Exhibit 13
STOCK PRICE, DIVIDEND AND RELATED INFORMATION
-----------------------------------------------------------------------------

    Chris-Craft common stock is traded on the New York Stock Exchange and the
Pacific Exchange.  The high and low sales prices reported in the consolidated
transaction reporting system are shown below for the periods indicated.  Since
Chris-Craft Class B common stock is ordinarily nontransferable, there is no
trading market for such class.

                              1997                   1996
                        High        Low         High     Low
                        ---------------------------------------
First Quarter           44 3/4      39 3/8      44       39 7/8
Second Quarter          50          38 3/4      44       40 1/4
Third Quarter           52 15/16    47 3/4      44       38 3/8
Fourth Quarter          55          48 1/16     42 1/4   39 1/8

    Chris-Craft paid 3% stock dividends on its common stock in April 1997 and
April 1996.  Chris-Craft has declared a 3% stock dividend payable in April
1998.  The Board of Directors plans to continue to consider, on an annual
basis, the payment of dividends in common stock.  As of February 17, 1998,
there were 2,702 holders of record of common stock and 1,687 holders of record
of Class B common stock.


                   Report of Independent Accountants

To the Board of Directors and
Shareholders of Chris-Craft Industries, Inc.

    In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of income, shareholders  investment and cash
flows present fairly, in all material respects, the financial position of
Chris-Craft Industries, Inc. and its subsidiaries at December 31, 1997 and
1996, and the results of their operations and their cash flows for each of the
three years in the period ended  December 31, 1997, in conformity with
generally accepted accounting principles.  These financial statements are the
responsibility of the Company s management; our responsibility is to express
an opinion on these financial statements based on our audits.  We conducted
our audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for the opinion expressed above.

PRICE WATERHOUSE LLP
New York, New York
February 12, 1998

<PAGE>
CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------------------------------------

                                            Year ended December 31,
(In thousands of dollars)                 1997      1996        1995
-----------------------------------------------------------------------------
Cash Flows from Operating Activities:
Net income                             $  93,501  $     812   $  21,965
Adjustments to reconcile net income
  to net cash provided from operating
  activities:
   Film contract amortization             95,244     95,291      89,321
   Film contract payments                (99,513)   (90,802)    (90,994)
   Prepaid broadcast rights               21,114      5,252       4,249
   Depreciation and other 
    amortization                          19,568     19,787      20,093
   Equity in United Paramount 
    Network loss                          87,430    146,313     129,303
   Gain on change of ownership in 
    United Paramount Network            (153,933)                   
   Minority interest                      49,483     18,522      25,714
   Other                                   4,965     (1,488)      1,980
   Changes in assets and liabilities: 
     Accounts receivable                   1,463      2,158       6,682
     Other assets                         (7,816)      (259)      1,268 
     Accounts payable and other
      liabilities                         14,921      3,891      10,495
     Income taxes                         21,004     (6,355)    (23,402)
-----------------------------------------------------------------------------
       Net cash provided from 
        operating activities             147,431    193,122     196,674
-----------------------------------------------------------------------------

Cash Flows from Investing Activities:
Disposition of marketable securities   1,002,103  1,089,124     697,232
Purchase of marketable securities       (948,862)  (899,924)   (813,070)
Distribution from United Paramount 
 Network                                 116,261       -           -
Investment in United Paramount 
 Network                                 (48,185)  (145,580)   (128,585)
Other investments                         (4,631)   (40,423)     (8,748)
Capital expenditures, net                 (7,788)   (10,472)     (9,079)
Other                                     (4,042)    (1,585)       (946)
-----------------------------------------------------------------------------
       Net cash provided from (used in)
        investing activities             104,856     (8,860)   (263,196)
-----------------------------------------------------------------------------
Cash Flows from Financing Activities:
Capital transactions of subsidiaries    (101,756)   (93,437)    (67,605)
Purchase of treasury stock               (22,449)   (17,897)    (19,967)
Proceeds from exercise of employee 
 stock options                            14,664      1,359       2,218
Dividends on preferred stock                (420)      (444)       (467)
-----------------------------------------------------------------------------
       Net cash used in financing 
        activities                      (109,961)  (110,419)    (85,821)
-----------------------------------------------------------------------------

Net Increase (Decrease) in Cash 
  and Cash Equivalents                   142,326      73,843   (152,343)
Cash and Cash Equivalents at 
  Beginning of Year                      147,683      73,840    226,183
-----------------------------------------------------------------------------
Cash and Cash Equivalents at 
  End of Year                          $ 290,009  $  147,683  $  73,840
=============================================================================

The accompanying notes to consolidated financial statements are an integral
part of these statements.

<PAGE>
CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
-----------------------------------------------------------------------------
                                           Year ended December 31,
(In thousands of dollars 
 except per share data)                  1997        1996       1995
-----------------------------------------------------------------------------

Operating Revenues:
Television revenues                    $ 443,499   $ 446,292  $ 454,702
Sales of manufactured products            21,147      19,403     17,379 
-----------------------------------------------------------------------------
                                         464,646     465,695    472,081
-----------------------------------------------------------------------------
Operating Expenses:
Television expenses                      212,183     217,928    214,223 
Cost of manufactured products sold        14,336      13,472     11,754
Selling, general and administrative      142,602     131,027    135,471 
-----------------------------------------------------------------------------
                                         369,121     362,427    361,448
-----------------------------------------------------------------------------
  Operating income                        95,525     103,268    110,633
-----------------------------------------------------------------------------

Other Income (Expense):
Gain on change of ownership in United
 Paramount Network                       153,933        -          -
Interest and other income, net            80,556      81,879     83,949
Equity in United Paramount Network 
 loss                                    (87,430)   (146,313)  (129,303)
-----------------------------------------------------------------------------
                                         147,059     (64,434)   (45,354)
-----------------------------------------------------------------------------
  Income before provision for income 
    taxes and minority interest          242,584      38,834     65,279

Provision for Income Taxes                99,600      19,500     17,600
-----------------------------------------------------------------------------
  Income before minority interest        142,984      19,334     47,679

Minority Interest                         49,483      18,522     25,714 
-----------------------------------------------------------------------------
  Net income                           $  93,501   $     812  $  21,965
=============================================================================  
 
Weighted Average Common Shares
 Outstanding                              32,456      31,990     31,808
=============================================================================  
Earnings per Share:
  Basic                                $    2.87   $     .01  $     .68
=============================================================================  
  Diluted                              $    2.26   $     .01  $     .52
=============================================================================  

The accompanying notes to consolidated financial statements are an integral
part of these statements.

<PAGE>
CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
-----------------------------------------------------------------------------
                                                          December 31,
(In thousands of dollars)                             1997           1996
-----------------------------------------------------------------------------
Assets

Current Assets:
  Cash and cash equivalents                       $    290,009   $    147,683
  Marketable securities (substantially all U.S. 
   Government securities)                            1,211,920      1,247,496
  Accounts receivable, less allowance for doubtful 
   accounts of $5,736 and $5,993                        89,472         90,935
  Film contract and, in 1996, prepaid broadcast 
   rights                                               95,859        115,498
  Prepaid expenses and other current assets             62,254         66,799
-----------------------------------------------------------------------------
        Total current assets                         1,749,514      1,668,411
-----------------------------------------------------------------------------
Investments                                             50,130         48,194 
-----------------------------------------------------------------------------
Film Contract Rights, including deposits,
 less estimated portion to be used within one year      26,118         28,536
-----------------------------------------------------------------------------
Property and Equipment, at cost:
  Land, buildings and improvements                      43,207         43,047 
  Machinery and equipment                              106,209        101,690
-----------------------------------------------------------------------------
                                                       149,416        144,737
  Less-Accumulated depreciation                        102,014         94,805
-----------------------------------------------------------------------------
                                                        47,402         49,932
-----------------------------------------------------------------------------

Intangible Assets                                      339,792        322,824

Other Assets                                            13,473         19,362
-----------------------------------------------------------------------------
                                                  $  2,226,429   $  2,137,259
=============================================================================
<PAGE>
Liabilities and Shareholders  Investment

Current Liabilities:
  Film contracts payable within one year          $     98,033   $     97,222
  Accounts payable and accrued expenses                131,869        112,577
  Income taxes payable                                  33,056         40,527 
-----------------------------------------------------------------------------
           Total current liabilities                   262,958        250,326
-----------------------------------------------------------------------------
Film Contracts Payable after One Year                   70,934         80,837
-----------------------------------------------------------------------------
Other Long-Term Liabilities                             25,089         10,918 
-----------------------------------------------------------------------------
Minority Interest                                      484,268        506,260 
-----------------------------------------------------------------------------

Commitments and Contingencies (Note 9)

Shareholders  Investment:
  Cumulative preferred stock -
    Prior preferred stock - $1.00 dividend; stated 
     at liquidating value of $21.50 per share; 
     currently authorized 73,399 shares; 
     outstanding 73,399 shares                           1,578          1,578
    Convertible preferred stock   $1.40 dividend;
     stated at $17.50 per share; currently 
     authorized 246,601 shares; outstanding 246,601
     and 253,195 shares (liquidating value $23.00 
     per share, aggregating $5,672)                      4,315          4,431
  Class B common stock   par value $.50 per share;
   currently authorized 50,000,000 shares; 
   outstanding 7,930,384 and 7,870,807 shares            3,965          3,935
  Common stock   par value $.50 per share; currently
   authorized 100,000,000 shares; outstanding 
   23,652,015 and 22,472,409 shares                     12,617         12,027
  Capital surplus                                      343,956        311,623
  Retained earnings                                  1,010,384        954,048
  Increase to reflect marketable securities 
   at market value                                       6,365          1,276
-----------------------------------------------------------------------------
                                                     1,383,180      1,288,918
-----------------------------------------------------------------------------
                                                  $  2,226,429   $  2,137,259
=============================================================================

The accompanying notes to consolidated financial statements are an integral
part of these statements.
<PAGE>
CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS  INVESTMENT
-----------------------------------------------------------------------------
                                              Outstanding Shares
                              ------------------------------------------------
                                             Class B      $1.00        $1.40
                                Common       Common     Preferred    Preferred
                              ----------    ---------   ---------    ---------
Balance at December 31, 1994  20,979,174    7,567,821     73,399       282,826
Net income                          -            -          -            -
Marketable securities 
  valuation adjustment              -            -          -            -
Capital transactions 
  of subsidiaries                   -            -          -            -
Dividends on preferred stock        -            -          -            -
Common stock dividend - 3%       620,551      225,514       -            -
Conversion of preferred stock    109,376      109,150       -          (7,068)
Conversion of Class B common 
 stock                           250,212     (250,212)      -            -
Stock options, including
 related tax benefits             77,166         -          -            -
Acquisition of treasury stock       -            -          -            -
Retirement of treasury stock    (558,400)        -          -            -
------------------------------------------------------------------------------
Balance at December 31, 1995  21,478,079    7,652,273     73,399      275,758
Net income                          -            -          -            -
Marketable securities
 valuation adjustment               -            -          -            -
Capital transactions of
 subsidiaries                       -            -          -            -
Dividends on preferred stock        -            -          -            - 
Common stock dividend - 3%       645,915      227,205       -            -
Conversion of preferred stock    306,970      412,734       -         (22,563)
Conversion of Class B common
 stock                           421,405     (421,405)      -            -
Stock options, including
 related tax benefits             53,940         -          -            -
Acquisition of treasury stock       -            -          -            -
Retirement of treasury stock    (433,900)        -          -            -
------------------------------------------------------------------------------
Balance at December 31, 1996  22,472,409    7,870,807     73,399      253,195
Net income                          -            -          -            -
Marketable securities
 valuation adjustment               -            -          -            -
Capital transactions of
 subsidiaries                       -            -          -            -
Dividends on preferred stock        -            -          -            -   
Common stock dividend - 3%       676,458      238,283       -            -
Conversion of preferred stock    103,482      108,335       -          (6,594)
Conversion of Class B common
 stock                           287,041     (287,041)      -            -
Stock options, including
 related tax benefits            599,125         -          -            -
Acquisition of treasury stock       -            -          -            -
Retirement of treasury stock    (486,500)        -          -            -
------------------------------------------------------------------------------
Balance at December 31, 1997  23,652,015    7,930,384     73,399      246,601
==============================================================================

   Treasury
    Shares                    Dollar Amount (In thousands)
   -------- -------------------------------------------------------------
                                                                 Market
            Common    Preferred   Capital    Retained  Treasury Valuation
    Common  Stocks     Stocks     Surplus    Earnings    Stock   Account
   ----------------------------------------------------------------------
       -    $15,064    $6,527     $298,090  $  996,331 $   -    $ (9,794)
       -       -         -            -         21,965     -        -

       -       -         -            -           -        -      16,522

       -       -         -          (7,809)       -        -        -   
       -       -         -            -           (467)    -        -   
       -        423      -          28,225     (28,648)    -        -
       -        109      (123)          13        -        -        -

       -       -         -            -           -        -        -

       -         39      -           2,401        -        -        -
   (558,400)   -         -            -           -     (19,848)    -
    558,400    (279)     -         (19,569)       -      19,848     -
--------------------------------------------------------------------------
       -     15,356     6,404      301,351     989,181     -       6,728
       -       -         -            -            812     -        -

       -       -         -            -           -        -      (5,452)

       -       -         -          (8,840)       -        -        -
       -       -         -            -           (444)    -        -
       -        436      -          35,065     (35,501)    -        -
       -        360      (395)          34        -        -        -

       -       -         -            -           -        -        -

       -         27      -           1,602        -        -        -
   (433,900)   -         -            -           -     (17,806)    -
    433,900    (217)     -         (17,589)       -      17,806     -
--------------------------------------------------------------------------
       -     15,962     6,009      311,623     954,048     -       1,276
       -       -         -            -         93,501     -        -

       -       -         -            -           -        -       5,089

       -       -         -             714        -        -        -
       -       -         -            -           (420)    -        -
       -        457      -          36,288     (36,745)    -        -
       -        106      (116)           8        -        -        -

       -       -         -            -           -        -        -

       -        300      -          17,976        -        -        -
   (486,500)   -         -            -           -     (22,896)    - 
    486,500    (243)     -         (22,653)       -      22,896     -
--------------------------------------------------------------------------
       -    $16,582    $5,893     $343,956  $1,010,384 $   -     $ 6,365
==========================================================================


The accompanying notes to consolidated financial statements are an integral
part of these statements.

<PAGE>
CHRIS-CRAFT INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-----------------------------------------------------------------------------
Note 1  
-----------------------------------------------------------------------------
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(A) Business and Basis of Presentation 

     Chris-Craft s primary business is television broadcasting, conducted
through its majority owned (78.6% at December 31, 1997 and 75.9% at December
31, 1996) television broadcasting subsidiary, BHC Communications, Inc.  BHC
wholly owned subsidiaries operate three television stations, and BHC s
majority owned (58.5% at December 31, 1997 and 59.0% at December 31, 1996)
subsidiary, United Television, Inc. (UTV), operates six television stations,
one of which was acquired in January 1998. See Note 11. 

     BHC accounts for its interest in the partnership that operates the United
Paramount Network (UPN), a fifth broadcast television network which premiered
in January 1995, under the equity method.  BHC  recorded 100% of UPN s
start-up losses from the network s 1994 inception through January 15, 1997,
when Viacom Inc. completed its acquisition of a 50% interest in the
partnership. Thereafter, BHC has recorded 50% of UPN s start-up losses.  

     The accompanying consolidated financial statements include the accounts
of Chris-Craft and its subsidiaries, after elimination of all significant
intercompany accounts and transactions.  The pro rata interests of BHC and UTV
minority shareholders in the net income and net assets of BHC and UTV are set
forth as Minority Interest in the Consolidated Statements of Income and
Consolidated Balance Sheets, respectively.  Preparation of financial
statements in accordance with generally accepted accounting principles
requires the use of management estimates.  Certain prior year amounts have
been restated to conform with the 1997 presentation.

(B) Financial Instruments

     Cash and cash equivalents totalled $290,009,000 at December 31, 1997 and
$147,683,000 at December 31, 1996.  Cash equivalents are securities having
maturities at time of purchase not exceeding three months.  The fair value of
cash equivalents approximates carrying value, reflecting their short
maturities.

     All of Chris-Craft s marketable securities have been categorized as
available for sale and are carried at fair market value.  Since marketable
securities are available for current operations, all are included in current
assets, as follows:
                                        Gross Unrealized
                                       ------------------ 
(In thousands)                Cost      Gains      Losses      Fair Value
-------------------------------------------------------------------------
December 31, 1997:

  U.S. Government
     securities            $1,097,346  $    619   $  182       $1,097,783
  Other                       100,794    17,008    3,665          114,137
-------------------------------------------------------------------------
                           $1,198,140  $ 17,627   $3,847       $1,211,920
=========================================================================
December 31, 1996:

  U.S. Government
     securities            $1,151,818  $    884   $  868       $1,151,834
  Other                        93,605     7,450    5,393           95,662
-------------------------------------------------------------------------
                           $1,245,423  $  8,334   $6,261       $1,247,496
=========================================================================

     All U.S. Government securities held at December 31, 1997 mature within
one year.

     Certain additional information related to Chris-Craft s marketable
securities as of and for the years ended December 31, 1997, 1996 and 1995 is
as follows:

(In thousands)                  1997           1996          1995
-------------------------------------------------------------------------
Sales proceeds               $1,002,103     $1,089,124     $697,232
Realized gains                    1,256          4,749        2,374
Realized losses                     177            466        4,697 
Net unrealized gain              13,780          2,073       14,316
Adjustment for unrealized 
  gain, net of deferred
  income taxes and minority
  interests                  $    6,365     $    1,276     $  6,728
=========================================================================

     For purposes of computing gains and losses, cost was determined using the
specific identification method.

(C) Film Contracts 

     Chris-Craft s television stations own film contract rights which allow
generally for limited showings of films and syndicated programs. Film contract
rights and related liabilities are recorded when the programming becomes
available for telecasting.

    Contracts are amortized over the estimated number of showings, using
primarily accelerated methods as films are used, based on management's
estimates of the flow of revenue and the ultimate total cost for each
contract. In the opinion of management, future revenue derived from airing
programming will be sufficient to cover related unamortized rights balances at
December 31, 1997. The estimated costs of recorded film contract rights to be
charged to income within one year are included in current assets; payments on
such contracts due within one year are included in current liabilities. The
approximate future maturities of film contracts payable after one year at
December 31, 1997 are $44,077,000, $21,013,000, $3,973,000 and $1,871,000 in
1999, 2000, 2001 and thereafter, respectively. The net present value at
December 31, 1997 of such payments, based on an 8.5% discount rate, was
approximately $60,000,000. See Note 9.

(D) Depreciation and Amortization 

     Depreciation of property and equipment is generally provided on the
straight-line method over the estimated useful lives of the assets, except
that leasehold improvements are amortized over the lives of the respective
leases, if shorter.

(E) Intangible Assets 

     Intangible assets reflect the excess of the purchase prices of businesses
acquired over net tangible assets at dates of acquisition. The carrying values
of such intangibles as of December 31, 1997 and 1996 are as follows:

(In thousands)                       1997                 1996
-------------------------------------------------------------------------
Television Division                $339,018             $322,050
Industrial Division                     774                  774
-------------------------------------------------------------------------
                                   $339,792             $322,824
=========================================================================

     Television Division amounts primarily relate to television station WWOR,
which was acquired in 1992, and are being amortized on a straight-line basis
over 40 year periods. Accumulated amortization of intangible assets totalled
$65,905,000 at December 31, 1997 and $56,653,000 at December 31, 1996.
Intangible assets at December 31, 1997 include goodwill totalling $35,191,000
resulting from purchases by BHC of its own shares at prices greater than net
book value.

(F) Revenue Recognition and Barter Transactions

     Revenue is recognized upon broadcast of television advertising and upon
shipment of manufactured products. The estimated fair value of goods or
services received by Chris-Craft s television stations in barter (nonmonetary)
transactions, most of which relate to the acquisition of programming, is
recognized as revenue when the air time is used by the advertiser. Barter
revenue totalled $43,944,000 in 1997, $40,853,000 in 1996 and $46,039,000 in
1995.  Barter expense in each year approximated barter revenue.

(G) Earnings per Share 

     Chris-Craft has adopted Statement of Financial Accounting Standards No.
128,  Earnings per Share , and per share amounts have been computed thereunder
as follows:
                                            Year ended December 31,
(In thousands except per share data)     1997        1996        1995
-------------------------------------------------------------------------
BASIC  
Net income                              $93,501    $    812     $21,965
Less: Preferred stock dividends            (420)       (436)       (464)
-------------------------------------------------------------------------
  Income available to common 
    shareholders                        $93,081    $    376     $21,501
=========================================================================
Average common shares 
  outstanding                            32,456      31,990      31,808
=========================================================================
    Basic per share amount              $  2.87    $    .01     $   .68
=========================================================================

DILUTED  
Income available to common 
  shareholders                          $93,081    $    376     $21,501 
Effect of dilutive securities   
  Convertible preferred 
     stock dividend                         347        -            391 
  Dilution of UTV net income 
    from UTV stock options                 (138)       (180)       (179)
-------------------------------------------------------------------------
    Income available 
      assuming dilution                 $93,290    $    196     $21,713
=========================================================================
Average common shares  
  outstanding                            32,456      31,990      31,808 
Effect of dilutive securities -  
  Convertible preferred stock             8,389        -          9,495
  Stock options                             344         191         224 
-------------------------------------------------------------------------
    Average shares outstanding            
      assuming dilution                  41,189      32,181      41,527
=========================================================================
    Diluted per share amount            $  2.26    $    .01     $   .52
=========================================================================

     Amounts give retroactive effect to all stock dividends declared through
February 12, 1998. All securities which could dilute per share amounts are
included in the computation of diluted earnings per share.

(H) Stock-Based Compensation 

     Chris-Craft has adopted Statement of Financial Accounting Standards No.
123,  Accounting for Stock-Based Compensation  (SFAS 123).  This statement
encourages but does not require the recording of compensation cost for
stock-based employee compensation plans at fair value.  Chris-Craft has chosen
to continue to account for stock-based compensation using the intrinsic value
method prescribed in Accounting Principles Board Opinion No. 25,  Accounting
for Stock Issued to Employees . See Note 6.

(I) Supplemental Cash Flow Information and Disclosure of Noncash Investing
Activities

     Cash paid for income taxes totalled $79,400,000 in 1997, $28,800,000 in
1996 and $46,500,000 in 1995.

     The 1997 distribution from UPN to BHC was net of approximately
$38,800,000, representing additional BHC capital contributions.

Note 2
-------------------------------------------------------------------------
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 option price included approximately
one-half of BHC's aggregate cash contributions to UPN through the exercise
date, plus interest, and additional cash available for ongoing UPN
expenditures.  UPN distributed $116,261,000 to BHC pursuant to the option
exercise, and BHC realized a 1997 pretax gain on the exercise of $153,933,000.
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, which reflects BHC funding of $48,185,000 in 1997 and $145,580,000
in 1996, plus the additional BHC capital contributions set forth above, and 
BHC s pro rata share of UPN losses in those years, totalled $1,112,000 at
December 31, 1997 and $1,394,000 at December 31, 1996, and is included in
Investments on the accompanying 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 funds from the Viacom option exercise
will substantially offset BHC s aggregate UPN funding for 1997 and 1998.
Condensed consolidated financial statements of UPN are as follows:

BALANCE SHEETS
                                                December 31,
(In thousands)                           1997                1996
-------------------------------------------------------------------------
Current assets                        $   80,017         $   43,831
Other assets                              29,926              5,062
-------------------------------------------------------------------------
                                      $  109,943         $   48,893
=========================================================================
Current liabilities                   $  107,719         $   47,499
Partners' capital                          2,224              1,394
-------------------------------------------------------------------------
                                      $  109,943         $   48,893
=========================================================================
STATEMENTS OF OPERATIONS
                                       Year ended December 31,
(In thousands)                      1997        1996        1995
-------------------------------------------------------------------------
Operating revenues*              $   89,997  $   56,948  $   30,376
Operating expenses*                 261,962     200,316     159,116
-------------------------------------------------------------------------
   Operating loss                  (171,965)   (143,368)   (128,740)
Other income (expense), net           1,768      (2,945)       (563)
-------------------------------------------------------------------------
   Loss before interest on 
     BHC advances                  (170,197)   (146,313)   (129,303)
Interest on BHC advances
   (eliminated in consolidation)       -        (14,147)     (4,535)
-------------------------------------------------------------------------
   Net loss                      $ (170,197) $ (160,460) $ (133,838)
=========================================================================

* With respect to certain of its programming, through August 31, 1997 
  UPN derived no revenue and incurred no programming expense.

Note 3
-------------------------------------------------------------------------
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

    Accounts payable and accrued expenses consist of the following:

                                               December 31,
(In thousands)                           1997              1996
-------------------------------------------------------------------------
Accounts payable                      $   8,465          $  10,556
Payable for securities purchased            650                304     
Accrued expenses-
  Payroll and compensation               64,198             51,125
  Deferred barter revenue                38,721             33,896
  Other                                  19,835             16,696
-------------------------------------------------------------------------
                                      $ 131,869          $ 112,577
=========================================================================

Note 4
-------------------------------------------------------------------------
SHAREHOLDERS' INVESTMENT:

     Each share of $1.00 prior preferred stock is redeemable by Chris-Craft at
$25.00. Each share of $1.40 convertible preferred stock is redeemable by
Chris-Craft at $40.00 and is convertible into common stock as set forth below.
Chris-Craft has authorized 10,000,000 shares of preferred stock, $1.00 par
value, that may be issued without further shareholder approval, in one or more
series, the terms and provisions of which shall be set by the Board of
Directors.

     Each share of Class B common stock entitles the holder to ten votes
(common stock entitles the holder to one vote per share), is convertible at
all times into common stock on a share-for-share basis, is not transferable
except to specified persons ("Permitted Transferees") and, in general, carries
the same per share dividend and liquidation rights as a share of common stock,
except that the Board of Directors may in its discretion declare greater cash
dividends per share on the common stock than on the Class B common stock. No
additional Class B shares may be issued without further shareholder approval,
except upon the conversion of $1.40 convertible preferred shares by holders of
record on November 10, 1986 (the record date for the initial distribution of
Class B common stock) or Permitted Transferees, or in payment of stock
dividends or stock splits on outstanding shares of Class B common stock.

     So long as any Class B common stock is outstanding, each share of $1.40
convertible preferred stock will entitle the holder on November 10, 1986, or
Permitted Transferees, to convert such share of $1.40 convertible preferred
stock into 10.96014 shares of common stock and 21.92025 shares of Class B
common stock, and to 231.0 votes (11.28894, 22.57786 and 237.3, respectively,
as adjusted for the 1998 stock dividend described below). The foregoing
special conversion and voting rights will be available to holders of $1.40
convertible preferred stock transferred after November 10, 1986 only under the
same circumstances as those in which the Class B common stock is transferable.
Each share of $1.40 convertible preferred stock transferred after November 10,
1986 entitles its holder (other than a Permitted Transferee) to convert such
share into 32.88039 shares of common stock and 32.9 votes (33.86680 and 33.9,
respectively, as adjusted for the 1998 stock dividend described below).

     Chris-Craft, from time to time, has purchased shares of its capital
stock, including 1997 purchases of 486,500 shares of common stock. At December
31, 1997, 227,502 shares of common stock and 12,899 shares of $1.00 prior
preferred stock remained authorized for purchase.  An additional 1,000,000
shares of common stock were authorized for purchase after December 31, 1997.

     As of December 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                            7,930,384
Conversion of $1.40 convertible preferred stock*              8,108,337
Stock options (including options outstanding     
  for 1,210,111 shares)                                       2,963,845
-------------------------------------------------------------------------
                                                             19,002,566
=========================================================================
*Including Class B common shares.

     On January 27, 1998, the Board of Directors declared a 3% common stock
dividend,  payable in April 1998, which will increase by 3% Chris-Craft s
common and Class B common shares outstanding and will also increase by 3% the
number of common shares issuable upon conversion of Chris-Craft s $1.40
convertible preferred stock and upon exercise of stock options.  Applicable
conversion rates and exercise prices will be adjusted accordingly.

Note 5
-------------------------------------------------------------------------
CAPITAL TRANSACTIONS OF SUBSIDIARIES:

     BHC had outstanding, at December 31, 1997, 4,893,604 shares of Class A
common stock and 18,000,000 shares of Class B common stock.  Chris-Craft owns
all outstanding Class B common shares, which represented 78.6% of BHC s then
outstanding equity and 97.4% of BHC s voting power.  From January 1990, when
BHC became a public company and was 60% owned by Chris-Craft, through December
31, 1997, BHC purchased 6,381,087 shares of its Class A common stock at an
aggregate cost of $453,520,000.  BHC treasury stock expenditures totalled
$95,408,000 in 1997, $62,639,000 in 1996 and $30,504,000 in 1995.  At December
31, 1997, 700,000 Class A common shares remained authorized for purchase.

     UTV has also acquired its own shares, expending $2,755,000 in 1997,
$32,810,000 in 1996 and $30,449,000 in 1995, and received proceeds of
$3,939,000 in 1997, $4,008,000 in 1996 and $2,009,000 in 1995 from the
exercise of stock options.  BHC's ownership in UTV has accordingly increased
to 58.5% at December 31, 1997 from 55.2% at December 31, 1994.  

     Such transactions, together with BHC special dividends of $1.00 per share
in 1997 and 1995, and UTV dividends of $.50 per share in 1997, 1996 and 1995,
are reflected in the accompanying Consolidated Statements of Cash Flows and
Consolidated Statements of Shareholders' Investment under the caption Capital
Transactions of Subsidiaries, net of intercompany eliminations and minority
interests.

Note 6
-------------------------------------------------------------------------
STOCK OPTIONS:

     Under the 1994 Management Incentive Plan, options (including Incentive
Stock Options) to purchase shares of common stock may be granted from time to
time to employees of Chris-Craft and its subsidiaries, at prices not less than
the fair market value at date of grant. Options are exercisable in cumulative
annual installments of 33 1/3% commencing one year from date of grant and
expire over a  period determined by the Plan Committee, which may not exceed
ten years from date of grant. Options currently outstanding expire either five
or ten years from date of grant. The Plan replaced a similar plan which was
terminated with respect to the grant of additional options when the 1994 Plan
became effective.

     The Plan permits the Plan Committee to award stock appreciation rights to
holders of options granted under the Plan. Such rights entitle the holders, in
lieu of exercising their options, to receive payment from Chris-Craft in cash,
stock or a combination thereof, equal to the greater of the appreciation in
market value or book value of the shares covered by exercisable options. No 
stock appreciation rights have been awarded under the Plan.

     Transactions under the two plans during the two years ended December 31,
1997 were as follows:
                                                        Option Price
(In thousands of dollars        Shares under   --------------------------
except per share data)             Option         per  Share      Total
-------------------------------------------------------------------------
Outstanding,
  December 31, 1995              1,656,514      $27.34-$37.25   $ 52,528
Increase to reflect
  3% stock dividend                 48,248            -             -
Exercised                          (57,243)     $26.54-$35.11     (1,730)
Cancelled                           (3,182)        $32.87           (105)
-------------------------------------------------------------------------
Outstanding,     
  December 31, 1996              1,644,337      $26.54-$36.16     50,693
Increase to reflect
  3% stock dividend                 47,694            -             -
Exercised                         (639,900)     $25.77-$34.09    (17,317)
Cancelled                           (1,620)     $31.92-$32.87        (55)
-------------------------------------------------------------------------
Outstanding,     
  December 31, 1997              1,050,511      $31.10-$35.11   $ 33,321
=========================================================================

     Chris-Craft received 74,867 common shares in 1997, 18,039 common shares
in 1996 and 2,217 common shares in 1995 as partial payment of exercised
options.

     Under the 1994 Director Stock Option Plan, a fixed number of immediately
exercisable options to purchase shares of common stock are granted annually to
each nonemployee director of Chris-Craft, at prices equal to fair market value
at date of grant. The 1994 Director Stock Option Plan replaced a similar plan
which has been terminated with respect to the grant of additional options.
Transactions under the two plans during the two years ended December 31, 1997,
were as follows:
                                                      Option Price
(In thousands of dollars         Shares under   -------------------------
except per share data)              Option       per Share       Total
-------------------------------------------------------------------------
Outstanding,
 December 31, 1995                 114,515      $24.25-$33.75     $3,563
Increase to reflect
   3% stock dividend                 3,419            -             -
Granted                             42,432         $43.00          1,825
Exercised                          (14,736)        $26.02           (384)
-------------------------------------------------------------------------
Outstanding,     
  December 31, 1996                145,630      $23.55-$43.00      5,004
Increase to reflect
   3% stock dividend                 4,358            -             -
Granted                             43,704         $42.88          1,873
Exercised                          (34,092)     $22.86-$41.75       (992)
-------------------------------------------------------------------------
Outstanding,
 December 31, 1997                 159,600      $28.32-$42.88     $5,885
=========================================================================

     At December 31, 1997, all options outstanding under the plans were
exercisable, and options for 1,753,734 shares were available for grant. 
Options outstanding expire at various dates from April 1998 through April
2004.

     Proceeds from the exercise of options are credited to common stock to the
extent of par value, and the remainder is credited to capital surplus except
that, when treasury stock is issued, the treasury stock account is reduced by
the average cost of the treasury stock, and any difference between such cost
and the exercise price is charged or credited to capital surplus. Related
income tax benefits which accrue to Chris-Craft are credited to capital
surplus.

     UTV also maintains stock option plans, and has chosen, like Chris-Craft,
to continue to account for stock-based compensation using the intrinsic value
method.  If Chris-Craft and UTV had elected to recognize compensation expense
based upon the fair value at the grant date for awards under their plans using
the methodology prescribed by SFAS 123, Chris-Craft net income and earnings
per share would have been reduced to the pro forma amounts as follows:    

(In thousands except per                   Year ended December 31,
share amounts)                         1997         1996        1995
-------------------------------------------------------------------------
Net income: 
  As reported                        $93,501       $  812     $21,965
  Pro forma                          $92,855       $  239     $21,506
Earnings (loss) per share:
  Basic -     
    As reported                      $  2.87       $  .01     $   .68
    Pro forma                        $  2.85       $ (.01)    $   .66
  Diluted -
    As reported                      $  2.26       $  .01     $   .52
    Pro forma                        $  2.25       $ (.01)    $   .51
=========================================================================

     These pro forma amounts may not be representative of the pro forma effect
on net income in future years, since the estimated fair value of stock options
is amortized over the vesting period, pro forma compensation expense related
to grants made prior to 1995 is not considered and additional options may be
granted in future years.

     The weighted average fair values of Chris-Craft options granted during
1997, 1996 and 1995 were $13.16, $13.97 and $11.58 per share, respectively, at
dates of grant.  The fair values of options were estimated using the
Black-Scholes option pricing model with the following weighted average
assumptions for the years ended December 31, 1997, 1996 and 1995,
respectively: dividend yields of zero for all periods; expected volatility of
16.3%, 20.1% and 21.4%; risk free interest rates of 6.4%, 6.3% and 6.8%; and
expected option life of five years for all periods.

Note 7
-------------------------------------------------------------------------
RETIREMENT PLANS:

     Chris-Craft and UTV maintain noncontributory defined benefit pension
plans covering substantially all their employees. Benefits accrue annually
based on compensation paid to participants each year. The funding policy is to
contribute annually to the plans amounts sufficient to fund current service
costs and to amortize any unfunded accrued liability over periods not to
exceed 30 years.

     Pension expense, including amounts accrued in Chris-Craft and UTV
nonqualified plans for retirement benefits in excess of statutory limitations,
was as follows:

                                         Year ended December 31,        
(In thousands)                        1997          1996       1995
-------------------------------------------------------------------------
Service cost                         $3,837        $3,595     $3,259
Interest cost on projected
  benefits obligation                 3,121         2,775      2,480
Actual return on plan assets         (2,781)       (3,415)    (4,185)
Amortization of deferred items          502         1,509      2,762
-------------------------------------------------------------------------
                                     $4,679        $4,464     $4,316
=========================================================================

     The estimated funded status of the Chris-Craft and UTV plans, including
amounts accrued in the nonqualified plans, was as follows:

                                                   December 31, 
(In thousands)                                  1997          1996
-------------------------------------------------------------------------
 Actuarial present value of:
  Vested benefit obligation                  $(34,305)      $(30,376)
  Nonvested benefit obligation                 (2,658)        (1,789)
-------------------------------------------------------------------------
    Accumulated benefit obligation            (36,963)       (32,165)
  Effect of projected compensation increases  (12,718)       (12,173)
-------------------------------------------------------------------------
    Projected benefit obligation              (49,681)       (44,338)
Fair value of plan assets (primarily listed
  securities and temporary investments)        32,633         29,144
-------------------------------------------------------------------------
    Excess                                    (17,048)       (15,194)
Unrecognized net asset at date of initial
  application of SFAS No. 87, being amortized
  over 15 years                                  (134)          (184)
Unrecognized net gain from past 
  experience, being amortized over 15 years    (2,040)          (580)
-------------------------------------------------------------------------
    Pension liability                        $(19,222)      $(15,958)
=========================================================================

     Assumptions used in accounting for pension plans for each year presented
are as follows:

-------------------------------------------------------------------------
Discount rate at end of year                                 7.25%
Rate of increase in future compensation levels               4.50%
Expected long-term rate of return on assets                  7.75%

     Chris-Craft and certain of its subsidiaries maintain other retirement
plans, primarily stock purchase and profit sharing plans. The aggregate costs
of such plans, including related amounts accrued in the nonqualified plans
referred to above, were $16,936,000 in 1997, $5,677,000 in 1996 and
$11,670,000 in 1995.

Note 8
-------------------------------------------------------------------------
INCOME TAXES:

     Income taxes are provided in the accompanying Consolidated Statements of
Income as follows:

                                            Year ended December 31, 
(In thousands)                         1997          1996         1995
-------------------------------------------------------------------------
Current:
    Federal                          $ 63,000      $ 22,400     $ 23,300
    State                              18,600         5,800      (14,000)
-------------------------------------------------------------------------
                                       81,600        28,200        9,300
-------------------------------------------------------------------------
Deferred:
    Federal                            17,900        (8,900)       7,300
    State                                 100           200        1,000
-------------------------------------------------------------------------
                                       18,000        (8,700)       8,300
-------------------------------------------------------------------------
                                     $ 99,600      $ 19,500     $ 17,600
=========================================================================

     Following the favorable resolution of routine audits, state income taxes
in 1995 reflect a $20,000,000 reversal of amounts accrued in prior years.

     Differences between income taxes at the federal statutory income tax rate
and total income taxes provided are as follows:

                                           Year ended December 31, 
(In thousands)                          1997         1996        1995
-------------------------------------------------------------------------
Taxes at federal statutory rate      $ 84,904      $ 13,592    $ 22,847
State income taxes, net                12,155         3,933      (8,418)
Amortization of intangible assets       3,127         3,151       3,151
Dividend from BHC                       1,260          -          1,260
Dividend exclusion                       (735)         (768)       (764)
Other                                  (1,111)         (408)       (476)
-------------------------------------------------------------------------
                                     $ 99,600      $ 19,500    $ 17,600
=========================================================================

     Deferred tax assets and deferred tax liabilities reflect the tax effect
of the following differences between financial statement carrying amounts and
tax bases of assets and liabilities:

                                                      December 31, 
(In thousands)                                      1997       1996
-------------------------------------------------------------------------
Accrued liabilities not deductible until paid     $30,781     $22,619
Investments                                          -         11,735
Film contract rights                                6,193       6,407
Tax credit and loss carryforwards                   8,291       7,177
Other                                                 286         628
-------------------------------------------------------------------------
                                                   45,551      48,566
Valuation allowance                                (8,981)     (8,943)
-------------------------------------------------------------------------
    Deferred tax assets, net                       36,570      39,623
-------------------------------------------------------------------------
Investments                                       (12,975)       -
Property and equipment                             (2,711)     (2,740)
SFAS 115 adjustment                                (4,951)       (681)
Other                                                (580)       (689)
-------------------------------------------------------------------------
    Deferred tax liabilities                      (21,217)     (4,110)
-------------------------------------------------------------------------
      Net deferred tax liabilities                $15,353     $35,513
=========================================================================

     The valuation allowance reflects the uncertainty with respect to the
realization of future tax benefits relating to certain tax carryforwards and
future dispositions of certain investments having tax bases greater than
related financial statement carrying amounts.

     At December 31, 1997, net operating loss carryforwards of approximately
$16,000,000 are available for tax purposes and expire in various years through
2012.

     Tax benefits of $3,612,000, $270,000 and $222,000 arising from the
exercise of employee stock options were credited to capital surplus in 1997,
1996 and 1995, respectively.

Note 9
-------------------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES:

     In October 1997, UTV signed a definitive agreement to purchase the assets
of UHF television station WRBW in Orlando, Florida, from Rainbow Broadcasting,
Ltd., for $60,000,000 and possible future consideration of up to $25,000,000.
The acquisition is subject to FCC approval and other conditions in the
agreement.

     The aggregate amount payable by Chris-Craft s television stations under
contracts for programming not currently available for telecasting and,
accordingly, not included in film contracts payable and the related contract
rights in the accompanying Consolidated Balance Sheets totalled $178,100,000
at December 31, 1997 (including $79,000,000 applicable to UTV).

     BHC expects to make significant expenditures developing UPN. See Note 2.

     Montrose Chemical Corporation of California, whose stock is 50% owned by
Chris-Craft and 50% by a subsidiary of Zeneca Inc. (formerly ICI Americas,
Inc.), discontinued its manufacturing operations in 1983 and has since been
defending claims for costs and damages relating to environmental matters. 
Chris-Craft is a defendant in one of these actions.  After insurance
reimbursements totalling $558,000 in 1997, $327,000 in 1996 and $1,001,000 in
1995, Montrose-related net expenses of $3,383,000 in 1997, $1,666,000 in 1996
and $437,000 in 1995 are included in the accompanying Consolidated Statements
of Income under the caption Interest and other income, net.

     Montrose is one of numerous defendants in a suit relating to alleged
environmental impairment at the Stringfellow Hazardous Waste Disposal Site in
California, brought in 1983 by the Federal Government and the State of
California, which claim Montrose generated approximately 19% of the waste
placed at the site.  In 1990, the U.S. Environmental Protection Agency issued
a Record of Decision for the site, which selected some of the interim remedial
measures preferred by the EPA and the State, the present value of which was
estimated by them to be $169 million, although the estimate is subject to
potential variations of up to 50%.  A ruling issued in 1995 allocated at least
65% of the liability (under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ( CERCLA )) at the site to
the State of California and approximately 25% of the liability to the
generator defendants (including Montrose).  A separate ruling under California
law allocated 100% of the liability to the State. The State is expected to
appeal the decision. The U.S. Department of Justice has sought and received
information regarding the relationship between Montrose and its two
shareholders in an inquiry directed to the issue of whether Chris-Craft, as a
shareholder of Montrose, should be added as a party to the Government s
Stringfellow suit. 

     In June 1990, the Federal Government and the State of California
commenced an action against Montrose, Chris-Craft, and other defendants,
alleging that Montrose and others released hazardous substances into Los
Angeles Harbor and adjacent waters, and seeking to recover damages resulting
from alleged injury to natural resources.  In 1997, the Federal and State
Governments stated they estimate the alleged damages at approximately $482
million. The action also seeks recovery for costs related to alleged hazardous
substance contamination of the Montrose plant site in Torrance, California. 

     Chris-Craft intends vigorously to defend itself in this action.
Chris-Craft contends that it is not liable and that it neither owned nor
operated the facilities involved, nor did it arrange for the disposal of
hazardous substances.  Chris-Craft and its predecessors were shareholders of
Montrose and provided certain management services to Montrose, as it conducted
its operations. Based on the available information, the status of the
proceeding, and the applicable legal and accounting standards, Chris-Craft, in
reliance among other things on the advice of counsel, believes that it should
have no liability (under CERCLA or otherwise) for the operations of Montrose
and does not presently consider liability to be  probable .  Accordingly,
under Statement of Financial Accounting Standards No. 5,  Accounting for
Contingencies , no amount has been reserved for this action in Chris-Craft s
financial statements.

     In September 1994, the EPA designated Chris-Craft as a  potentially
responsible party  under CERCLA (a  PRP ) in connection with the Diamond
Alkali Superfund Site on the Passaic River in Newark, New Jersey. The EPA
alleges that hazardous substances were released into the river from a facility
operated by a Chris-Craft predecessor company. The facility was located near
the Diamond Alkali property, but not on the river front, and was sold by
Chris-Craft in 1972. Chris-craft disputes that it is a responsible party. The
former owner of the Diamond Alkali property is currently performing a study
estimated to cost approximately $10 million to determine the extent of
contamination in the area and to evaluate possible corrective actions. The
Diamond Alkali Superfund Site matter does not involve Montrose, and based on
the review to date by Chris-Craft and its counsel, they believe Chris-Craft
has been erroneously identified as a PRP at the site; Chris-Craft is unable to
determine at this stage if it could have any liability at the site.  

     If a court ultimately rejected Chris-Craft s defenses in one or more of
the foregoing matters, under CERCLA Chris-Craft could be held jointly and
severally liable, without regard to fault, for response costs and natural
resource damages. A party s ultimate liability at a site generally depends on
its involvement at the site, the nature and extent of contamination, the
remedy selected, the role of other parties in creating the alleged
contamination and the availability of contribution from those parties, as well
as any insurance or indemnification agreements which may apply.  In most
cases, both the resolution of the complex issues involved and any necessary
remediation expenditures occur over a number of years. Future legal and
technical developments in each of the foregoing matters will be periodically
reviewed to determine if an accrual of reserves for possible liability would
be appropriate.

     Chris-Craft is a party to various other pending legal proceedings arising
in the ordinary course of business. In the opinion of management, after taking
into account the opinion of counsel with respect thereto, the ultimate
resolution of these other matters will not have a material effect on
Chris-Craft's consolidated financial position or results of operations.

Note 10
-------------------------------------------------------------------------
SEGMENT REPORTING:    

     Industry segment data is set forth in the table on page 29.

Note 11
-------------------------------------------------------------------------
SUBSEQUENT EVENT:

     In November 1997, UTV signed a definitive agreement to purchase the
assets of UHF television station WHSW-TV (now station WUTB, a UPN affiliate)
in Baltimore, Maryland, from SKMD Broadcasting Partnership, for $80,000,000.
The acquisition was completed on January 20, 1998, and the purchase price was
paid from working capital.


SELECTED FINANCIAL DATA
-------------------------------------------------------------------------

                              As of and for the year ended December 31,
(In thousands of dollars 
except per share data)     1997      1996       1995       1994       1993
-----------------------------------------------------------------------------
Operating revenues     $ 464,646  $ 465,695 $  472,081   $ 481,364  $ 439,733
=============================================================================
Operating income      $   95,525  $ 103,268 $  110,633   $ 107,832  $  75,332

Gain on change of 
  ownership in United
  Paramount Network      153,933       -          -          -          -
Interest and other
  income, net             80,556     81,879     83,949     59,928     52,661
Equity in United
  Paramount Network loss (87,430)  (146,313)  (129,303)    (3,977)      -
Income associated with
 Time Warner Inc.
 securities                 -          -          -          -       256,622
Income taxes             (99,600)   (19,500)   (17,600)   (57,300)  (147,200)
Minority interest        (49,483)   (18,522)   (25,714)   (41,742)   (88,347)
------------------------------------------------------------------------------
    Net income        $   93,501  $     812  $  21,965  $  64,741  $ 149,068
==============================================================================
Earnings per share -
     Basic            $     2.87  $     .01  $     .68  $    2.00  $    4.75
     Diluted                2.26        .01        .52       1.54       3.56

Cash and marketable
 securities            1,501,929  1,395,179   1,523,438  1,520,461  1,536,107
Working capital        1,486,556  1,418,085   1,531,416  1,532,579  1,502,671
Film contract rights     121,977    144,034     145,902    148,473    186,079
Investments               50,130     48,194      10,065      2,838       -
Total assets           2,226,429  2,137,259   2,203,853  2,232,217  2,283,178
Long-term debt              -          -           -          -          -
Minority interest        484,268    506,260     560,326    584,202    615,615
Shareholders'
 investment           $1,383,180 $1,288,918  $1,319,020 $1,306,218 $1,258,227


QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
-----------------------------------------------------------------------------

(In thousands of dollars  First      Second      Third      Fourth
 except per share data)  Quarter     Quarter     Quarter    Quarter    Year
-----------------------------------------------------------------------------
Year Ended
 December 31, 1997

Operating revenues      $106,472    $123,959    $110,907   $123,308  $464,646
Operating income          17,525      29,746      18,809     29,445    95,525
Gain on change of
 ownership in
 United Paramount


 Network                 152,224        -            -        1,709   153,933

Interest and
 other income, net        19,285      20,374       20,558    20,339    80,556

Equity in United
  Paramount Network
  loss                   (17,898)    (16,404)     (19,579)  (33,549)  (87,430)
Income before income
 taxes and minority
 interest                 171,136     33,716       19,788    17,944   242,584

Net income                 75,159     10,031        4,524     3,787    93,501
Earnings per share -          
     Basic                   2.32        .31          .14       .11      2.87
     Diluted            $    1.83   $    .24    $     .11  $    .09  $   2.26


Year Ended December 31, 1996

Operating revenues      $ 105,650   $125,500     $ 111,777 $122,768  $465,695
Operating income           17,873     34,621        26,311   24,463   103,268
Interest and other
 income, net               23,160     19,748        18,555   20,416    81,879
Equity in United
 Paramount Network loss   (32,754)   (34,990)      (38,909) (39,660) (146,313)
Income before income
 taxes and minority
 interest                   8,279     19,379         5,957    5,219    38,834

Net income (loss)            375       2,693        (1,539)    (717)      812
Earnings (loss)
 per share -
     Basic                   .01         .08          (.05)    (.03)      .01
     Diluted             $   .01    $    .06      $   (.05) $  (.03) $    .01

INDUSTRY SEGMENT INFORMATION

     The following table sets forth information for the years indicated in
accordance with Statement No. 14 of the Financial Accounting Standards Board. 
The business of each industry segment is described elsewhere in this Annual
Report.

<TABLE>
<CAPTION>

(In thousands                     Operating    Depreciation
of dollars)           Operating    income          and          Capital    Identifiable
                       Revenues   (Loss) (b)   Amortization   Expenditures    Assets
---------------------------------------------------------------------------------------
<S>                    <C>        <C>           <C>            <C>          <C>
Year Ended
 December 31, 1997

Television Division    $443,499   $ 113,908     $  19,187      $  7,040     $2,177,679(c)
Industrial Division      21,147       2,889           359           747          9,174
Other (a)                  -        (21,272)           22             1         39,576
--------------------------------------------------------------------------------------
                       $464,646   $  95,525     $  19,568      $  7,788     $2,226,429 
======================================================================================

Year Ended
 December 31, 1996

Television Division    $446,292   $ 115,718     $  19,451      $ 10,144     $2,106,234(c)
Industrial Division      19,403       2,058           305           534          9,269
Other (a)                  -        (14,508)           31           105         21,756
--------------------------------------------------------------------------------------
                       $465,695   $ 103,268     $  19,787      $ 10,783     $2,137,259
======================================================================================

Year Ended
 December 31, 1995

Television Division    $454,702   $ 127,149     $  19,833      $ 11,564     $2,156,429(c)
Industrial Division      17,379       1,960           236           537          8,096
Other (a)                  -        (18,476)           24             8         39,328
--------------------------------------------------------------------------------------
                       $472,081   $ 110,633     $  20,093      $ 12,109     $2,203,853
======================================================================================

(a) Consists of Corporate Office and subsidiaries not included in Television Division or
Industrial Division.  Related operating loss consists solely of general and administrative
expenses and, accordingly, excludes nonoperating income.  Related assets consist primarily of
cash and marketable securities.

(b) See Consolidated Statements of Income for the reconciliation of operating income to net
income.

(c) Includes marketable securities having an aggregate carrying value of $1,204,776 at December
31, 1997, $1,245,241 at December 31, 1996 and $1,427,186 at December 31, 1995.

</TABLE>

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. 
Consolidated cash and marketable securities totalled $1.50 billion at December
31, 1997, and Chris-Craft has no debt outstanding.  Chris-Craft's 79% owned
television broadcasting subsidiary, BHC Communications, Inc., has expended
significant funds developing United Paramount Network since UPN's inception in
1994, but cash flow provided from BHC's operating activities has exceeded such
BHC funding of UPN.  Further, Chris-Craft believes that the funds from the
1997 Viacom option exercise, described below, will substantially offset BHC's
aggregate UPN funding for 1997 and 1998.

     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
(payments exceeded amortization by $4.3 million in 1997, and amortization
exceeded payments by $4.5 million in 1996), and is dependent upon the mix of
programs aired and payment terms of the stations' contracts.  Reflecting such
amounts, broadcast cash flow in 1997 declined 8%, while station earnings
declined only 3%, 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 increased to $1.50 billion at
December 31, 1997, from $1.40 billion at December 31, 1996.  Such increase
primarily reflects the $116.3 million distribution from UPN, described below. 
Operating cash flow for 1997 declined to $147.4 million from $193.1 million,
primarily because 1997 income tax payments related to the UPN distribution are
reflected as a reduction of operating cash flow, while the distribution is
reported as a cash flow from investing activities.

     BHC generates most of Chris-Craft's consolidated cash flow. Parent
company obligations consist solely of corporate office expenditures, current
and accrued.  Most parent company cash flow in recent years has been provided
from the receipt by Chris-Craft of its share of  special dividends paid by
BHC.  In February 1997, BHC paid a special cash dividend of $1.00 per share,
aggregating $23.6 million, of which $18 million was received by Chris-Craft. 
In February 1998, BHC paid a similar special cash dividend of $1.00 per share,
aggregating $22.7 million, of which $18 million was received by Chris-Craft. 
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 7,081,087 Class A common shares.  Through December 31, 1997, 6,381,087
shares were purchased for a total cost of $453.5 million, including $95.3
million in 1997.  From 1993 through December 31, 1997, UTV purchased 1,385,876
of its common shares at an aggregate cost of $87.1 million, of which $2.8
million was expended in 1997, and, at December 31, 1997, 798,149 UTV shares
remained authorized for purchase.

     In January 1998, UTV acquired the assets of UHF television station WHSW,
Channel 24, in Baltimore, Maryland for $80 million in cash.  The station's
call letters were changed to WUTB and the station became a UPN affiliate.  UTV
has signed a definitive agreement to purchase the assets of WRBW in Orlando,
Florida for approximately $60 million and possible future consideration of up
to $25 million.  UTV expects to use a portion of available cash and marketable
securities balances to complete this transaction, which is subject to FCC
approval as well as satisfaction of certain other conditions.  Chris-Craft
intends to further 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 option 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 1997 pretax gain of $153.9 million on the transaction.  BHC and
Viacom now share equally in UPN losses and funding requirements.  BHC funding
of UPN totalled $48.2 million in 1997 and $145.6 million in 1996.  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
aggregate share of such funding requirements for 1997 and 1998 will be offset
by the funds from the Viacom option exercise.

     Chris-Craft's television stations make commitments for programming that
will not be available for telecasting until future dates.  At December 31,
1997, commitments for such programming totalled approximately $178.1 million,
including $79.0 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
December 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 9, 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
("Montrose California") and (ii) the activities of Montrose Chemical Co., a
predecessor company to Chris-Craft.  As further set forth in Note 9,
Chris-Craft does not presently consider liability to be "probable" in any of
the Montrose California related matters and believes it has been erroneously
identified as a potentially responsible party and is unable to determine at
this stage if it could have any liability regarding Montrose Chemical Co. 
Accordingly, no amount has been reserved in Chris-Craft's financial statements
relating to these matters.

RESULTS OF OPERATIONS - 1997 VERSUS 1996

     Chris-Craft 1997 net income rose to $93,501,000, or $2.87 per share
($2.26 per share diluted), from $812,000, or $.01 per share ($.01 per share
diluted), in 1996. The substantial increase in net income is primarily due to
the pretax gain of $153,933,000 realized by BHC on Viacom's acquisition of its
UPN interest. In addition, the amount of UPN start-up losses included in
Chris-Craft's operating results was reduced significantly in 1997, reflecting
the reduction, to 50% from 100%, in BHC's ownership interest in UPN.  

     Varying economic and competitive factors in the markets served by the
Television Division's station group produced uneven station results in 1997. 
Station operating revenues declined to $434,729,000 from $437,287,000,  less
than 1%.  Station programming expenses declined slightly, but total station
operating expenses rose about 1%, due to a $3.5 million increase in expense
associated with stock price based retirement plans.  As a result, station
group operating income declined 3% in 1997, to $125,966,000 from $130,450,000
in 1996. That decline was almost fully offset by the increase in earnings at
the Division's television production subsidiaries, to $7,098,000 in 1997 from
$3,267,000 in 1996.  Television Division operating income accordingly declined
less than 2%, to $113,908,000 from $115,718,000.

     Industrial Division operating income increased 40%, to $2,889,000 from
$2,058,000 in 1996, and the Division's operating revenues increased 9%, to
$21,147,000 from $19,403,000.  The Division's improved results reflect
strength throughout its major product lines and higher profit margins.  Margin
improvement was realized through cost reductions, effective outsourcing and
elimination of certain less profitable products.

     Chris-Craft corporate office expense increased $6.8 million in 1997. 
Such expense associated with stock price based retirement plans rose $6.9
million, as the market price of Chris-Craft common stock rose 27% in 1997. 
Consolidated operating income accordingly declined 7%, to $95,525,000 from
$103,268,000 in 1996.

     UPN's start-up loss widened in 1997, to $170,197,000 from $146,313,000 in
1996, mainly due to expenses associated with the expansion of UPN's schedule
and with the ongoing development of the network's programming strategy.  The 
UPN equity loss recorded in Chris-Craft's financial statements nonetheless
declined significantly, to $87,430,000 from $146,313,000 in 1996, reflecting
the 1997 reduction in BHC's ownership interest. UPN is still in its early
development and is expected for the next several years to continue to incur
substantial start-up losses.

     Interest and other income consists mostly of amounts earned on
Chris-Craft's consolidated cash and marketable securities holdings.  Interest
and other income declined slightly to $80,556,000 from $81,879,000 in 1996. 
An increase in interest income was offset by a decline in marketable
securities gains and an increase, to $3.4 million from $1.7 million, in
expense related to Montrose matters.

     Chris-Craft's effective income tax rate declined to 41.1% in 1997 from
50.2% in 1996.  Nondeductible goodwill amortization had an abnormal impact on
Chris-Craft's effective tax rate in 1996 because of the low level of
Chris-Craft's pretax earnings.

     Minority interest reflects the interest of shareholders other than
Chris-Craft in the net income of BHC, 78.6% owned by Chris-Craft at December
31, 1997, 75.9% owned by Chris-Craft at December 31, 1996, and 73.9% owned by
Chris-Craft at December 31, 1995, and the interest of shareholders other than
BHC in the net income of UTV, 58.5% owned by BHC at December 31, 1997, 59.0%
owned by BHC at December 31, 1996 and 57.3% owned by BHC at December 31, 1995.

RESULTS OF OPERATIONS - 1996 VERSUS 1995

     Chris-Craft 1996 net income declined to $812,000, or $.01 per share ($.01
per share diluted), from 1995 net income of $21,965,000, or $.68 per share
($.52 per share diluted).  UPN start-up losses increased, as expected, and
earnings at Chris-Craft's core television station group declined from 1995's
record level.

     Television Division station revenues declined 3% in 1996, to $437,287,000
from $450,239,000 in 1995, reflecting lackluster advertising demand and lower
share in several key markets.  Chris-Craft in recent years determined not to
acquire certain expensive and popular syndicated programs at several
Television Division stations because their high prices appeared to make
acceptable profit unlikely.  Accordingly, certain revenues were foregone,
reducing market share at those stations, but Chris-Craft believes those
decisions promoted the overall profitability of its station group.  Station
programming expenses rose only 5% in 1996, and all other station expenses
declined 1%. Total station income was the third highest in Chris-Craft
history, but declined 14% to $130,450,000 from 1995's record $151,382,000. 
Television Division operating income declined only 9% in 1996, to $115,718,000
from $127,149,000, reflecting improved results at our television production
subsidiaries, as well as the recording in 1995 of one-time expenses totalling
approximately $3,700,000 incurred in establishing a national sales
representative subsidiary.

     Industrial Division operating revenues increased 12% in 1996, to
$19,403,000 from $17,379,000 in 1995.  The revenue gain primarily reflects
higher sales of packaging and solid surface release films, as well as growth
in sales of sterilization products marketed by the Division s health care
products unit.  Industrial Division operating income rose 5%, to $2,058,000
from $1,960,000, as profit margins declined slightly, mostly due to pricing
pressure in the health care industry. 

     Consolidated operating income, which additionally reflects Chris-Craft
corporate office expense, declined 7%, to $103,268,000 from 1995's
$110,633,000. Corporate office expense declined $3,968,000 in 1996, reflecting
a decline in expense associated with stock price based retirement plans.

     BHC's equity in UPN start-up losses increased, as expected, to
$146,313,000 in 1996 from $129,303,000 in 1995.  The increase primarily
reflects the expansion in 1996 of the network's prime time schedule from two
to three weekday evenings.  BHC recorded 100% of UPN's losses in 1996 and
1995, consistent with its sole ownership of the network during those years.