Page 1 of 11 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
AMERICAN RADIO SYSTEMS CORPORATION
-----------------------------------------------------
(Name of Issuer)
CLASS A
-----------------------------------------------------
(Title of Class of Securities)
029161106
-----------------------------------------------------
(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)
-----------------------------------------------------
(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 Number 1 to Schedule 13D (continued)
CUSIP No. 029161106 Page 2 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 180,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,896,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 180,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,896,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,116,020
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 1 to Schedule 13D (continued)
CUSIP No. 029161106 Page 3 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,574,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,574,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,028,420
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 1 to Schedule 13D (continued)
CUSIP No. 029161106 Page 4 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 180,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 322,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 180,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
322,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,087,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 1 to Schedule 13D (continued)
CUSIP No. 029161106 Page 5 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,375,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,375,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,110,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment No. 1 to Schedule 13D (continued)
CUSIP No. 029161106 Page 6 of 11 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 180,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,896,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 180,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,896,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,116,020
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Page 7 of 11 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
American Radio Systems Corporation
(b) Address of Issuer's Principal Executive Offices:
116 Huntington Avenue
Boston, MA 02116
(c) Title and Class of Securities:
Class A
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ("BCG")
BAMCO, Inc. ("BAMCO")
Baron Capital Management, Inc. ("BCM")
Baron Asset Fund ("BAF")
Ronald Baron
(b) Business Address:
767 Fifth Avenue
24th Floor
New York, NY 10153
(c) Present Principal Employment:
BCG: Holding company
BAMCO: Investment adviser
BAF: Investment company
Ronald Baron: President: BCG, BCM, BAMCO
767 Fifth Avenue
24th Floor
New York, NY 10153
(d) Record of Convictions:
During the last five years, Filing Persons were not convicted
In a criminal proceeding (excluding traffic violations or
similar misdemeanors.)
(e) Record of Civil Proceedings:
During the last five years, Filing Persons were not 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 such
activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship:
BCG, BAMCO and BCM are New York corporations. Ronald Baron
is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration
In addition to common shares, Filing Persons are reporting
preferred shares that convert into common, listed options, over-
the-counter options and equity swap transactions, all on a
converted or exercised basis. The common stock attributed to the
Over-the-Counter options ("OTC Shares") are through Goldman, Sachs
as European options pursuant to a standard agreement. The common
stock attributed to the swaps ("Swap Shares") are through Lehman
Brothers pursuant to a standard ISDA agreement. BAMCO directed the
purchase of 1,903,420 shares of the issuer for its investment
advisory clients for an aggregate purchase price of $60,112,384
and 145,000 shares attributed to listed options with an option
purchase price (1,450 options) of $837,162(with regard to the
165,000 OTC Shares and 1,815,000 Swap Shares the price will be
determined at time of execution). Of those shares, 1,610,300 shares
were purchased for the account of BAF, for a total purchase price
of $50,640,672 (with regard to the 1,500,000 Swap Shares the price
will be determined at time of execution). BCM directed the purchase
of 322,600 shares of the issuer for its investment advisory clients
for an aggregate purchase price of $9,654,100 and 65,000 shares
<PAGE>
Page 8 of 11 Pages
attributed to listed options with an option purchase price (650
options) of $423,130(with regard to the 35,000 OTC Shares and
the 35,000 Swap Shares, the price will be determined at the time
of execution.) BCM also directed the purchase of 180,000 shares
for an investment partnership for an aggregate purchase price of
$4,677,823 (with regard to the 300,000 OTC Shares and the 150,000
Swap Shares for two investment partnerships the price will be
determined at the time of execution.) The shares (to the extent
the purchases have been consummated) were paid for by cash assets
in the respective clients' accounts and by margin borrowings for
the account of one BCM client pursuant to standard margin
agreements with Spear, Leeds & Kellogg.
Item 4. Purpose of Transaction
The securities referred to herein were acquired in the ordinary
course of business and were not acquired for the purpose of and
do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purposes
or effect. Filing Persons reserve the right to discuss management
and other proposals with other persons.
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 5,116,020 20.5%*
BAMCO: 4,028,420 16.1%*
BCM: 1,087,600 4.4%*
BAF: 3,110,300 12.5%
Ronald Baron: 5,116,020 20.5%*
*Disclaims beneficial ownership of these shares
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG*: 180,000
BAMCO*: 0
BCM*: 180,000
BAF: 0
Ronald Baron*: 180,000
(ii) shared power to vote or direct the vote:
BCG*: 1,896,600
BAMCO*: 1,574,000
BCM*: 322,600
BAF: 1,375,000
Ronald Baron*: 1,896,600
(iii) sole power to dispose or to direct the disposition:
BCG*: 180,000
BAMCO*: 0
BCM*: 180,000
BAF: 0
Ronald Baron*: 180,000
(iv) shared power to dispose or direct the disposition:
BCG*: 1,896,600
BAMCO*: 1,574,000
BCM*: 322,600
BAF: 1,375,000
Ronald Baron*: 1,896,600
*Reporting Persons may be deemed to share power to vote and dispose
of shares referred to herein as a result of control relationships
(BCG and Ronald Baron with respect to all of the shares; BAMCO with
respect to the BAF shares) and pursuant to investment advisory
relationships with advisory clients. The shares reported above for
sole power are attributable to investment partnerships for which BCM
and Ronald Baron serve as general partners. Reporting Persons have no
current power to vote the OTC Shares or the Swap Shares and may not
be able to currently convert those shares.
<PAGE>
Page 9 of 11 Pages
(c) A schedule of transactions effected in the last sixty days is
attached hereto.
(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.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
By virtue of their investment advisory agreements with their
clients, BCM and BAMCO have been given the discretion to dispose
or direct the disposition of the securities in the advisory
accounts. All such agreements are, however, revocable. The
advisory agreements for the Baron Funds have been approved by their
Board of Trustees. The agreements of the Baron Funds are filed as
exhibit 99 to Form N1-A for Baron Asset Fund and are incorporated
by reference herein. All the advisory agreements are pursuant
to a standard form.
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: January 14, 1998
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc. and
Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, President
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Page 11 of 11 Pages
Transaction Schedule
From 11-14-97 To 01-14-98
Exec.
Date Acct Trans Qty Symbol Price
- -------- ---- ----- ----- -------- ---------
11-14-97 bcm sl 20000 afm 48.8125
11-18-97 bcm sl 100 afm 49.5625
11-18-97 bcm sl 500 afm 49.5465
11-19-97 bcm sl 600 afm 49.5625
11-19-97 bcm sl 200 afm 49.4750
11-19-97 bcm sl 2500 afm 49.4750
11-19-97 bcm sl 1500 afm 49.5625
11-19-97 bcm sl 300 afm 49.4750
11-19-97 bcm sl 1800 afm 49.5000
11-19-97 bcm sl 1200 afm 49.4479
11-19-97 bcm sl 2000 afm 49.4750
11-20-97 bcm sl 2800 afm 49.5130
11-20-97 bcm sl 200 afm 49.5130
11-20-97 bcm sl 600 afm 49.5130
11-20-97 bcm sl 2000 afm 49.5130
11-20-97 bcm sl 4000 afm 49.5130
11-25-97 bcm sl 100 afm 49.5000
11-25-97 bcm sl 1200 afm 49.5271
11-25-97 bcm sl 1000 afm 49.5271
11-25-97 bcm sl 400 afm 49.5488
12-01-97 bcm sl 3500 afm 49.8125
12-01-97 bcm sl 400 afm 49.7500
12-03-97 bcm sl 600 afm 50.4983
12-05-97 bcm sl 400 afm 51.8732
12-08-97 bcm sl 300 afm 51.9983
12-10-97 bcm sl 10000 afm 51.5625
12-11-97 bcm sl 5000 afm 51.3281
12-11-97 bcm sl 3000 afm 51.3281
12-12-97 bgi sl 1000 afm 51.6250
12-17-97 bcm sl 4000 afm 51.8281
12-19-97 bsc by 600 afm call 3.9583
12-19-97 bsc by 200 afm call 8.6250
12-22-97 bcm by 400 afm call 4.9063
12-22-97 bcm by 250 afm call 9.0625
12-22-97 bsc by 400 afm call 4.9063
12-22-97 bsc by 250 afm call 9.0625
12-31-97 baf by 20000 afm 53.2500
12-31-97 bcm by 350 afm otc -----
12-31-97 bcp by 1500 afm otc -----
12-31-97 bip by 1500 afm otc -----
12-31-97 bsc by 1650 afm otc -----
01-08-98 baf by 500000 afm swap -----
01-08-98 bcm by 35000 afm swap -----
01-08-98 bcp by 150000 afm swap -----
01-08-98 bgi by 165000 afm swap -----
01-08-98 bsc by 150000 afm swap -----
01-14-98 baf by 1000000 afm swap -----
