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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): October 4, 1996
YOUNG BROADCASTING INC.
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(Exact name of registrant as specified in charter)
Delaware 0-25042 13-3339681
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(State or other juris- (Commission File Number) (IRS Employer
diction of incorporation Identification No.)
599 Lexington Avenue, New York 10022
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(Address of principal executive offices) (Zip Code)
(212) 754-7070
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On October 4, 1996, Young Broadcasting Inc., a Delaware
corporation (the "Company"), completed a registered public offering of
shares of the Company's Class A Common Stock, $.001 par value, which
shares were offered by the Company and certain selling stockholders of
the Company, as more fully described in the press release attached
hereto as Exhibit 1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
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99 Press Release dated October 4, 1996.
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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.
YOUNG BROADCASTING INC.
Date: October 4, 1996 By /s/ James A. Morgan
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- -- James A. Morgan,
Executive Vice President
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Exhibit Index
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Exhibit Title
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99 Press Release dated October 4, 1996
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For Immediate Release
YOUNG BROADCASTING COMPLETES STOCK OFFERING
October 4, 1996 (New York, NY) - Young Broadcasting Inc. (NASDAQ:YBTVA)
announced the completion of the public offering of 5,250,000 shares of Class A
Common Stock at $32.50 per share. Simultaneous with the sale, other Young
Broadcasting shareholders sold 2,111,398 shares of Class A Common Stock in a
secondary transaction at the same price. After these sales, Young Broadcasting's
public market float increases to 12,200,737 shares of Class A Common Stock. The
underwriting managers were Merrill Lynch & Co., Alex Brown & Sons, B.T.
Securities Corporation, Goldman Sachs & Co. and J.P. Morgan & Co.
Commenting on the sale, Vincent Young, Chairman of Young Broadcasting,
noted that, "with the completion of this offering the company is able to
maintain its debt to operating cash flow leverage below 5.7 times following the
acquisition of KCAL-TV in Los Angeles." In addition, Mr. Young stated that, "the
accompanying sale of secondary shares means that our market float is now
increased to over $400 million."
Young Broadcasting currently owns eleven television stations. Six are
affiliated with the ABC Television Network (WKRN-TV - Nashville, TN, WTEN-TV -
Albany, NY, WRIC-TV - Richmond, VA, WATE-TV - Knoxville, TN, WTVO-TV -Rockford,
IL, and WBAY-TV - Green Bay, WI), four affiliated with the CBS Television
Network (WLNS-TV - Lansing, MI, KLFY-TV - Lafayette, LA, WKBT-TV - La Crosse, WI
and KELO-TV - Sioux Falls, SD), and one affiliated with the NBC Television
Network (KWQC-TV- Davenport, IA). In addition, Young Broadcasting has agreed to
purchase KCAL-TV - Los Angeles, CA, the only independent VHF station in Los
Angeles.
Inquiries should be directed to Vincent Young, Chairman, or James Morgan,
Executive Vice President, 212-754-7070.
