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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): September 29, 1997
Spanish Broadcasting System, Inc.
(Exact name of the Registrant as specified in charter)
Delaware
(State or other jurisdiction of incorporation)
33-82114 13-3827791
(Commission File Number) (IRS Employer Identification No.)
26 West 56th Street, New York, New York 10019
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (212) 541-9200
Not Applicable
(Former name or former address, if changed since last report)
See List of Additional Registrants
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PRIMARY
STANDARD I.R.S
STATE OR OTHER INDUSTRIAL EMPLOYER
JURISDICTION OF CLASSIFICATION IDENTIFICATION
NAME INCORPORATION NUMBER NUMBER
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<S> <C> <C> <C>
Spanish Broadcasting System, Inc.......................... New Jersey 4832 13-3181941
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Spanish Broadcasting System of California, Inc............ California 4832 92-3952357
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Spanish Broadcasting System of Florida, Inc............... Florida 4832 58-1700848
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Alarcon Holdings, Inc..................................... New York 6512 13-3475833
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Spanish Broadcasting System Network, Inc................. New York 4899 13-3511101
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SBS Promotions, Inc. New York 7999 13-3456128
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SBS of Greater New York, Inc.............................. New York 4832 13-3888732
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Spanish Broadcasting System of Illinois, Inc. ............ Delaware 4832 36-4174296
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Spanish Broadcasting System of Greater Miami, Inc ........ Delaware 4832 65-0774450
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Item 1. Changes in Control of the Company.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Disposition of Assets
On July 2, 1997, Spanish Broadcasting System, Inc., a Delaware
corporation (the "Company") entered into an asset purchase agreement with
One-On-One Sports, Inc., a Delaware corporation ("One-on-One") with respect to
the sale of substantially all of the assets owned and utilized in connection
with radio stations WXLX-AM, KXMG-AM and WCMQ-AM. On September 29, 1997, having
obtained the approval of the Federal Communications Commission ("FCC"), the
Company consummated the sale of the assets, certain liabilities (other than
potential environmental liabilities at the transmitter sites of WXLX-AM) and FCC
licenses of WXLX-AM and WCMQ-AM to One-On-One.
In consideration of the assets of radio stations WXLX-AM and
WCMQ-AM, One-on-One paid to the Company $26,000,000. The consideration paid on
the sale was determined through arms-length negotiations between the Company and
One-on-One.
The Company intends to use the net proceeds to pay for its
12.5% Senior Notes due 2002 ("Senior Notes") tendered in connection with the
Company's offer to purchase Senior Notes at 110% of the principal value thereof
in accordance with the terms of such Senior Notes, as modified by the Second
Supplemental Indenture dated as of March 21, 1997 between the Company and IBJ
Schroder Bank & Trust Company, as Trustee.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Company's Certifying Accountant.
Not Applicable.
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Item 5. Other Events.
Not Applicable.
Item 6. Resignation of Company's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
1. Asset Purchase Agreement dated as of July
2, 1997 between the Company and One-on-One
(incorporated by reference to Spanish
Broadcasting System Inc.'s Registration
Statement filed on Form S-4 (Reg. No.
333-26295)).
2. Amendment No. 1 to the Asset Purchase
Agreement (incorporated by reference to
Spanish Broadcasting System Inc.'s Post-
Effective Amendment No. 2 to the
Registration Statement on Form S-1 (Reg. No.
333-29449)).
Item 8. Change in Fiscal Year.
Not Applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, each of SPANISH BROADCASTING SYSTEM, INC., a Delaware
corporation, SPANISH BROADCASTING SYSTEM, INC., a New Jersey corporation,
SPANISH BROADCASTING SYSTEM OF FLORIDA, INC., SPANISH BROADCASTING SYSTEM
NETWORK, INC., SBS PROMOTIONS, INC., ALARCON HOLDINGS, INC., SBS OF GREATER NEW
YORK, INC., SPANISH BROADCASTING SYSTEM OF CALIFORNIA, INC., SPANISH
BROADCASTING SYSTEM OF ILLINOIS, INC. and SPANISH BROADCASTING SYSTEM OF GREATER
MIAMI, INC. has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized in the City of New York, New York as of
the 15th day of October, 1997.
SPANISH BROADCASTING SYSTEM, INC., a Delaware corporation
SPANISH BROADCASTING SYSTEM, INC., a New Jersey corporation
SPANISH BROADCASTING SYSTEM OF FLORIDA, INC.
SPANISH BROADCASTING SYSTEM NETWORK, INC.
SBS PROMOTIONS, INC.
ALARCON HOLDINGS, INC.
SBS OF GREATER NEW YORK, INC.
SPANISH BROADCASTING SYSTEM OF CALIFORNIA, INC.
SPANISH BROADCASTING SYSTEM OF ILLINOIS, INC.
SPANISH BROADCASTING SYSTEM OF GREATER MIAMI, INC.
By: /s/ Joseph A. Garcia
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Joseph A. Garcia,
Vice President
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