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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported) January 14, 1998
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Busse Broadcasting Corporation
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(Exact name of registrant as specified in its charter)
Delaware 33-99622 38-2750516
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
141 East Michigan Avenue, Suite 300
Kalamazoo, Michigan 49007
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (616) 388-8019
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No Change
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(Former name or former address, if changed since last report)
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BUSSE BROADCASTING CORPORATION
ITEM 5: OTHER EVENTS:
On January 14, 1998 certain entities controlling 100% of the capital
stock of Busse Broadcasting Corporation (the "Company") entered into a letter of
intent to sell all of the capital stock of the Company to Gray Communications
Systems, Inc. for aggregate consideration equaling (i) $112 million plus (ii)
the Company's cash and cash equivalents as of the closing date of the
transaction less (iii) the aggregate amount of the Company's indebtedness,
including the Company's 11 5/8% Secured Senior Notes due 2000 and accrued and
unpaid interest thereon, as of the closing of the transaction.
Completion of the transaction is subject to negotiation and execution
of a definitive stock purchase agreement and receipt of requisite governmental
approvals including the approval of the Federal Communications Commission.
The Company can make no assurance as to whether the transaction will
be completed but currently anticipates that the sale will close in the first
half of 1998.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements: None
B. Exhibits: None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
BUSSE BROADCASTING CORPORATION
(Registrant)
Dated: January 15, 1998
By: /s/ James C. Ryan
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Name: James C. Ryan
Title: Chief Financial Officer