FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
|
|||||||||||||||
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
|
2. Issuer Name and Ticker or Trading Symbol
PAXSON COMMUNICATIONS CORP [ PAX ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|
||||||||||||||||||||||||
3. Date of Earliest Transaction
(Month/Day/Year) 03/30/2004 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
|
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Class A Common Stock | 03/30/2004 | S | 2,000 | D | $3.95 | 8,000 | I(1) | By son as beneficiary of Paxson Family Trust U/A Dated 10/23/1989 | ||
Class A Common Stock | 03/31/2004 | S | 3,000 | D | $3.8 | 5,000 | I(1) | By son as beneficiary of Paxson Family Trust U/A Dated 10/23/1989 | ||
Class A Common Stock | 04/01/2004 | S | 2,500 | D | $3.92 | 2,500 | I(1) | By daughter as beneficiary of Paxson Family Trust U/A Dated 10/23/1989 | ||
Class A Common Stock | 04/02/2004 | S | 2,500 | D | $3.92 | 0 | I(1) | By daughter as beneficiary of Paxson Family Trust U/A Dated 10/23/1989 | ||
Class A Common Stock | 14,695,725 | I(2) | By Second Crystal Diamond, Limited Partnership | |||||||
Class A Common Stock | 759,237 | I(3) | By Paxson Enterprises, Inc. | |||||||
Class A Common Stock | 7,487,401 | I(4) | By Second Crystal Diamond, Limited Parntership | |||||||
Class A Common Stock | 824,238 | I(5) | By Paxson Enterprises, Inc. | |||||||
Class A Common Stock | 100 | D(6) |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Explanation of Responses: |
1. These shares were sold by Paxson Family Trust U/A Dated 10/23/1989 (the "Trust"). Lowell W. Paxson is the sole trustee of the Trust, and two of Lowell W. Paxson's adult children are the sole beneficiaries of the Trust. Lowell W. Paxson is not a beneficiary of the Trust. Lowell W. Paxson is the Chairman of the Board and Chief Executive Officer of, and a ten percent owner of, the Issuer. |
2. These shares are owned directly by Second Crystal Diamond, Limited Partnership ("Second Crystal"), a ten percent owner of the Issuer. Second Crystal, Paxson Enterprises, Inc. ("Paxson Enterprises"), a corporation that is the sole General Partner of Second Crystal, and Lowell W. Paxson, president and sole stockholder of Paxson Enterprises, have shared voting and dispositive power with respect to these shares. |
3. These shares are owned directly by Paxson Enterprises. Paxson Enterprises and Lowell W. Paxson have shared voting and dispositive power with respect to these shares. |
4. These shares, which consist solely of shares of Class B Common Stock of the Issuer which are convertible into an equal number of shares of Class A Common Stock, are owned directly by Second Crystal. Second Crystal, Paxson Enterprises and Lowell W. Paxson have shared voting and dispositive power with respect to these shares. |
5. These shares, which consist solely of shares of Class B Common Stock of the Issuer which are convertible into an equal number of shares of Class A Common Stock, are owned directly by Paxson Enterprises. Paxson Enterprises and Lowell W. Paxson have shared voting and dispositive power with respect to these shares. |
6. These are shares owned directly by Lowell W. Paxson. Lowell W. Paxson has sole voting and dispositive power with respect to these shares. |
Lowell W. Paxson | 05/19/2004 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |