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): May 27, 1997
STORER COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-3872 59-2638096
(State or other (Commission file (IRS employer
jurisdiction of number) identification
incorporation) no.)
1500 Market Street, Philadelphia, PA 19102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 665-1700
ITEM 5. OTHER EVENTS.
On May 27, 1997, Comcast Corporation announced that its wholly owned
subsidiary, Storer Communications, Inc. has elected to redeem all of its
outstanding 10% Subordinated Debentures Due May 15, 2003 (the "Debentures").
Attached hereto as Exhibit (1) is a copy of the Press Release from
Comcast Corporation issued in connection with the announcement of the
redemption of the Debentures.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Exhibits.
(1) Press Release dated May 27, 1997 from Comcast Corporation.
SIGNATURE
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, thereunto duly authorized.
Dated: May 30, 1997 STORER COMMUNICATIONS, INC.
By: /s/ Joseph J. Euteneuer
------------------------
Joseph J. Euteneuer
Vice President
EXHIBIT INDEX
Exhibit No. Exhibit Page
(1) Comcast Corporation Press Release dated May 27, 1997. 1
EXHIBIT (1)
FOR IMMEDIATE RELEASE
COMCAST ANNOUNCES DEBT REDEMPTION AT WHOLLY-OWNED
SUBSIDIARY, STORER COMMUNICATIONS, INC.
Philadelphia, PA - May 27, 1997: Comcast Corporation announced today that
its wholly-owned subsidiary, Storer Communications, Inc., has elected to
redeem all of its outstanding 10% Subordinated Debentures Due May 15, 2003.
The Debentures were originally issued in 1983. An aggregate principal
amount of $139.3 million of the Debentures will be redeemed on June 30,
1997 at the redemption price of 100% of the principal amount thereof,
together with accrued interest from the most recent interest payment date,
May 15, 1997, for a total payment of $1,012.50 per $1,000 principal amount
of Debentures. From and after the redemption date, interest will cease to
accrue upon or in respect of the Debentures. The Debentures are listed on
the American Stock Exchange under the symbol SCI.A.
Bondholders have been notified of the redemption by The Chase
Manhattan Bank, N.A., which will act as paying agent for the redemption on
behalf of First Union National Bank, which serves as Trustee for the issue.
Comcast Corporation is principally engaged in the development,
management and operation of wired telecommunications including cable
television and telephone services; wireless telecommunications including
cellular, personal communications services and direct to home satellite
television; and content through principal ownership of QVC, the world's
premier electronic retailer, through C3 (Comcast Content & Communications),
through majority ownership of Comcast-Spectacor and controlling interest in
E! Entertainment and through other programming investments. The Company's
consolidated and affiliated operations serve over ten million customers
worldwide.
Comcast's Class A and Class A Special Common Stock are traded on The
Nasdaq Stock Market under the symbols CMCSA and CMCSK, respectively.
FOR FURTHER INFORMATION CONTACT:
Christine K. Van Horne
(215) 981-7551
Marlene S. Dooner
(215) 981-7392
