UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Paxson Communications Corporation
---------------------------------------------
(Name of Issuer)
Class A Common Stock, $0.001 Par Value
--------------------------------------------
(Title of Class of Securities)
704231109
----------------------------------------------
(CUSIP Number)
Guy R. Friddell, III, Executive Vice President and General Counsel
Landmark Communications, Inc.
150 W. Brambleton Avenue
Norfolk, Virginia 23510
(757) 446-2035
------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 25, 2001
------------------------------------------------
(Date of Event which Requires Filing of 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 box [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Ss. 240.13d-7(b) 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).
Schedule 13D
CUSIP NO. 704231109 Page 2 of 14 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Communications, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X]
-------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
-------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
-------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 4,007,297
BENEFICIALLY
OWNED BY EACH --------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH 0
--------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,007,297
--------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,007,297
-------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
-------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
-------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
-------------------------------------------------------------------------------------------------
Schedule 13D
CUSIP NO. 704231109 Page 3 of 14 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Broadcasting, Inc.
-------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X]
-------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
-------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
-------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 4,007,297
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH 0
----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,007,297
----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,007,297
-------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
-------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
-------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
-------------------------------------------------------------------------------------------------
Schedule 13D
CUSIP NO. 704231109 Page 4 of 14 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Television, Inc.
-------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X]
-------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
-------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Nevada
-------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 4,007,297
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH 0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,007,297
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,007,297
-------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
-------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
-------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
-------------------------------------------------------------------------------------------------
Schedule 13D
CUSIP NO. 704231109 Page 5 of 14 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BBTC, Inc. (formerly known as The Travel Channel, Inc.)
-------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X]
-------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
-------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
-------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 4,007,297
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH 0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,007,297
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,007,297
-------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
-------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
-------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
-------------------------------------------------------------------------------------------------
Schedule 13D
CUSIP NO. 704231109 Page 6 of 14 Pages
Introductory Note
This Amendment No. 2 (as defined herein) is being filed by Landmark
Communications, Inc., Landmark Broadcasting, Inc., Landmark Television, Inc. and
BBTC, Inc. (f/k/a The Travel Channel, Inc.) (collectively, the "Reporting
Persons") to update the Amended Statement (as defined herein) relating to the
Class A Common Stock, $0.001 par value per share, of Paxson Communications
Corporation, a Delaware corporation. Capitalized terms used herein but not
otherwise defined herein shall have the respective meanings ascribed to them in
the Amended Statement. Please refer to the Amended Statement for a detailed
description of the corporate structure and affiliations of the Reporting
Persons.
Item 1. Security and Issuer
Item 1 is hereby amended and restated in its entirety as follows:
This Amendment No. 2 to Schedule 13D ("Amendment No. 2") relates to shares
of Class A Common Stock, $0.001 par value per share (the "Class A Common
Stock"), of Paxson Communications Corporation, a Delaware corporation (the
"Issuer" or "Paxson"). This Amendment No. 2 supplementally amends the initial
statement on Schedule 13D filed by the Reporting Persons dated July 11, 1997
(the "Initial Statement"), as amended by Amendment No. 1 to Schedule 13D filed
by the Reporting Persons dated July 28, 1998 (the "Amended Statement" and,
collectively with this Amendment No. 2, the "Statement"). The principal
executive offices of the Issuer are located at 601 Clearwater Park Road, West
Palm Beach, Florida 33401.
Item 2. Identity and Background
Item 2 is hereby amended by inserting the following at the end of Item 2 in
the Amended Statement:
For information required by instruction C to Schedule 13D with respect to the
executive officers and directors of the Reporting Persons, reference is made to
Schedule I annexed hereto and incorporated herein by reference.
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended and restated in its entirety as follows:
(a) Each of the Reporting Persons may be deemed the beneficial owner of
4,007,297 shares of Class A Common Stock (approximately 7.2% of the total number
of shares of Class A Common Stock outstanding as of October 30, 2000
(representing approximately 2.9% of the aggregate voting power of Paxson's
outstanding Common Stock, which currently consists of Class A Common Stock and
Class B Common Stock, par value $0.001 per share)). Except as disclosed in this
Item 5(a), none of the Reporting Persons nor, to the best of their knowledge,
any of their directors or executive officers beneficially owns any shares of
Class A Common Stock.
(b) Travel, as beneficial owner of record, may exercise sole power to vote
and dispose of the 4,007,297 shares of Class A Common Stock reported herein.
Each of Landmark, Broadcasting and Television, as direct or indirect owner of
all equity interest in Travel, may be deemed to have sole power to direct the
voting and disposition of the 4,007,297 shares of Class A Common Stock held by
Travel.
Schedule 13D
CUSIP NO. 704231109 Page 7 of 14 Pages
(c) Within the past sixty (60) days, Travel has effected the following
transactions, all sales, with respect to the Class A Common Stock of Issuer:
Date of Sale Number of Shares Price
--------------------------------------- --------------------------- ---------------------
12/26/00 7,500 10.30
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12/27/00 5,000 10.25
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12/29/00 100,000 10.79
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01/02/00 20,000 11.46
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01/03/00 50,000 11.84
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01/04/01 131,500 11.78
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01/05/01 10,000 11.56
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01/05/01 2,000 11.50
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01/08/01 12,900 11.06
-------------------------------------------------------------------------------------------
01/09/01 22,100 11.08
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01/10/01 24,800 11.03
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01/11/01 114,500 11.19
-------------------------------------------------------------------------------------------
01/12/01 1,600 11.75
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01/16/01 40,000 11.85
-------------------------------------------------------------------------------------------
01/17/01 18,900 11.87
-------------------------------------------------------------------------------------------
01/22/01 200 11.50
-------------------------------------------------------------------------------------------
01/23/01 20,000 11.59
-------------------------------------------------------------------------------------------
01/24/01 60,000 11.89
-------------------------------------------------------------------------------------------
01/25/01 20,000 11.75
===========================================================================================
Schedule 13D
CUSIP NO. 704231109 Page 8 of 14 Pages
Each of these sales was effected in a broker transaction at market. JP Morgan
H&Q acted as Travel's broker.
(d) None.
(e) None.
* * * * *
Schedule 13D
CUSIP NO. 704231109 Page 9 of 14 Pages
After reasonable inquiry and to be the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: February 7, 2001 LANDMARK COMMUNICATIONS, INC.
By: /s/ Guy R. Friddell, III
-------------------------------------------
Guy R. Friddell, III
Executive Vice President, General Counsel &
Secretary
LANDMARK BROADCASTING, INC.
By: /s/ Guy R. Friddell, III
-------------------------------------------
Guy R. Friddell, III
Vice President & Secretary
LANDMARK TELEVISION, INC.
By: /s/ Richard A. Fraim
-------------------------------------------
Richard A. Fraim
Vice President, Secretary & Treasurer
BBTC, INC. (formerly The Travel Channel, Inc.)
By: /s/ Guy R. Friddell, III
------------------------------------------
Guy R. Friddell, III
Vice President & Secretary
Schedule 13D
CUSIP NO. 704231109 Page 10 of 14 Pages
SCHEDULE I
TO AMENDMENT NO. 2
TO SCHEDULE 13D
Information with Respect to
Executive Officers and Directors of the Reporting Persons
The following sets forth as to each of the executive officers and
directors of the Reporting Persons: his or her name; his or her business
address; and his or her present principal occupation or employment and the name,
principal business and address of any corporation or other organization in which
such employment is conducted. Unless otherwise specified, the principal
employer of each such individual is Landmark Communications, Inc., the business
address of which is 150 W. Brambleton Avenue, Norfolk, Virginia 23510-2075, and
each such individual identified below is a citizen of the United States. To the
knowledge of the Reporting Persons, during the last five years, no such person
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors), and no such person was a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a result of which
he or she was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities law or finding any violation with respect to such laws.
Schedule 13D
CUSIP NO. 704231109 Page 11 of 14 Pages
Landmark Communications, Inc.
Name Present Business Address Present Principal Occupation
------------------------- ----------------------------------- ----------------------------
Directors:
---------
Richard F. Barry, III Landmark Communications, Inc. Vice Chairman
150 W. Brambleton Avenue
Norfolk, Virginia 23510-2075
Frank Batten, Jr. Landmark Communications, Inc. Chairman
150 W. Brambleton Avenue
Norfolk, Virginia 23510-2075
Frank Batten Landmark Communications, Inc. Chairman of the Executive
150 W. Brambleton Avenue Committee
Norfolk, Virginia 23510-2075
Frank A. Daniels 1515 Glenwood Avenue Retired President of News &
Raleigh, North Carolina 27608 Observer Publishing Company
James A. Henderson 301 Washington Street Retired Chairman & CEO,
Columbus, Indiana 47201 Cummins Engine Company, Inc.
Richard D. Roberts 1109 South Bay Shore Drive Retired President & CEO,
Virginia Beach, Virginia 23451 Telecable
Dorothy Batten Rolph Tall Oaks, Route 22 N/A
Keswick, Virginia 22947
Howard H. Stevenson 245 Concord Avenue, #15 Professor, Harvard Graduate
Cambridge, Massachusetts 02138 School
John O. Wynne Landmark Communications, Inc. President & CEO
150 W. Brambleton Avenue
Norfolk, Virginia 23510-2075
Executive Officers Not Otherwise Listed Above:
---------------------------------------------
Guy R. Friddell, III Landmark Communications, Inc. Executive Vice President &
150 W. Brambleton Avenue General Counsel
Norfolk, Virginia 23510-2075
Donald H. Patterson, Jr. Landmark Communications, Inc. Executive Vice President &
150 W. Brambleton Avenue President of Landmark
Norfolk, Virginia 23510-2075 Broadcasting
Lemuel E. Lewis Landmark Communications, Inc. Executive Vice President
150 W. Brambleton Avenue
Norfolk, Virginia 23510-2075
Schedule 13D
CUSIP NO. 704231109 Page 12 of 14 Pages
Landmark Broadcasting, Inc.
Name Present Business Address Present Principal Occupation
---- ------------------------ ----------------------------
Directors:
---------
Frank Batten, Jr. See above See above
Guy R. Friddell, III See above See above
Donald H. Patterson, Jr. See above See above
John O. Wynne See above See above
Executive Officers*:
-------------------
*This entity acts solely as a holding company and as such is not under the
operation of executive officers.
Schedule 13D
CUSIP NO. 704231109 Page 13 of 14 Pages
Landmark Television, Inc.
Name Present Business Address Present Principal Occupation
------------------------- ----------------------------------- ----------------------------
Directors:
---------
J. William Diederich 3228 Channel 8 Drive President
Las Vegas, Nevada 89109
Richard A. Fraim 3228 Channel 8 Drive Vice President, Treasurer &
Las Vegas, Nevada 89109 Secretary
Guy R. Friddell, III See above See above
Executive Officers*:
-------------------
*This entity acts solely as a holding company and as such is not under the
operation of executive officers.
Schedule 13D
CUSIP NO. 704231109 Page 14 of 14 Pages
BBTC, Inc.
Name Present Business Address Present Principal Occupation
---- ------------------------ ----------------------------
Directors:
---------
Richard F. Barry, III See above See above
Frank Batten, Jr. See above See above
Guy R. Friddell, III See above See above
Executive Officers*:
-------------------
*This entity acts solely as a holding company and as such is not under the
operation of executive officers.