Page 1
           SECURITIES AND EXCHANGE COMMISSION
                 Washington, D.C. 20549
                       FORM 10-Q
(MARK ONE)
/X/  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended      March 31, 1997
                               --------------------------------
                            OR
/ /  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to

              Commission File Number: 1-2999
              ------------------------------
               CHRIS-CRAFT INDUSTRIES, INC.
               ----------------------------
    (Exact name of Registrant as specified in its charter)

      Delaware                             94-1461226
----------------------------    -------------------------------
(State or other jurisdiction of        (I.R.S. Employer
incorporation or organization)         Identification No.)

767 Fifth Avenue, New York, New York                  10153
-------------------------------------               ----------
(Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code (212) 421-0200

Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
                      Yes  X     No
                      -------    -------

As of April 30, 1997 there were 23,239,890 shares of the issuer's
Common Stock outstanding and 8,164,423 shares of the issuer's
Class B Common Stock outstanding.
<PAGE>
Page 2
<TABLE>
                             PART I -- FINANCIAL INFORMATION
                              CHRIS-CRAFT INDUSTRIES, INC.
                          CONDENSED CONSOLIDATED BALANCE SHEETS
                                (In thousands of dollars)
                                       (UNAUDITED)
                          -------------------------------------
<CAPTION>
                                                                                   
                                                        March 31,    December 31,
                                                          1997           1996
                                                      ------------  ------------
<S>                                                   <C>           <C>
ASSETS
------
CURRENT ASSETS:
  Cash and cash equivalents                           $   250,514    $   147,683
  Marketable securities (substantially
    all U.S. Government securities)                     1,288,395      1,247,496
  Accounts receivable, net                                 77,496         90,935
  Film contract and, in 1996, prepaid
    broadcast rights                                       69,979        115,498
  Prepaid expenses and other current assets                69,455         66,799
                                                      -----------    -----------
    Total current assets                                1,755,839      1,668,411
                                                      -----------    -----------
INVESTMENTS                                                75,748         48,194
                                                      -----------    -----------
FILM CONTRACT RIGHTS, less current portion                 25,867         28,536
                                                      -----------    -----------
PROPERTY, PLANT AND EQUIPMENT, net                         48,901         49,932
                                                      -----------    -----------
INTANGIBLE ASSETS                                         324,318        322,824
                                                      -----------    -----------
OTHER ASSETS                                               19,809         19,362
                                                      -----------    -----------
                                                      $ 2,250,482    $ 2,137,259
                                                      ===========    ===========

<FN>
      The accompanying notes to condensed consolidated financial statements
                      are an integral part of these statements.
</TABLE>
<PAGE>
Page 3
<TABLE>
                             PART I -- FINANCIAL INFORMATION
                              CHRIS-CRAFT INDUSTRIES, INC.
                          CONDENSED CONSOLIDATED BALANCE SHEETS
                                (In thousands of dollars)
                                       (UNAUDITED)
                          -------------------------------------
<CAPTION>
                                                                                   
                                                         March 31,   December 31,
                                                           1997          1996
                                                      -------------  ------------
<S>                                                   <C>           <C>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
----------------------------------------
CURRENT LIABILITIES:
  Film contracts payable within one year              $    91,985    $    97,222
  Accounts payable and accrued expenses                   105,446        112,577
  Income taxes payable                                    102,892         40,527
                                                      -----------    -----------
    Total current liabilities                             300,323        250,326
                                                      -----------    -----------
FILM CONTRACTS PAYABLE AFTER ONE YEAR                      68,590         80,837
                                                      -----------    -----------
OTHER LIABILITIES                                          10,413         10,918
                                                      -----------    -----------
MINORITY INTEREST                                         512,063        506,260
                                                      -----------    -----------
SHAREHOLDERS' INVESTMENT:
  Prior preferred stock - $1.00 dividend;
    currently authorized 73,399 shares; 
    outstanding 73,399 shares                               1,578          1,578
  Convertible preferred stock - $1.40 dividend;
    currently authorized 248,000 shares;
    outstanding 248,000 and 253,195 shares                  4,340          4,431
  Class B common stock - par value $.50 per share;
    authorized 50,000,000 shares; outstanding
    8,180,529 and 7,870,807 shares                          4,090          3,935
  Common stock - par value $.50 per share; 
    authorized 100,000,000 shares; outstanding 
    23,324,978 and 22,472,409 shares                       12,453         12,027
  Capital surplus                                         349,858        311,623
  Retained earnings                                       992,270        954,048
  Treasury stock, at cost                                  (4,002)          -   
  Adjustment to reflect marketable
    securities at market value                             (1,494)         1,276
                                                      -----------    -----------
                                                        1,359,093      1,288,918
                                                      -----------    -----------
                                                      $ 2,250,482    $ 2,137,259
                                                      ===========    ===========
<FN>
      The accompanying notes to condensed consolidated financial statements
                      are an integral part of these statements.
</TABLE>
<PAGE>
Page 4
<TABLE>
                            CHRIS-CRAFT INDUSTRIES, INC.
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                  (In thousands of dollars except per share data)
                                    (UNAUDITED)
                  -----------------------------------------------
<CAPTION>
                                                          Three Months
                                                         Ended March 31,
                                                     ----------------------
                                                        1997        1996
                                                     ----------  ----------
<S>                                                  <C>         <C>
OPERATING REVENUES                                   $  106,472  $  105,650
                                                     ----------  ----------
OPERATING EXPENSES:
  Expenses directly associated with revenues             54,647      54,990
  Selling, general and administrative                    34,300      32,787
                                                     ----------  ----------
                                                         88,947      87,777
                                                     ----------  ----------
    Operating income                                     17,525      17,873
                                                     ----------  ----------
OTHER INCOME (EXPENSE):
  Gain on change of ownership in United
    Paramount Network, net                              152,224        -
  Interest and other income, net                         19,285      23,160
  Equity in United Paramount Network loss               (17,898)    (32,754)
                                                     ----------  ----------
                                                        153,611      (9,594)
                                                     ----------  ----------
    Income before income taxes
      and minority interest                             171,136       8,279

INCOME TAX PROVISION                                     68,500       4,100
                                                     ----------  ----------
    Income before minority interest                     102,636       4,179
      
 MINORITY INTEREST                                      (27,477)     (3,804)
                                                     ----------  ----------
    Net income                                       $   75,159  $      375
                                                     ==========  ==========
Net income per share:
  Primary                                            $     2.36  $      .01
                                                     ==========  ==========
  Fully diluted                                      $     1.88  $      .01
                                                     ==========  ==========
                                                      3% Stock    3% Stock
DIVIDENDS PER COMMON SHARE                            Dividend    Dividend
                                                     ==========  ==========

</TABLE>
             The accompanying notes to condensed consolidated financial
                  statements are an integral part of these statements.
<PAGE>
Page 5
<TABLE>
                                 CHRIS-CRAFT INDUSTRIES, INC.
                       CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (In thousands of dollars)
                                          (UNAUDITED)
                       -----------------------------------------------
<CAPTION>
                                                                Three Months
                                                               Ended March 31,
                                                            --------------------
                                                               1997       1996
                                                            ---------  ---------
<S>                                                         <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                                 $  75,159  $     375
 Adjustments to reconcile net income to net
  cash provided from operating activities:
    Film contract payments                                    (23,151)   (22,683)
    Film contract amortization                                 24,574     22,249
    Prepaid broadcast rights                                   17,051        123
    Depreciation and other amortization                         4,912      4,790
    Equity in United Paramount Network loss                    17,898     32,754
    Gain on change of ownership in United
      Paramount Network, net                                 (152,224)      -
    Minority interest                                          27,477      3,804
    Other                                                       1,365     (2,484)
    Changes in assets and liabilities:  
      Accounts receivable                                      13,439     18,143
      Other assets                                             (3,248)    (3,993)
      Accounts payable and other liabilities                   (3,393)    (3,656)
      Income taxes                                             62,413      2,551
                                                            ---------  ---------
          Net cash provided from operating activities          62,272     51,973
                                                            ---------  ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Distribution from United Paramount Network                   116,261       -
 Disposition (purchase) of marketable securities, net         (41,308)    75,711
 Investment in United Paramount Network                        (2,850)   (33,610)
 Increase in other investments                                 (4,007)      -
 Capital expenditures, net                                     (1,563)    (3,812)
 Other                                                           (428)      (148)
                                                            ---------  ---------
          Net cash provided from investing activities          66,105     38,141
                                                            ---------  ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Capital transactions of subsidiaries                         (24,233)   (42,183)
 Purchases of treasury stock                                   (3,519)    (4,196)
 Proceeds from option exercises                                 2,398        703
 Other                                                           (192)      (210)
                                                            ---------  ---------
          Net cash used in financing activities               (25,546)   (45,886)
                                                            ---------  ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS                     102,831     44,228

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                147,683     73,840
                                                            ---------  ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD                    $ 250,514  $ 118,068
                                                            =========  =========
<FN>
         The accompanying notes to condensed consolidated financial statements 
                        are an integral part of these statements.
<PAGE>
Page 6
                       CHRIS-CRAFT INDUSTRIES, INC.
                       ----------------------------
          NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
          ----------------------------------------------------

1.   PRINCIPLES OF CONSOLIDATION:

     The accompanying condensed consolidated financial statements include
the accounts of Chris-Craft Industries, Inc. and its subsidiaries,
including Chris-Craft's majority owned (76% at March 31, 1997) television
broadcasting subsidiary, BHC Communications, Inc., and BHC's majority owned
(59% at March 31, 1997) subsidiary, United Television, Inc. (UTV).  The pro
rata interests of BHC and UTV minority shareholders in the net operations
of the respective companies are reflected in minority interest in the
accompanying condensed consolidated statements of income.  The minority
shareholders' interests in the net assets of BHC and UTV are reflected as
minority interest in the accompanying condensed consolidated balance
sheets.  Intercompany accounts and transactions have been eliminated.

     The financial information included herein has been prepared by
Chris-Craft, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations.  However,
Chris-Craft believes that the disclosures herein are adequate to make the
information presented not misleading.  It is suggested that these condensed
consolidated financial statements be read in conjunction with the financial
statements and the notes thereto included in Chris-Craft's latest annual
report on Form 10-K.  The information furnished reflects all adjustments
(consisting only of normal recurring adjustments) which are, in the opinion
of management, necessary for a fair statement of the results for the
interim periods. The results for these interim periods are not necessarily
indicative of results to be expected for the full year, due to seasonal
factors, among others.

2.   MARKETABLE SECURITIES:  

     In accordance with Statement of Financial Accounting Standards (SFAS)
No. 115, "Accounting for Certain Investments in Debt and Equity
Securities", Chris-Craft classifies its marketable securities as available-
for-sale.

     At March 31, 1997, Chris-Craft's marketable securities, which
consisted substantially of U.S. Government securities, had a carrying value
of $1,292,571,000 and a fair value of $1,288,395,000.  The difference of
$4,176,000 ($1,494,000 net of income taxes and minority interests) is
reflected as a reduction of shareholders' investment in the accompanying
condensed consolidated balance sheet.  Of the investments in U.S.
Government securities, 87% mature within one year and all within two years.

     At December 31, 1996, Chris-Craft's marketable securities, which
consisted substantially of U.S. Government securities, had a carrying value
of $1,245,423,000 and a fair value of $1,247,496,000.  The difference of
$2,073,000 ($1,276,000 net of income taxes and minority interests) is 

<PAGE>
Page 7

reflected as an increase to shareholders' investment in the accompanying
condensed consolidated balance sheet.

3.   UNITED PARAMOUNT NETWORK:

     In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed the United Paramount Network, a fifth broadcast television
network which premiered in January 1995.  BHC owned 100% of UPN from its
inception through January 15, 1997, when Viacom completed the exercise of
its option to acquire a 50% interest in UPN.  The purchase price included
$155 million in cash (an amount equal to one-half of BHC's aggregate cash
contributions to UPN through the exercise date, plus interest), additional
cash available for ongoing UPN expenditures, as well as a non-cash
contribution of UPN development costs previously incurred by Viacom.  UPN
distributed $116,261,000 to BHC pursuant to the option exercise, and BHC
recorded a net pretax gain on the exercise of $152,224,000 in the first
quarter of 1997.  BHC and Viacom now share equally in UPN funding
requirements and in UPN losses.

     UPN has been organized as a partnership, and BHC's partnership
interest is accounted for under the equity method.  The carrying value of
such interest totalled $25,308,000 at March 31, 1997 and $1,394,000 at
December 31, 1996 and is included in Investments in the accompanying
condensed consolidated balance sheets.  UPN is still in its early
development and is expected to continue to incur significant start-up
losses and to require significant funding for the next several years. 
However, Chris-Craft believes that the substantial portion of BHC's share
of such funding requirements in 1997 and 1998 will be offset by the
proceeds of the Viacom option exercise.

     UPN's condensed consolidated statements of operations are as follows
(in thousands):

                                          Three Months
                                         Ended March 31,
                                   ----------------------------
                                      1997              1996
                                   ----------        ----------
    Operating revenues*            $   15,681        $   10,908
    Operating expenses*                47,516            42,602
                                   ----------        ----------
       Operating loss                 (31,835)          (31,694)
    Other income (expense), net           702            (1,060)
                                   ----------        ----------
       Loss before interest
         on BHC advances              (31,133)          (32,754)
    Interest on BHC advances
    (eliminated in consolidation)        -               (2,523)
                                   ----------        ----------
       Net loss                    $  (31,133)       $  (35,277)
                                   ==========        ==========

    * With respect to certain of its programming, UPN derives
      no revenue and incurs no programming expense.

<PAGE>
Page 8

4.   SHAREHOLDERS' INVESTMENT:

     Chris-Craft paid 3% stock dividends on its common and Class B common
stock in the respective shares of such classes on April 2, 1997.  During
the three months ended March 31, 1997, 36,459 shares of Class B common
stock were converted into 36,459 shares of common stock, and 5,195 shares
of $1.40 convertible preferred stock were converted into 57,935 shares of
common stock and 107,898 shares of Class B common stock.  In addition,
81,717 shares of common stock were issued upon exercise of stock options.  
During the three month period, 96,400 shares of common stock were purchased
by Chris-Craft, all of which were held in treasury at March 31, 1997.  As
of March 31, 1997, 617,602 shares of common stock and 12,899 shares of
$1.00 prior preferred stock remained authorized for purchase.

     As of March 31, 1997, shares of Chris-Craft's authorized but unissued
common stock were reserved for issuance as follows:

                                                        Shares
                                                      ----------
    Conversion of Class B common stock                 8,180,529
    Conversion of $1.40 convertible preferred stock    8,154,336*
    Stock options (including options
      outstanding for 1,759,418 shares)                3,555,210
                                                      ----------
                                                      19,890,075
                                                      ==========

         *Including Class B common shares.

5.   CAPITAL TRANSACTIONS OF SUBSIDIARIES:

     Since April 1990, BHC's Board of Directors has authorized the purchase
of up to 6,800,000 Class A common shares.  Through March 31, 1997,
5,724,287 shares were purchased for a total cost of $374.7 million,
including $16.5 million in the first three months of 1997.  From 1993
through March 31, 1997, UTV purchased 1,382,876 of its common shares at an
aggregate cost of $86.8 million, including $2.4 million for the first three
months of 1997, and $15.3 million in the first three months of 1996.

     Such purchases, together with proceeds from the exercise of UTV stock
options and BHC's special $1.00 per share dividend paid in February 1997,
are reflected in capital transactions of subsidiaries in the accompanying
condensed consolidated statements of cash flows, net of intercompany
eliminations.

6.   COMMITMENTS AND CONTINGENCIES:

     Commitments of BHC's television stations for film contracts entered
into but not available for broadcasting at March 31, 1997 aggregated
approximately $182.2 million, including $60.9 million applicable to UTV. 
BHC also has a remaining commitment to invest over time up to $30.6
million, including $19.8 million applicable to UTV, in management buyout
limited partnerships.

<PAGE>
Page 9

     BHC expects to make significant expenditures developing UPN.  See 
Note 3.

     As set forth in Note 9 of Notes to Consolidated Financial Statements
in Chris-Craft's 1996 Annual Report, Chris-Craft has been named as a
defendant (or a "potentially responsible party") in certain actions seeking
recovery for environmental damage allegedly related to (i) the activities
(discontinued since 1983) of 50% owned Montrose Chemical Corporation of
California and (ii) the activities of Montrose Chemical Co., a predecessor 
company to Chris-Craft.  Chris-Craft does not presently consider liability
to be "probable" in any of the Montrose related matters and no amount has
been reserved in Chris-Craft's financial statements.

7.   INCOME PER SHARE:

     Computations of income per share, all of which give retroactive effect
to the April 1997 3% stock dividend, are as follows (in thousands of
dollars except per share amounts):


</TABLE>
<TABLE>                                   
<CAPTION>
                                               Three Months
                                              Ended March 31,
                                        -------------------------
                                            1997         1996
                                        -----------  ------------
<S>                                     <C>           <C>
PRIMARY:
--------
Average outstanding common
  and Class B common shares              31,374,757   30,884,331
Assumed exercise of stock options           492,391      503,891
                                        -----------  -----------
Total shares used in computation         31,867,148   31,388,222
                                        ===========  ===========

Net income                              $    75,159  $       375
Preferred stock dividend requirements          (105)        (114)
                                        -----------  -----------
                                        $    75,054  $       261
                                        ===========  ===========

Primary income per share                $      2.36  $       .01
                                        ===========  ===========
</TABLE>
<PAGE>
Page 10

<TABLE>                                   
<CAPTION>
                                              Three Months
                                             Ended March 31,
                                        ------------------------
                                            1997         1996
                                        -----------  -----------
<S>                                     <C>           <C>
FULLY DILUTED:
--------------
Average outstanding common
  and Class B common shares              31,374,757   30,884,331
Assumed conversion of 
  $1.40 preferred stock                   8,183,074    9,054,470
Assumed exercise of stock options           492,391      503,891
                                        -----------  -----------
Total shares used in computation         40,050,222   40,442,692
                                        ===========  ===========

Net income                              $    75,159  $       375
Preferred stock dividend requirements           (18)         (18)
                                        -----------  -----------
                                        $    75,141  $       357
                                        ===========  ===========

Fully diluted income per share          $      1.88  $       .01
                                        ===========  ===========
</TABLE>

     In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per
Share," which establishes new standards for computing and presenting
earnings per share effective for both interim and annual periods ending
after December 15, 1997.  At December 31, 1997, all prior periods presented
will be restated to reflect the new basic and diluted earnings per share
amounts required by SFAS No. 128.  Had Chris-Craft followed the methodology
prescribed by SFAS No. 128, Chris-Craft's earnings per share would have
been as follows:

<TABLE>                                   
<CAPTION>
                                              Three Months
                                             Ended March 31,
                                        ------------------------
                                            1997         1996
                                        -----------  -----------
<S>                                     <C>           <C>
Basic earnings per share                $      2.39  $       .01
                                        ===========  ===========
Diluted earnings per share              $      1.88  $       .01
                                        ===========  ===========
</TABLE>

<PAGE>
Page 11
                      CHRIS-CRAFT INDUSTRIES, INC.
                      ----------------------------
                  MANAGEMENT'S DISCUSSION AND ANALYSIS
                  ------------------------------------
            OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
           ------------------------------------------------

Liquidity and Capital Resources
-------------------------------

Chris-Craft's financial position is strong and highly liquid.  Cash and
marketable securities totalled $1.54 billion at March 31, 1997, and
Chris-Craft has no debt outstanding.  Chris-Craft's 76% owned television
broadcasting subsidiary, BHC Communications, Inc., expended significant
funds in 1996 and 1995 to develop the United Paramount Network, but cash
flow provided from BHC's operating activities has substantially exceeded
BHC's UPN funding since the network's January 1995 launch.  Chris-Craft
believes that the substantial portion of BHC's share of such funding
requirements for 1997 and 1998 will be offset by the proceeds of the Viacom
option exercise, described below.

Chris-Craft's operating cash flow is generated primarily by the Television
Division's core television station group.  Broadcast cash flow reflects
station operating income plus depreciation and film contract amortization
less film contract payments.  The relationship between film contract
payments and related amortization may vary greatly between periods
(amortization exceeded payments by $1.4 million in the 1997 first quarter,
and payments exceeded amortization by $.4 million in the corresponding 1996
period), and is dependent upon the mix of programs aired and payment terms
of the stations' contracts.  Reflecting such $1.8 million variance between
periods, broadcast cash flow in the first quarter of 1997 declined only 4%
from 1996's corresponding amount, while station earnings declined 12%, as
explained below.  Although broadcast cash flow is often used in the
broadcast television industry as an ancillary measure, it is not synonymous
with operating cash flow computed in accordance with generally accepted
accounting principles, and should not be considered alone or as a
substitute for measures of performance computed in accordance with
generally accepted accounting principles.

Chris-Craft's cash flow additionally reflects earnings associated with its
cash and marketable securities, most of which are held by BHC. 
Consolidated cash and marketable securities  totalled $1.54 billion at
March 31, 1997, compared to $1.40 billion at December 31, 1996. 
Consolidated operating cash flow increased to $62.3 million from last
year's $52.0 million, primarily reflecting a $17.1 million refund of
prepaid broadcasting rights.  Cash balances were also augmented by the
$116.3 million distribution from UPN, as set forth below.
  
BHC generates most of Chris-Craft's consolidated cash flow. Parent company
obligations consist solely of corporate office expenditures, current and
accrued.  Parent company cash balances have been substantially in excess of
normal operating requirements, and have been augmented by BHC special
dividend receipts of $36 million, or $2.00 per BHC share, in  January 1993
and $18 million, or $1.00 per BHC share, in April 1995.  In January 1997, 

<PAGE>
Page 12

BHC declared another special cash dividend of $1.00 per share,  and
Chris-Craft received its $18 million payment in February 1997.  BHC plans 
to consider annually the payment of a special dividend. 

Since April 1990, BHC's Board of Directors has authorized the purchase of
up to 6,800,000 Class A common shares.  Through March 31, 1997, 5,724,287
shares were purchased for a total cost of $374.7 million, including $16.5
million in 1997.  From 1993 through March 31, 1997, UTV purchased 1,382,876
of its common shares at an aggregate cost of $86.7 million, of which $2.4
million was expended in the first quarter of 1997, and at March 31, 1997,
801,149 UTV shares remained authorized for purchase.

Chris-Craft intends to expand its operations in the media, entertainment
and communications industries and to explore business opportunities in
other industries.  Chris-Craft believes it is capable of raising
significant additional capital to augment its already substantial financial
resources, if desired, to fund such additional expansion.

In July 1994, BHC, along with Viacom Inc.'s Paramount Television Group,
formed UPN, a fifth broadcast television network which premiered in January
1995. BHC owned 100% of UPN from its inception through January 15, 1997,
when Viacom completed the exercise of its option to acquire a 50% interest
in UPN. The purchase price included $155 million in cash (an amount equal
to one-half of BHC's aggregate cash contributions to UPN through the
exercise date, plus interest), additional cash available for ongoing UPN
expenditures, as well as a non-cash contribution of UPN development costs
previously incurred by Viacom.  UPN distributed $116.3 million to BHC
following the closing, and BHC recorded a net pretax gain of $152.2 million
on the transaction.  BHC and Viacom now share equally in UPN losses and
funding requirements.  BHC funding of UPN totalled $145.6 million in 1996
and $128.6 million in 1995.  UPN is still in its early development, and is
expected for the next several years to continue to incur substantial
start-up losses and to require significant funding.  However, Chris-Craft
believes that the substantial portion of BHC's share of such funding
requirements for 1997 and 1998 will be offset by the proceeds of the Viacom
option exercise.

Chris-Craft's television stations make commitments for programming that
will not be available for telecasting until future dates.  At March 31,
1997, commitments for such programming totalled approximately $182.2
million, including $60.9 million applicable to UTV.  BHC also has a
remaining commitment to invest over time up to $30.6 million, including
$19.8 million applicable to UTV, in management buyout limited partnerships. 
Chris-Craft capital expenditures generally have not been material in
relation to its financial position, and the related capital expenditure
commitments at March 31, 1997 (including any related to UPN) were not
material.  Chris-Craft expects that its expenditures for UPN, future film
contract commitments and capital requirements for its present business will
be satisfied primarily from operations, marketable securities or cash
balances.

As set forth in Note 6, Chris-Craft has been named as a defendant (or
"potentially responsible party") in certain actions seeking recovery for
environmental damage allegedly related to (i) the activities (discontinued 

<PAGE>
Page 13

since 1983) of 50% owned Montrose Chemical Corporation of California and
(ii) the activities of Montrose Chemical Co., a predecessor company to
Chris-Craft.  As further set forth in Note 6, Chris-Craft does not
presently consider liability to be "probable" in any of the Montrose
related matters, and no amount has been reserved in Chris-Craft's financial
statements.

Results of Operations
---------------------

Chris-Craft 1997 first quarter net income increased to $75,159,000, or
$2.36 per share, from net income of $375,000, or $.01 per share, in the
first quarter of 1996.  The substantial increase in net income primarily
reflects BHC's net gain of $152,224,000, before income taxes and minority
interest, on the January 1997 acquisition by Viacom Inc. of a 50% interest
in United Paramount Network, which previously had been 100% owned by BHC. 
The earnings gain also reflects a significant reduction in the amount of
UPN start-up losses included in Chris-Craft's consolidated operating
results, reflecting BHC's reduced ownership interest.

Demand for television advertising continued to be lackluster in several key
areas, and operating revenues at BHC's core television station group
totalled $99,243,000 in the first quarter, just above last year's
$98,985,000.  Station operating expenses increased moderately, causing a
12% decline in station earnings, to $21,550,000 from $24,568,000.  That
decline was almost fully offset by an increase in earnings at BHC's
television production subsidiaries.  Operating income declined 3%, to
$20,634,000 from $21,335,000.

Industrial Division operating income rose 68%, to $740,000 from $441,000 in
last year's first quarter, reflecting a 16% increase in the Division's
operating revenues.  After corporate office expenses, consolidated
operating income totalled $17,525,000, just below last year's $17,873,000.
  
UPN's first quarter loss was slightly larger than in 1996, due primarily to
its expanded schedule, but the amount of UPN losses included in
consolidated operating results financial statements, which are recorded by
BHC under the equity method of accounting, declined to $17,898,000 from
$32,754,000, reflecting BHC's reduced ownership interest.

Interest and other income, which consists mostly of amounts earned on
consolidated cash and marketable securities holdings, totalled $19,285,000
in the first quarter, compared to $23,160,000 in 1996.  The decline
primarily reflects smaller 1997 gains on sales of securities.

Minority interest reflects the interest of shareholders other than Chris-
Craft in the net income of BHC, 76% owned by Chris-Craft at March 31, 1997
and 75% owned at March 31, 1996, and the interest of shareholders other
than BHC in the net income of UTV, 59% owned by BHC at March 31, 1997 and
58% owned at March 31, 1996.

<PAGE>
Page 14
                    CHRIS-CRAFT INDUSTRIES, INC.
                    ----------------------------
                     PART II. OTHER INFORMATION
                     --------------------------

Item 6.   Exhibits and Reports on Form 8-K.
          ---------------------------------

          (a)  The following exhibits are filed herewith:

        Exhibit No.            Description
        -----------            -----------

           27                  Financial Data Schedule

          (b)  No report on Form 8-K was filed during the quarter for which
this report is filed.

                             SIGNATURE
                             ---------

         Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.


                                     CHRIS-CRAFT INDUSTRIES, INC.
                                     ----------------------------
                                             (Registrant)


                                  By:    /s/ JOELEN K. MERKEL
                                     ----------------------------
                                           Joelen K. Merkel
                                    Vice President and Treasurer
                                   (Principal Accounting Officer)

Date:  May 15, 1997

<PAGE>
Page 15
                          EXHIBIT INDEX


Incorporated by
Reference to:        Exhibit No.              Exhibit
-------------        -----------              -------

                        27           Financial Data Schedule