SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (date of earliest event reported) April 25, 2000
NewStar Media Inc.
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(Exact name of registrant as specified in its charter)
California
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(State or other jurisdiction of incorporation)
0-24984 95-4015834
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(Commission File Number) (IRS Employer Identification No.)
8955 Beverly Boulevard, Los Angeles, CA 90048
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(Address of Principal Executive Offices) Zip Code)
310/786-1600
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(Registrant's Telephone Number, Including Area Code)
Item 5. Other Events
On May 4, 2000, NewStar Media Inc. (the "Company") issued a press release, the
text of which is as follows:
NEWSTAR MEDIA INC. ANNOUNCES ORAL AGREEMENT WITH BANK FOR INTERIM FINANCING
LOS ANGELES, May 4, 2000 -- NewStar Media Inc. (OTC BB:NWST) today
announced that it has reached an oral agreement with its bank for interim
financing following the Company's default under its credit agreement. Although
the bank has not declared the Company's indebtedness to be due and payable, and
stated that it would continue to consider whether to honor borrowing requests,
the bank informed the Company last week that the bank was reserving all of its
potential remedies. The Company and the bank have been in continuing discussions
regarding future funding, and have reached an oral agreement for the bank to
fund certain operating expenses on an interim basis, including the Company's
hiring of a consultant to review strategic options. There can be no assurance,
however, that the Company will obtain the financing necessary to sustain further
operations.
NewStar Media Inc. is a diversified entertainment company engaged in
the publication of audio books, the distribution of audio books on its Internet
site, AudioUniverse.com, and the production and distribution of television
programming.
THIS RELEASE CONTAINS STATEMENTS RELATING TO FUTURE RESULTS OF
THE COMPANY (INCLUDING CERTAIN PROJECTIONS AND BUSINESS TRENDS) THAT ARE
"FORWARD-LOOKING STATEMENTS" AS DEFINED THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
PROJECTED AS A RESULT OF CERTAIN RISKS AND UNCERTAINTIES, INCLUDING BUT NOT
LIMITED TO CHANGES IN PRODUCTS, AS WELL AS OTHER RISKS AND UNCERTAINTIES
DETAILED FROM TIME TO TIME IN THE FILINGS OF THE COMPANY WITH THE SECURITIES
AND EXCHANGE COMMISSION.
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.
NEWSTAR MEDIA INC.
Date: May 5, 2000 By: /s/ Terrence A. Elkes
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Terrence A. Elkes
Chairman and Chief Executive Officer