UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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)
December 18, 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 (S) 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
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CUSIP NO. 704231109 Page 2 of 15 Pages
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------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Communications, Inc.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Virginia
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
2,800,600
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,800,600
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,800,600
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
CO
------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 704231109 Page 3 of 15 Pages
--------------------------- ------------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Broadcasting, Inc.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Virginia
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
2,800,600
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,800,600
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,800,600
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
CO
------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 704231109 Page 4 of 15 Pages
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Landmark Television, Inc.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Nevada
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
2,800,600
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,800,600
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,800,600
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
CO
------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP NO. 704231109 Page 5 of 15 Pages
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BBTC, Inc. (formerly known as The Travel Channel, Inc.)
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Virginia
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
2,800,600
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,800,600
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,800,600
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.9%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
CO
------------------------------------------------------------------------------
SCHEDULE 13D
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CUSIP No. 704231109 Page 6 of 15 Pages
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Introductory Note
This Amendment No. 3 (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. 3 to Schedule 13D ("Amendment No. 3") 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. 3 supplementally amends the initial
statement on Schedule 13D filed by the Reporting Persons on July 11, 1997 (the
"Initial Statement"), as amended by Amendments No. 1 and No. 2 to Schedule 13D
filed by the Reporting Persons on July 28, 1998 and January 25, 2001,
respectively (the "Amended Statement" and, collectively with this Amendment No.
3, 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 General 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
2,800,600 shares of Class A Common Stock, which represents approximately 4.9% of
the total number of shares of Class A Common Stock outstanding as of October 31,
2001 (and approximately 2.0% of the aggregate voting power of Paxson's
outstanding Common Stock). (These percentages are based on 56,338,177 shares of
Class A Common Stock and 8,311,639 shares of Class B Common Stock, $0.001 par
value per share, reported to be outstanding as of October 31, 2001 in a Form 10-
Q filed by the Issuer on November 14, 2001.) 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 2,800,600 shares of Class A Common Stock reported herein.
Each of Landmark, Broadcasting and Television, as
SCHEDULE 13D
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CUSIP No. 704231109 Page 7 of 15 Pages
-------------------------- --------------------------
direct or indirect owner of all of the equity interest in Travel, may be deemed
to have sole power to direct the voting and disposition of the 2,800,600 shares
of Class A Common Stock held by Travel.
(c) Within the past sixty (60) days, Travel has effected the following
transactions, all sales, with respect to the Class A Common Stock:
-------------------------------------------------------------
Date of Sale Number of Shares Price
------------ ---------------- -----
-------------------------------------------------------------
10/29/01 5,000 8.08
-------------------------------------------------------------
10/30/01 10,000 8.14
-------------------------------------------------------------
11/1/01 5,000 8.15
-------------------------------------------------------------
11/8/01 18,000 8.56
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11/9/01 25,500 8.68
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11/12/01 23,197 8.98
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11/13/01 89,000 9.20
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11/15/01 9,000 8.80
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11/16/01 10,000 9.20
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11/20/01 10,000 8.76
-------------------------------------------------------------
11/21/01 3,300 9.00
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11/26/01 500 9.03
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11/27/01 5,000 9.00
-------------------------------------------------------------
11/30/01 5,000 9.15
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12/4/01 10,000 9.20
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12/5/01 100,000 9.97
-------------------------------------------------------------
12/6/01 70,400 10.23
-------------------------------------------------------------
12/7/01 20,000 10.25
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SCHEDULE 13D
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CUSIP No. 704231109 Page 8 of 15 Pages
-------------------------- --------------------------
------------------------------------------------------------
Date of Sale Number of Shares Price
------------ ---------------- -----
------------------------------------------------------------
12/12/01 1,800 10.30
------------------------------------------------------------
12/13/01 20,000 10.00
------------------------------------------------------------
12/17/01 10,900 10.20
------------------------------------------------------------
12/18/01 20,000 10.25
------------------------------------------------------------
Each of these sales was effected in a broker transaction at market. JP Morgan
acted as Travel's broker.
(d) None.
(e) On December 17, 2001, the Reporting Persons ceased to be the beneficial
owners of more than five percent (5%) of the issued and outstanding shares
of Class A Common Stock; accordingly, pursuant to Section 240.13(d) of the
Act, no additional amendments to the Statement or other filings with
respect to the Reporting Persons' ownership of Class A Common Stock are
required unless a Reporting Person hereafter becomes the beneficial owner
of more than five percent (5%) of the Class A Common Stock.
* * * * *
SCHEDULE 13D
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CUSIP No. 704231109 Page 9 of 15 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.
LANDMARK COMMUNICATIONS, INC.
Date: December 27, 2001 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
-------------------------------------------
Date: December 27, 2001 Guy R. Friddell, III
Vice President & Secretary
LANDMARK TELEVISION, INC.
By: /s/ Richard A. Fraim
------------------------------------------
Date: December 27, 2001 Richard A. Fraim
Vice President, Secretary & Treasurer
BBTC, INC. (formerly The Travel Channel, Inc.)
By: /s/ Guy R. Friddell, III
-------------------------------------------
Date: December 27, 2001 Guy R. Friddell, III
Vice President & Secretary
SCHEDULE 13D
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CUSIP No. 704231109 Page 10 of 15 Pages
----------------------- -------------------
SCHEDULE I
TO AMENDMENT NO. 3
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
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CUSIP No. 704231109 Page 11 of 15 Pages
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Landmark Communications, Inc.
Name Present Business Address Present Principal Occupation
---- ------------------------ ----------------------------
Directors:
---------
S. Decker Anstrom The Weather Channel President & CEO, The
300 Interstate North Parkway Weather Channel Enterprises
Atlanta, Georgia 30339
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
SCHEDULE 13D
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CUSIP No. 704231109 Page 12 of 15 Pages
----------------------- -------------------
Landmark Communications, Inc.
Name Present Business Address Present Principal Occupation
---- ------------------------ ----------------------------
Lemuel E. Lewis Landmark Communications, Inc. Executive Vice President
150 W. Brambleton Avenue
Norfolk, Virginia 23510-2075
SCHEDULE 13D
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CUSIP No. 704231109 Page 13 of 15 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 14 of 15 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 15 of 15 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.