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): August 10, 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.)
3102 Oak Lawn Avenue, Suite 215
Dallas, Texas 75219
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (214) 525-7700
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(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 10, 1998, Heftel Broadcasting Corporation (the "Company")
acquired the assets of KJQY(FM) and KKLQ(FM) serving the San Diego
market for $65.2 million from Citicasters Co.
The assets to be acquired consist of items of broadcasting and
technical equipment utilized in the transmission of radio signals,
Federal Communications Commission licenses and other items of personal
property associated with the operations of the broadcast facilities.
The Company borrowed $15.0 million from its $300.0 million revolving
credit agreement and used a portion of the proceeds from its
January 22, 1998 secondary stock offering and cash generated from
operating activities to fund the acquisition.
The assets acquired by the Company were utilized by Citicasters Co.
for the purpose of radio broadcasting. The Company intends to
continue such use.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT 10.1 Assets Purchase Agreement, dated May 26, 1998, by and
between Citicasters Co. and Heftel Broadcasting
Corporation, HBC San Diego, Inc. and HBC San Diego
License Corporation (incorporated by reference to
Exhibit 10.1 to the Registrant's Form 10-Q filed on
August 6, 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: August 25, 1998
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Index To Exhibits
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Exhibit No. Description
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10.1 Assets Purchase Agreement, dated May 26, 1998, by and between
Citicasters Co. and Heftel Broadcasting Corporation, HBC
San Diego, Inc. and HBC San Diego License Corporation
(incorporated by reference to Exhibit 10.1 to the Registrant's
Form 10-Q filed on August 6, 1998)
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