Page 1 of 6 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)*
HEFTEL BROADCASTING CORPORATION
-----------------------------------------------------
(Name of Issuer)
CLASS A
-----------------------------------------------------
(Title of Class of Securities)
422799106
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(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 24th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 5, 1997
-----------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the 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 [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SEC 1746 (12-91)<PAGE>
<PAGE>
Amendment No. 1 to Schedule 13D (continued)
CUSIP No. 422799106 Page 2 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 20,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,879,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 20,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,879,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,899,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Page 3 of 6 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
Heftel Broadcasting Corporation
(b) Address of Issuer's Principal Executive Offices:
6767 West Tropicana Avenue
Las Vegas, NV 89603
(c) Title and Class of Securities:
Class A
Item 2. Identity and Background
(a) Name:
Ronald Baron
(b) Business Address:
767 Fifth Avenue
24th Floor
New York, NY 10153
(c) Present Principal Employment:
President: Baron Capital Management, Inc., BAMCO, Inc.,
Baron Capital, Inc.
767 Fifth Avenue
24th Floor
New York, NY 10153
(d) Record of Convictions:
No material change.
(e) Record of Civil Proceedings:
No material change.
(f) Citizenship:
Reporting Person is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration
Reporting Person owns no shares of the issuer directly.
As General Partner of Baron Investment Partners, L.P.,
an investment partnership, ("BIP"), Ronald Baron directed
the purchase of 20,000 shares for the account of BIP for an
aggregate purchase price of $541,139. Those shares were paid
for by cash assets in BIP's account and by margin borrowings
pursuant to the standard margin agreement of Spear, Leeds &
Kellogg. An additional 1,764,300 shares were purchased for an
aggregate purchase price of $61,356,396 for the accounts of two
investment companies registered under the Investment Company
Act of 1940, Baron Asset Fund and Baron Growth & Income Fund,
(the "Baron Funds"), which are advised by BAMCO, Inc. ("BAMCO"),
a registered investment adviser which is controlled by Ronald Baron.
An additional 115,000 shares were purchased for an aggregate
purchase price of $3,934,135 for the accounts of investment
advisory clients of Baron Capital Management, Inc. ("BCM") a
registered investment adviser controlled by Ronald Baron. All of
those shares were paid for by cash in the accounts of the
investment companies and advisory clients.
Item 4. Purpose of Transaction
No material change.
<PAGE>
Page 4 of 6 Pages
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
Reporting Person: (i)1,879,300 shares in his capacity as a
controlling person of BAMCO and BCM. Reporting Person disclaims
that he is the beneficial owner of these shares. (ii) 20,000
shares in his capacity as General Partner of BIP.
(iii) no shares personally.
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
20,000
(ii) shared power to vote or direct the vote:
1,879,300
(iii) sole power to dispose or to direct the disposition:
20,000
(iv) shared power to dispose or direct the disposition:
1,879,300
Reporting Person may be deemed to share power to vote and
dispose of shares referred to herein as a result of his
control of the investment advisers for whose advisory clients
he is reporting. He may be deemed to have sole power to vote
and direct the disposition of the shares referred to above to
by reason of being a general partner of the Partnerships.
(c) A schedule of transactions effected in the last sixty days
is attached hereto. The decrease in the percentage of shares
reported is due to increased Issuer capitalization.
(d) Ownership of More than Five Percent on Behalf of Another Person:
The investment advisory clients have the right to receive the
dividends from, or the proceeds from the sale of the securities
in their respective accounts. To the best of Reporting Person's
knowledge, no person has such interest relating to more than 5%
of the outstanding class of securities, except that Baron Asset
Fund owns 1,614,300 (9.86%) of the shares reported herein.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
No material change.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 60 days of trading.
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.
Date: February 6, 1997
/s/ Ronald Baron
_______________________________________
Ronald Baron
Transaction Schedule
From 12-05-96 To 02-05-97
Acct Exec.
Date ID Acvty Qty Price
- -------- ---- ----- ----- ---------
12-05-96 baf by 5,000 32.3750
12-05-96 baf by 10,000 33.5000
12-05-96 bcm4 by 5,000 32.3750
12-05-96 bcm4 by 5,000 33.5000
12-09-96 bcm4 by 2,500 32.5000
12-27-96 bcm4 by 2,500 31.0000
01-02-97 baf by 5,000 31.5000
01-13-97 baf by 1,000 39.1250
01-30-97 baf by 19,000 40.5804
01-30-97 bcm4 by 2,000 40.5804
01-31-97 baf by 44,000 38.9375
01-31-97 bcm4 by 1,000 38.9375
02-03-97 baf by 300 38.0000
02-05-97 baf by 3,000 38.5000
02-05-97 baf by 10,000 41.1250
02-05-97 baf by 40,000 41.3213
02-05-97 baf by 220,000 41.3949
02-05-97 baf by 320,000 41.3984
02-05-97 baf by 20,000 41.8125
02-05-97 baf by 175,000 38.5000
02-05-97 baf by 17,000 41.1250
