VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES
  Video Jukebox Network inc said it signed a
  letter of intent to purchase up to 3.5 mln shares of the four
  mln shares of the company's common stock from its founder and
  president, Steven Peters.
      Video said the shares are to be purchased by Louis Wolfson
  III, senior vice president of <Venture W Inc>, <National Brands
  Inc>, J. Patrick Michaels Jr and <CEA Investors Partnership
  II>.
      Video said it currently has 7,525,000 shares of common
  stock outstanding. The company said it went public earlier this
  year and its current ask price was 1-7/8.
      
      CEA Investors Partnership II has planned the partnership to
  be operated by Michaels, who is chairman and president of
  <Communications Equity Associates Inc>, a media brokerage firm,
  Video said.
      The terms of the proposed transaction were not disclosed.
      Video said Peters will continue as chairman and president
  of the company.
      It said the parties have until June 29 to agree to all
  terms of the letter of intent.