VIDEO JUKEBOX <JUKE.O> SETS PURCHASE EXTENSION
Video Jukebox Network Inc said it has
extended through July two the exclusive period provided in its
May 29 letter of intent the option to sell to a group of
investors 3,500,000 shares of the four mln shares of the
company's common stock owned by its founder and president
Steven A. Peters.
    Video said it currently has 7,525,000 common shares
outstanding.
   
    The purchasers are Louis Wolfson III, vice president of
<Venture W Inc>, an investment firm; Mark Blank, president of
<National Brands Inc>; J. Patrick Michaels, Jr., president and
chief executive officer of <Communications Equity Associates
Inc>; and CEA Investors Partnerships II, a company Michaels
would form for the purchase, Video said.
    Video said it agreed to extend the period at the request of
the prospective buyers in order to provide their respective
counsels sufficient time to finalize the draft agreement which
the parties have negotiated.
   
    The company previously said that the outright purchase was
valued at three mln dlrs, or an option purchase price of
250,000 dlrs excersizable until May 28, 1988.
    The exercise price would be 3,750,000 dlrs plus the initial
option purchase price of 250,000 dlrs, the company said.
    Video said if the option expires unexercised, Video will
grant an additional six month option to the buyers enabling
them to purchase two mln shares for 1,750,000 dlrs plus the
initial option purchase price of 250,000 dlrs.
 Reuter
