-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PBGYl8hnLBfG+PsZBhbplaCdDgALMfJUja+piIlQkwpM31JQhy7Kosa0Oe0oNzzN sAibpZJO+XlhMi926dyO3Q== 0000950146-98-000466.txt : 19980326 0000950146-98-000466.hdr.sgml : 19980326 ACCESSION NUMBER: 0000950146-98-000466 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19980325 SROS: NONE GROUP MEMBERS: SANDLER CAPITAL MANAGEMENT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GRANITE BROADCASTING CORP CENTRAL INDEX KEY: 0000839621 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 133458782 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-48687 FILM NUMBER: 98573255 BUSINESS ADDRESS: STREET 1: 767 THIRD AVE 34TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128262530 MAIL ADDRESS: STREET 1: 767 THIRD AVE 34TH FL CITY: NEW YORK STATE: NY ZIP: 10017 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDLER CAPITAL MANAGEMENT CENTRAL INDEX KEY: 0001000742 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 112792496 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE STREET 2: 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2127548100 MAIL ADDRESS: STREET 1: 767 FIFTH AVENUE 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 SC 13D 1 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 S C H E D U L E 13D Under the Securities Exchange Act of 1934 (Amendment No. )* GRANITE BROADCASTING CORP. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE - -------------------------------------------------------------------------------- (Title of Class of Securities) 387241102 --------- (CUSIP Number) Copy to: Mr. Edward Grinacoff Sandler Capital Management Morrison Cohen Singer & Weinstein, LLP 767 Fifth Avenue, 45th Floor 750 Lexington Avenue New York, New York 10153 New York, New York 10022 Telephone (212) 754-8100 Telephone (212) 735-8600 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) February 11, 1998 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following space ___. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on following page(s)) 1 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Sandler Associates ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power Number of 155,000 shares 1.8% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 0 shares 0% Each ================================================================== Reporting 9 Sole Dispositive Power Person 155,000 shares 1.8% With ================================================================== 10 Shared Dispositive Power 0 shares 0% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 155,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 1.8% ================================================================================ 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 2 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Sandler Capital Management ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC,00 ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power Number of 0 shares 0% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 300,000 shares 3.4% Each ================================================================== Reporting 9 Sole Dispositive Power Person 0 shares 0% With ================================================================== 10 Shared Dispositive Power 300,000 shares 3.4% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 300,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 3.4% ================================================================================ 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 3 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Michael J. Marocco ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power Number of 0 shares 0% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 455,000 shares 5.1% Each ================================================================== Reporting 9 Sole Dispositive Power Person 0 shares 0% With ================================================================== 10 Shared Dispositive Power 455,000 shares 5.1% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 455,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 5.1% ================================================================================ 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 4 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person John Kornreich ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power Number of 0 shares 0% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 505,000 shares 5.7% Each ================================================================== Reporting 9 Sole Dispositive Power Person 0 shares 0% With ================================================================== 10 Shared Dispositive Power 505,000 shares 5.7% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 505,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 5.7% ================================================================================ 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 5 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Harvey Sandler ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power Number of 0 shares 0% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 455,000 shares 5.1% Each ================================================================== Reporting 9 Sole Dispositive Power Person 0 shares 0% With ================================================================== 10 Shared Dispositive Power 455,000 shares 5.1% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 455,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 5.1% ================================================================================ 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 6 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Andrew Sandler ================================================================================ 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power Number of 0 shares 0% Shares ================================================================== Beneficially 8 Shared Voting Power Owned By 455,000 shares 5.1% Each ================================================================== Reporting 9 Sole Dispositive Power Person 0 shares 0% With ================================================================== 10 Shared Dispositive Power 455,000 shares 5.1% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 455,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 5.1% ================================================================================ 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 7 of 18 CUSIP No. 387241102 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person J.K. Media, L.P. =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] ================================================================================ 3 SEC Use Only ================================================================================ 4 Source of Funds* WC ================================================================================ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ] ================================================================================ 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power Number of 50,000 shares 0.6% Shares ================================================================== Beneficially 8 Shared Voting Power 0 shares 0% Owned By ================================================================== Each 9 Sole Dispositive Power Reporting 50,000 shares 0.6% Person ================================================================== With 10 Shared Dispositive Power 0 shares 0% ================================================================================ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 50,000 shares ================================================================================ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] ================================================================================ 13 Percent of Class Represented by Amount in Row (11) 0.6% ================================================================================ 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! 8 of 18 This statement, dated February 11, 1998, relates to the reporting persons' acquisition of shares of common stock of Granite Broadcasting Corp. (the "Issuer"). ITEM 1. Security and Issuer. (a) Common Stock, $0.01 par value per share (the "Common Stock") (CUSIP No. 387241102). (c) Granite Broadcasting Corp. One Dag Hammarskjold Plaza New York, New York 10017 ITEM 2. Identity and Background The reporting persons include, among others, Sandler Capital Management, a registered investment adviser and a New York general partnership ("SCM"), and Harvey Sandler, John Kornreich, Michael Marocco and Andrew Sandler, (each, an "Individual", and collectively, the "Individuals"). SCM holds securities on behalf of certain managed accounts with respect to which SCM exercises investment and voting discretion. Each Individual, through a Delaware or New York corporation that is controlled by such Individual and that serves as a general partner of SCM, may be deemed to be a beneficial owner of the securities held by the partnership and such managed accounts. Each of Sandler Associates, a New York limited partnership and J. K. Media, L.P., a New York limited partnership, owns shares of Common Stock. Each Individual is a general partner of Sandler Associates. 1. (a) Sandler Capital Management, a registered investment adviser and a general partnership organized under the laws of the State of New York. (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Occupation: Investments. (d) No. (e) No. Harvey Sandler, John Kornreich and Andrew Sandler each control a Delaware corporation and Michael Marocco controls a New York corporation. Each of the corporations is a the general partner of SCM. 2. (a) Sandler Associates, a limited partnership organized under the laws of the State of New York. 9 of 18 (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Occupation: Investments. (d) No. (e) No. Harvey Sandler, John Kornreich, Michael Marocco and Andrew Sandler are the general partners of Sandler Associates. The limited partners of Sandler Associates include certain other investors. 3. (a) Michael J. Marocco, is the sole shareholder of MJDM Corp. (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Business: General Partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. (f) Citizenship: United States. MJDM Corp. is a general partner of SCM. 4. (a) John Kornreich is the majority shareholder of Four JK Corp. and a general partner of J.K. Media, L.P. (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Business: General Partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. (f) Citizenship: United States. Four JK Corp. is a general partner of SCM. 5. (a) Harvey Sandler is the sole shareholder of ARH Corp. (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Occupation: General Partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. 10 of 18 (f) Citizenship: United States. ARH Corp. is a general partner of SCM. Harvey Sandler is the father of Andrew Sandler. 6. (a) Andrew Sandler is the majority member of ALSI, LLC. (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Occupation: General Partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. (f) Citizenship: United States. ALSI, LLC is a general partner of SCM. Andrew Sandler is the son of Harvey Sandler. 7. (a) J.K. Media, L.P., a limited partnership organized under the laws of the State of New York ("J.K. Media"). (b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153 (c) Principal Occupation: Investments. (d) No. (e) No. John Kornreich is the general partner of J.K. Media. ITEM 3. Source and Amount of Funds or Other Consideration. The source of funds for the acquisition of the securities was the general working capital of the various managed accounts, the general working capital of Sandler Associates, and the general working capital of J.K. Media. The amount of funds used in acquiring the shares of Common Stock is set forth below: 11 of 18 Number of Purchase Shares Price ------------ ------------ Accounts Managed by SCM 300,000 $3,389,155 Sandler Associates 155,000 $2,200,890 J.K. Media 50,000 $ 616,438 ITEM 4. Purpose of Transaction. The reporting persons acquired their securities for the purposes of investment. The reporting persons do not have any plans or proposals which relate to or would result in any of the actions set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D. ITEM 5. Interests in Securities of the Issuer. (a) The following list sets forth the aggregate number and percentage (based on 8,845,657 shares of Common Stock outstanding as reported by the Issuer to the reporting persons as of February 12, 1998) of outstanding shares of Common Stock owned beneficially by each reporting person named in Item 2, as of February 12, 1998: Shares of Percentage of Shares Common Stock of Common Stock Name Beneficially Owned Beneficially Owned - ---- ------------------ ------------------ Sandler Capital Management 300,000(1) 3.4% Sandler Associates 155,000(2) 1.8% Michael J. Marocco 455,000(1,2,3) 5.1% John Kornreich 505,000(1,2,3,4) 5.7% Harvey Sandler 455,000(1,2,3) 5.1% Andrew Sandler 455,000(1,2,3) 5.1% J.K. Media 50,000(4) .6% (b) By virtue of being the manager of certain accounts owning shares of Common Stock with respect to which SCM exercises investment discretion, SCM may be deemed to have shared power to vote and to dispose of 300,000 shares of Common Stock, representing approximately 3.4% of the outstanding Common Stock. - -------- (1) Includes 300,000 shares of Common Stock held in accounts managed by SCM. (2) Includes 155,000 shares of Common Stock owned by Sandler Associates. (3) The reporting person disclaims beneficial ownership of these securities, except to the extent of his/her/its equity interest therein. (4) Includes 50,000 shares of Common Stock owned by J.K. Media. 12 of 18 By virtue of being the sole shareholder of MJ DM Corp. and a general partner of Sandler Associates, Michael J. Marocco may be deemed to have shared power to vote and to dispose of 455,000 shares of Common Stock, representing approximately 5.1% of the outstanding Common Stock. By virtue of being the sole shareholder of Four JK Corp. and a general partner of Sandler Associates and J.K. Media, John Kornreich may be deemed to have shared power to vote and to dispose of 505,000 shares of Common Stock, representing approximately 5.7% of the outstanding Common Stock. By virtue of being the sole shareholder of ARH Corp. and a general partner of Sandler Associates, Harvey Sandler may be deemed to have shared power to vote and to dispose of 455,000 shares of Common Stock, representing approximately 5.1% of the outstanding Common Stock. By virtue of being a majority member of ALSI, LLC and a general partner of Sandler Associates, Andrew Sandler may be deemed to have shared power to vote and to dispose of 455,000 shares of Common Stock, representing approximately 5.1% of the outstanding Common Stock. (c) The following is a description of all transactions in the shares of Common Stock by the persons identified in Item 2 of this Schedule 13D effected from December 9, 1997 through February 12, 1998, inclusive: Number of Shares Purchase or of Common Stock Purchase or Name of Shareholder Sale Date Purchased or (Sold) Sale Price - ------------------- --------- ------------------- ---------- Sandler Associates 1/6/98 50,000 $9.625 2/10/98 4,500 $11.5938 2/10/98 500 $11.6399 2/11/98 45,000 $12.1005 2/12/98 5,000 $11.625 Accounts Managed by Sandler Capital Management 12/9/97 2,500 $9.00 12/22/97 15,500 $9.246 1/13/98 10,000 $9.8125 1/22/98 2,000 $10.50 1/23/98 15,000 $10.75 2/10/98 15,500 $11.5938 2/10/98 5,000 $11.6399 2/11/98 54,500 $12.1005 2/11/98 115,000 $12.1573 J.K. Media 12/31/97 10,000 $9.069 2/10/98 5,000 $11.6399 13 of 18 All purchases of Common Stock were effected in open market transactions in the the over-the-counter market. (d) No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. (e) Not applicable. ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer Not Applicable. ITEM 7. Material to be filed as Exhibits. Exhibit 7.01 Agreement, effective as of February 11, 1998, among the reporting persons by which they have agreed to file this Schedule 13D and all necessary amendments, as required by Rule 13d-1(f). 14 of 18 Signature After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned hereby certifies that the information set forth in this Schedule is true, complete, and correct. Date: March 23, 1998 SANDLER ASSOCIATES By: /s/ Andrew Sandler ------------------------- Name: Andrew Sandler Title: General Partner /s/ Michael J. Marocco ------------------------- Michael J. Marocco /s/ John Kornreich ------------------------- John Kornreich /s/ Harvey Sandler ------------------------- Harvey Sandler /s/ Andrew Sandler ------------------------- Andrew Sandler 15 of 18 SANDLER CAPITAL MANAGEMENT By: ARH Corp. By: /s/ Edward Grinacoff ------------------------------- Name: Edward Grinacoff Title: Secretary and Treasurer J.K. MEDIA, L.P. By: /s/ John Kornreich ------------------------------- Name: John Kornreich Title: General Partner ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). 16 of 18 EX-7.01 2 JOINT FILING AGREEMENT Exhibit 7.01 JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities Exchange Act, as amended, the undersigned hereby agree to the joint filing on behalf of each of them on a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $.01 per share, of Granite Broadcasting Corp. and that this Agreement be included as an Exhibit to such joint filing. IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective as of the 11th day of February, 1998. SANDLER ASSOCIATES By: /s/ Andrew Sandler ---------------------------------- Name: Andrew Sandler Title: General Partner /s/ Michael J. Marocco ------------------------------ Michael J. Marocco /s/ John Kornreich ------------------------------ John Kornreich /s/ Harvey Sandler ------------------------------ Harvey Sandler /s/ Andrew Sandler ------------------------------ Andrew Sandler 17 of 18 SANDLER CAPITAL MANAGEMENT By: ARH Corp. By: /s/ Edward Grinacoff ------------------------------- Name: Edward Grinacoff Title: Secretary and Treasurer J.K. MEDIA, L.P. By: /s/ John Kornreich ------------------------------- Name: John Kornreich Title: General Partner ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). 18 of 18 -----END PRIVACY-ENHANCED MESSAGE-----