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 22, 1998
HEFTEL BROADCASTING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-24516 99-0113417
(State or other jurisdiction (Commission File Number) (IRS Employer
incorporation) Identification No.)
100 Crescent Court, Suite 1777
Dallas, Texas 75201
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (214) 855-8882
______________________________________________________________________
(former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On May 22, 1998, Heftel Broadcasting Corporation (the "Company")
exchanged the assets of WPAT(AM) and $115.0 million in cash for the
assets of WNWK(FM) from Multicultural Radio Broadcasting, Inc.
Both radio stations serve the New York City market.
On May 29, 1998, the Company acquired the assets of KKPN(FM)
serving the Houston market for $54.0 million from SBI Holding
Corporation.
The Company used a portion of the proceeds from its January 22,
1998 secondary stock offering to fund both acquisitions.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Financial statements and pro forma financial information related to
these acquisitions will be filed no later than July 21, 1998.
EXHIBIT 10.1 Asset Exchange Agreement, dated December 1, 1997, by
and between Multicultural Radio Broadcasting, Inc. and
Heftel Broadcasting Corporation (incorporated by
reference to Exhibit 10.27 to the Registrant's Form 10-K
filed on March 31, 1998)
EXHIBIT 10.2 Asset Purchase Agreement, dated March 25, 1998, by and
between HBC Houston, Inc., HBC Houston License
Corporation and SBI Holding Corporation (incorporated by
reference to Exhibit 10.1 to the Registrant's Form 10-Q
filed on May 13, 1998)
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 thereunto duly authorized.
Heftel Broadcasting Corporation
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(Registrant)
By: /s/ Jeffrey T. Hinson
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Name: Jeffrey T. Hinson
Title: Chief Financial Officer
Dated: June 4, 1998
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INDEX TO EXHIBITS
Exhibit No.
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Exhibit 10.1 Asset Exchange Agreement, dated December 1, 1997, by and
between Multicultural Radio Broadcasting, Inc. and Heftel
Broadcasting Corporation (incorporated by reference to Exhibit
10.27 to the Registrant's Form 10-K filed on March 31, 1998)
Exhibit 10.2 Asset Purchase Agreement, dated March 25, 1998, by and
between HBC Houston, Inc., HBC Houston License Corporation and
SBI Holding Corporation (incorporated by reference to Exhibit
10.1 to the Registrant's Form 10-Q filed on May 13, 1998)
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