOLDMAN SACHS GROUP, L.P.
By: /s/ Hans L. Reich
Name: Hans L. Reich
Title: Attorney-in-fact
Page 8 of 8
<PAGE>
Schedule III
SFX Broadcasting, Inc.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cusip SECURITY DESCRIPTION PURCHASES SALES PRICE TRADE DATE SETTLEMENT DATE
- ----- -------------------- --------- ----- ----- ---------- ---------------
784174-10-4 SFX BROADCASTING INC. CL-A 4,000 73.875 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,600 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 6,000 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,300 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 7,100 73.875 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 6,100 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 17,900 74.0635 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,900 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 74.125 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 6,100 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 800 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 150 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74.125 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 17,900 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 73.9 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,900 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 4,810 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,100 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 17,900 74.0635 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 25,000 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.5 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 74.125 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 73.875 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 9,900 74.01563 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 700 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 74.0625 26-Aug-97 29-Aug-97
</TABLE>
Page 1
<PAGE>
Schedule III
SFX Broadcasting, Inc.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cusip SECURITY DESCRIPTION PURCHASES SALES PRICE TRADE DATE SETTLEMENT DATE
- ----- -------------------- --------- ----- ----- ---------- ---------------
784174-10-4 SFX BROADCASTING INC. CL-A 6,100 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,800 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,900 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 74.0625 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 450 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 400 73.875 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 400 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.875 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 60 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,290 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,000 74.01563 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 74 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.9375 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 74.0625 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.25 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 74.0625 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 250 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 74.0625 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 73.3125 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.9 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 15,000 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 9,000 74 27-Aug-97 2-Sep-97
</TABLE>
Page 2
<PAGE>
Schedule III
SFX Broadcasting, Inc.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cusip SECURITY DESCRIPTION PURCHASES SALES PRICE TRADE DATE SETTLEMENT DATE
- ----- -------------------- --------- ----- ----- ---------- ---------------
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 74 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 73.625 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 73.875 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 73.875 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 104 73.6875 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.625 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.625 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 73.9375 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 73.875 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.9375 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 25,000 73.9375 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.75 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 74 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,200 73.375 29-Aug-97 4-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.42 29-Aug-97 4-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 73.375 29-Aug-97 4-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 400 73.125 2-Sep-97 5-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 73.125 2-Sep-97 5-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 59 73.3125 2-Sep-97 5-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,500 73.375 3-Sep-97 8-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,900 73.3125 3-Sep-97 8-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,100 73.3125 3-Sep-97 8-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 73.125 3-Sep-97 8-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.375 3-Sep-97 8-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,400 73.1875 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 15,000 73.1875 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 7,500 73.25 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 800 73.125 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 6,500 73.1875 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.125 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,500 73.25 4-Sep-97 9-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.375 5-Sep-97 10-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 73.46875 8-Sep-97 11-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.375 8-Sep-97 11-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 73.5 8-Sep-97 11-Sep-97
</TABLE>
Page 3
<PAGE>
Schedule III
SFX Broadcasting, Inc.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cusip SECURITY DESCRIPTION PURCHASES SALES PRICE TRADE DATE SETTLEMENT DATE
- ----- -------------------- --------- ----- ----- ---------- ---------------
784174-10-4 SFX BROADCASTING INC. CL-A 100 73.25 9-Sep-97 12-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.4375 9-Sep-97 12-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 73.625 9-Sep-97 12-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 73.25 11-Sep-97 16-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 73.375 11-Sep-97 16-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 10,000 73.1875 12-Sep-97 17-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.125 12-Sep-97 17-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,800 73.125 12-Sep-97 17-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,000 73.25 12-Sep-97 17-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 400 73.125 15-Sep-97 18-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.125 15-Sep-97 18-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.125 15-Sep-97 18-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,800 73.1875 15-Sep-97 18-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 700 73.3125 16-Sep-97 19-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,700 73.25 16-Sep-97 19-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 73.1875 16-Sep-97 19-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 700 73.5 16-Sep-97 19-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74.375 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74.625 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,000 74 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 74.5 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.875 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 100 74.375 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 4,000 74.0625 17-Sep-97 22-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 200 74.75 18-Sep-97 23-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 400 74.375 19-Sep-97 24-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 600 74.25 19-Sep-97 24-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 74.125 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 74 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.75 28-Aug-97 3-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.9 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 5,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
</TABLE>
Page 4
<PAGE>
Schedule III
SFX Broadcasting, Inc.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cusip SECURITY DESCRIPTION PURCHASES SALES PRICE TRADE DATE SETTLEMENT DATE
- ----- -------------------- --------- ----- ----- ---------- ---------------
784174-10-4 SFX BROADCASTING INC. CL-A 500 73.5 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.5 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 3,500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,000 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 1,500 73.5 27-Aug-97 2-Sep-97
784174-10-4 SFX BROADCASTING INC. CL-A 2,000 73.9 26-Aug-97 29-Aug-97
784174-10-4 SFX BROADCASTING INC. CL-A 300 73.3125 27-Aug-97 2-Sep-97
784174-20-3 S F X BROADCASTING 6.50% SER D 10,800 81.5 15-Sep-97 18-Sep-97
784174-20-3 S F X BROADCASTING 6.50% SER D 12,980 81.5 15-Sep-97 18-Sep-97
784174-20-3 S F X BROADCASTING 6.50% SER D 4,900 81.5 15-Sep-97 18-Sep-97
784174-20-3 S F X BROADCASTING 6.50% SER D 6,630 81.5 15-Sep-97 18-Sep-97
784174-20-3 S F X BROADCASTING 6.50% SER D 1,200 82.0625 19-Sep-97 24-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 15,400 82.3 26-Aug-97 29-Aug-97
784174-50-0 S F X BROADCASTING 6.50% SER D 2,500 82.3 26-Aug-97 29-Aug-97
784174-50-0 S F X BROADCASTING 6.50% SER D 10,000 81.75 28-Aug-97 3-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 25,900 81.875 8-Sep-97 10-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 7,600 81.875 8-Sep-97 10-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 18,400 81.875 8-Sep-97 10-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 4,200 81.875 8-Sep-97 10-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 25,900 81.875 8-Sep-97 10-Sep-97
784174-50-0 S F X BROADCASTING 6.50% SER D 125 81.5 11-Sep-97 16-Sep-97
</TABLE>
Page 5
