EXHIBIT 4(e)









                          FOURTH MODIFICATION AGREEMENT
                          -----------------------------
FOURTH MODIFICATION  AGREEMENT  ("AGREEMENT") ENTERED INTO AS OF THE 16TH DAY OF
MARCH,  2001 BY AND BETWEEN  KABLE NEWS COMPANY,  INC., AN ILLINOIS  CORPORATION
("BORROWER"),  AMREP CORPORATION, AN OKLAHOMA CORPORATION ("PARENT"), KABLE NEWS
EXPORT,  LTD, A DELAWARE  CORPORATION,  KABLE NEWS  COMPANY OF CANADA,  LTD,  AN
ONTARIO,  CANADA  CORPORATION,  KABLE  NEWS  INTERNATIONAL,   INC.,  A  DELAWARE
CORPORATION,  KABLE FULFILLMENT SERVICES OF OHIO, INC., A DELAWARE  CORPORATION,
DISTRIBUNET  INC.,  A DELAWARE  CORPORATION  AND  MAGAZINE  CONNECTION  INC.,  A
DELAWARE  CORPORATION  (COLLECTIVELY  REFERRED TO HEREIN AS  "SUBSIDIARIES"  AND
BORROWER,  PARENT AND SUBSIDIARIES COLLECTIVELY REFERRED TO HEREIN AS "BORROWING
PARTIES"),  AND AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO INDIVIDUALLY
AND AS AGENT  ("AGENT") FOR HELLER  FINANCIAL,  INC.  ("HELLER"),  OLD KENT BANK
("OLD KENT"),  NATIONAL  CITY BANK OF  MICHIGAN/ILLINOIS  ("NATIONAL  CITY") AND
FIRST BANK ("FIRST BANK") (AGENT, HELLER, OLD KENT, NATIONAL CITY AND FIRST BANK
COLLECTIVELY REFERRED TO HEREIN AS "LENDERS")

                               W I T N E S S E T H
                               - - - - - - - - - -
     WHEREAS,  Borrower has executed that certain Loan Agreement dated September
15, 1998 as modified by that certain Modification  Agreement dated July 7, 1999,
that certain Second Modification  Agreement dated June 29, 2000 and that certain
Third  Modification  Agreement  dated  December 15, 2000 (the "Loan  Agreement")
relating  to certain  Loans  ("Loans")  made by Lenders to  Borrower,  to wit, a
certain  Forty  Million and No/100  ($40,000,000.00)  Dollar  Secured  Revolving
Credit  Facility,  a  certain  One  Million  Two  Hundred  Thousand  and  No/100
($1,200,000.00)  Dollar Secured Term Loan and a certain One Million Five Hundred
Thousand and No/100 ($1,500,000.00) Dollar Secured Term Loan; and

     WHEREAS,  the  Loans are  evidenced  by Notes  (the  "Notes")  executed  by
Borrower and delivered to the Lenders; and

     WHEREAS,  in connection  with the Loans,  Borrower and each Subsidiary have
executed and delivered certain Security Agreements ("Security Agreements"); and

                                       1
<PAGE>

     WHEREAS, in connection with the Loans,  Borrower has executed and delivered
that certain Trademark Collateral  Assignment and Security Agreement ("Trademark
Assignment"); and

     WHEREAS,  in connection  with the Loans,  Parent and each  Subsidiary  have
executed and delivered those certain Guaranties ("Guaranties")'; and

     WHEREAS,  in connection  with the Loans,  Parent has executed and delivered
that certain Stock Pledge Agreement  ("Stock  Pledge") (the Loan Agreement,  the
Notes, Security Agreements,  Trademark  Assignment,  Guaranties and Stock Pledge
all collectively referred to herein as the "Loan Documents"); and

     WHEREAS,  Borrower  has failed to comply  with  Section  6.24.2 of the Loan
Agreement (the "Financial Covenant Non Compliance") and has requested Lenders to
waive said Financial Covenant Non Compliance; and

     WHEREAS,  Lenders  are willing to grant a limited  waiver of the  Financial
Covenant Non Compliance in accordance with the terms and conditions as hereafter
set forth in this Agreement.

     NOW  THEREFORE,  in  consideration  of the mutual  premises  of the parties
hereto,  and  for  other  good  and  valuable  consideration,  the  receipt  and
sufficiency of which is hereby acknowledged,

     IT IS AGREED:

     1. Preambles. The preambles to this Agreement are fully incorporated herein
by this  reference  thereto  with the same force and  effect as though  restated
herein.

     2. Defined  Terms.  To the  extent  not  otherwise  defined  herein to the
contrary, all capitalized terms and/or phrases used in this Agreement shall have
the respective meanings assigned to them in the Loan Documents.

     3. Limited Waiver of  Non-Compliance.  Borrowing Parties and Lenders hereby
agree that in connection with Section 6.24.2 of the Loan Agreement which reads:

          "6.24.2  Consolidated  Cash Flow Coverage.  The Borrower will from the
          fiscal  quarter  beginning  May,  1998  and  at all  times  thereafter
          maintain a Consolidated Cash Flow Coverage Ratio,  measured at the end
          of each  fiscal  year  quarter  calculated  by  taking  the sum of the
          numerators of the Consolidated Cash Flow Coverage Ratio for the fiscal
          quarter  then  ending  and  the  immediately  three  preceding  fiscal
          quarters and dividing  such amount by the sum of the  denominators  of
          the Consolidated  Cash Flow Coverage Ratio for the fiscal quarter then
          ending and the immediately  three  preceding  fiscal quarters with the
          resultant ratio being not less than 1.00 to 1.00."

that to the extent  Borrower and its  Subsidiaries  have not been in  compliance
with the  Consolidated  Cash Flow  Coverage  Ratio,  as  previously  stated  and
described in Section 6.24.2 of the Loan Agreement, for the fiscal quarter ending
January 31, 2001, said Financial Covenant Non-Compliance is hereby waived by the


                                       2
<PAGE>

Lenders. The waiver contained in this Paragraph is limited to the fiscal quarter
ending  January 31, 2001 only and is not intended nor does it apply to any other
fiscal quarter subsequent thereto.

     4. Conditions to Limited Waiver of Financial  Covenant  Non-Compliance.  In
consideration of Lenders waiving the Financial  Covenant  Non-Compliance  as set
forth in Paragraph 3 hereof,  Borrowing  Parties hereby  covenant and agree with
Lenders that:

          (a) Contemporaneously with the execution of this Agreement there shall
     be paid to Agent for the  ratable  benefit of the Lenders the sum of Thirty
     Seven  Thousand Five Hundred and No/100  ($37,500.00)  Dollars (the "Waiver
     Fee").

          (b) By no later than March 23, 2001,  Borrower  shall deliver to Agent
     written  evidence  that  Borrower has engaged a financial  consultant  (the
     "Consultant")  acceptable to Lenders to review the financial  condition and
     business operations of Borrower and the Subsidiaries. Borrowing Parties, by
     their  execution  of  this  Agreement,  hereby  expressly  agree  that  all
     findings,  recommendations,  reports  and other  documents  prepared by the
     Consultant may be disclosed and delivered to Agent and the other Lenders by
     the  Consultant and that the Consultant may at all times discuss with Agent
     the status and results of its review.

          (c)  Parent  shall  use its best  efforts  to,  prior to May 1,  2001,
     acquire  from  Amrepco,  Inc.,  a  Colorado  corporation  ("Amrepco"),  and
     thereafter  pledge  (the "Real  Estate  Contract  Pledge") to Agent for the
     ratable  benefit of the  Lenders  all right  title and  interest of Amrepco
     under that  certain  Agreement  of Purchase  and Sale dated  February  2001
     presently being  negotiated  between  Amrepco,  as seller,  and Adare Homes
     Bradbury Ranch, LLC., a Colorado limited liability  company,  as buyer (the
     "Real Estate Contract") relating to the sale of certain real estate located
     in the County of Douglas, State of Colorado (the "Colorado Real Estate") as
     well as certain  water  credits  both as more fully  described  in the Real
     Estate Contract. Said Real Estate Contract Pledge:

               i) shall be evidenced by the  execution of such  documents as may
          be reasonably required by Agent and its counsel;

               ii) shall provide for a first lien on Parent's  right,  title and
          interest under the Real Estate Contract; and

               iii) shall be given to secure all liabilities of Parent under the
          Guaranty  executed  by  Parent,  but only to the  extent of the amount
          equal to the unpaid  principal  balance of the Parent Note (as defined
          in Paragraph 4(f)(i) hereof); it being understood that upon payment in
          full of the unpaid  principal  of the  Parent  Note,  the Real  Estate
          Contract Pledge shall be extinguished.

          (d) If the Real  Estate  Contract  is not  executed  by April 2, 2001,
     Parent shall then use its best effort,  to acquire from  Amrepco,  prior to
     May 1, 2001,  all of  Amrepco's  right,  title and interest in the Colorado
     Real  Estate  and grant and  deliver  to Agent for the  ratable  benefit of
     Lenders a mortgage  (the  "Mortgage")  in a form and content  acceptable to
     Agent and its counsel encumbering the Colorado Real Estate and securing the


                                       3
<PAGE>

     liabilities  of Parent under the Guaranty  executed by Parent,  but only to
     the  extent of the  amount  equal to the  unpaid  principal  balance of the
     Parent Note (as defined in Paragraph  4(f)(i) hereof);  it being understood
     that upon payment in full of the unpaid  principal of the Parent Note,  the
     Mortgage shall be extinguished.

          (e) By no later than May 1, 2001,  Borrowing  Parties  will  submit to
     Agent a written  business plan and debt  restructuring  plan (the "Business
     and Debt Plan") in a form and content  acceptable  to Lenders in their sole
     and absolute discretion.

          (f) Contemporaneously  with the execution of this Agreement,  Borrower
     shall execute and deliver to Agent for the ratable benefits of Lenders:

               i) a Pledge Agreement (the "Note Pledge Agreement")  pledging and
          granting  to Agent for the  ratable  benefit of the Lenders a security
          interest  in  that  certain  note  ("Parent  Note")  in  the  original
          principal  amount of Four  Million  Four  Hundred  Thousand and No/100
          ($4,400,000.00)  Dollars  payable to Borrower  and executed by Parent;
          and

               ii) the original  Parent Note endorsed by Borrower to Agent;  and
          (g) The Loan Agreement and the terms and  conditions  thereof shall be
          deemed modified as set forth in Paragraph 5 hereof.

     It is further agreed that:

          (v)  Notwithstanding  whether  a  Default  exists,  if at any time any
     payments  of  principal  are  received  by  Borrower  under the Parent Note
     ("Parent  Note  Payments"):  (i) Borrower  shall  immediately  deliver said
     Parent Note Payments to Agent to be applied  ratably for the benefit of all
     Lenders to reduce the then  outstanding  principal  balance of all Floating
     Rate Advances and (ii) the Revolving Loan  Commitment  shall be permanently
     reduced to an amount equal to the amount of the Revolving  Loan  Commitment
     as set forth in  paragraph  5 hereof  less the  amount of all  Parent  Note
     Payments; and

          (w)  Notwithstanding  whether a Default exists,  or whether the Parent
     has been able to grant the Real Estate  Contract  Pledge or  Mortgage,  all
     sale proceeds received by Parent and/or Amrepco in connection with the sale
     under the Real  Estate  Contract  to the  extent of and not to exceed  Four
     Million Four Hundred Thousand and No/100  ($4,400,000.00)  Dollars shall be
     paid by Parent to Borrower to satisfy the  principal  balance of the Parent
     Note;

          (x) In connection  with the  negotiations  relating to the Real Estate
     Contract,  Parent shall not execute or allow  Amrepco,  Inc. to execute the
     Real Estate Contract,  if as a result of said negotiations the net proceeds
     to be received by the seller (after  allowing all credits to be received by
     the buyer) is less than $4,400,000.00 or if the closing date of the sale of
     the Colorado Real Estate is after December 31, 2001;

                                       4
<PAGE>

          (y) Upon execution of the final version of the Real Estate Contract, a
     fully executed copy of same shall immediately be delivered to Agent; and

          (z) In any  liquidation  of the rights under the Real Estate  Contract
     pursuant  to the  Real  Estate  Contract  Pledge  or a  foreclosure  of the
     Mortgage on the Colorado Real Estate,  the maximum amount which Agent shall
     be entitled  to receive for its benefit and the ratable  benefit of all the
     Lenders   shall  be  Four  Million   Four   Hundred   Thousand  and  No/100
     ($4,400,000.00)  Dollars,  less the  aggregate  amount of the  Parent  Note
     Payments  delivered  to Agent  pursuant  to clause (v) of the  Paragraph  4
     hereof.

     5.  Modification  of Loan  Agreement.  It is  hereby  agreed  that the Loan
Agreement be and hereby is modified as follows  effective as of the date of this
Agreement:

          (a) In connection with the definition of Eligible  Accounts  contained
     in  Article  I, it is  expressly  agreed  that the  following  shall not be
     included in Eligible Accounts at any time:

               i)   all Accounts  representing advances due from any Person made
                    in connection with unbilled magazine titles

               ii)  all loans made to any publisher of any magazines

               iii) all  Accounts   representing   over  payments  made  to  any
                    publisher of any magazines

               iv)  all Accounts representing postage meter balances

               v)   all Accounts  representing  amounts due for supply inventory
                    purchased  by  Borrower or  Subsidiaries  for the benefit of
                    their customers

               vi)  all  Accounts  due from  Persons  who are not  customers  of
                    Borrower or the Subsidiaries

               vii) all  Accounts  due from any Person in which  Borrower or any
                    Subsidiary has an ownership interest

               viii)all  Accounts  due from any  Person  which has an  ownership
                    interest in Borrower or in any Subsidiary.

          (b) The definition of "Revolving Loan Commitment" contained in Article
     I is hereby restated to read:

               "Revolving Loan  Commitment"  means that portion of the Aggregate
               Commitment  equal to Thirty  Million and No/100  ($30,000,000.00)
               Dollars.

          (c) Any and all  rights  of  Borrower  under  that Loan  Agreement  to
     designate any Advances in connection  with the Revolving Loan as Eurodollar


                                       5
<PAGE>

     Advances is hereby  terminated.  Effective  as of March 16, 2001 any future
     Advances shall be Floating Rate Advances  bearing  interest at the Floating
     Rate.  Upon the expiration of the Interest  Period relating to any existing
     Eurodollar  Advance said Eurodollar  Advance shall thereafter be considered
     to be a Floating Rate Advance  bearing  interest at the Floating  Rate.

          (d) Section 6.1(x) is hereby  restated to read:  "(x) by no later than
     the fifteenth (15th) day and thirtieth (30th) day of each month, during the
     term  of  this  Agreement,  the  Borrower  shall  deliver  to the  Agent  a
     Collateral Report (the "Collateral  Report") in the form attached hereto as
     Exhibit H.

          (e) The following additional  sub-paragraph is hereby added to Section
     6.2, to wit:

               "(xv)There  shall be  delivered  to Agent by April  30,  2001,  a
               certificate   (the  "Twelve   Month   Certificate")   showing  in
               reasonable  detail the calculations of the Consolidated Cash Flow
               Coverage  Ratio for the  twelve  month  period  ending  March 31,
               2001."

          (f) In addition  to all other  Defaults  contained  in Article VII the
     following events shall also constitute a Default under the Loan Agreement:

               "7.18  Failure of Borrower,  Parent or any  Subsidiary to fulfill
               any of the terms and conditions  contained in that certain Fourth
               Modification  Agreement  dated March 16, 2001  executed by Agent,
               Borrower, Parent and Subsidiaries. 7.19 An Event of Default under
               that certain Note Pledge  Agreement dated March 16, 2001 executed
               by Borrower.

               7.20 If the  Consolidated  Cash Flow Coverage  Ratio shown in the
               Twelve Month Certificate is less than 1.00 to 1.00.

               7.21  Disapproval  by  Lenders  of the  terms  contained  in that
               certain  Business  and Debt Plan as defined in and required to be
               delivered under that certain Fourth Modification  Agreement dated
               March 16, 2001 executed by Borrower, Subsidiaries and Lenders."

     6. Conditions  Precedent.  Lenders'  execution of the present Agreement and
their agreement to the terms and conditions  hereof is expressly  conditioned on
the  delivery  to  Agent  of  the  following  documents  in a form  and  content
acceptable to Agent and its counsel:

                    (a)  Duplicate counterpart of this Agreement executed by the
                         Borrowing Parties,

                    (b)  Payment of the Waiver Fee,

                    (c)  A copy of the latest draft of the Real Estate Contract,

                    (d)  The executed Note Pledge Agreement; and

                                       6
<PAGE>

                    (e)  The original  executed Parent Note endorsed by Borrower
                         to Agent.

                    (f)  A currently dated Collateral Report.

     7. Other Loan Documents Modifications. All Loan Documents are hereby deemed
amended  and  modified  to  provide  that  any and all  references  to any  Loan
Documents  therein are hereby deemed to be references to said Loan  Documents as
modified by this Agreement.

     8. Other Documents.  At Agent's request, the Borrowing Parties hereby agree
to execute and deliver  promptly to Agent such other  documents as Agent, in its
reasonable  discretion,  shall deem  necessary  or  appropriate  to evidence the
transactions contemplated herein.

     9.  Reaffirmation.  The Borrowing Parties do hereby reaffirm each and every
covenant,  condition,  obligation and provision set forth in the Loan Documents,
as modified hereby. The Borrowing Parties hereby restate and reaffirm all of the
warranties  and  representations  contained in the Loan  Documents,  as modified
hereby, as being true and correct as of the date hereof.

     10. References. All references herein to any of the Loan Documents shall be
understood to be to the Loan Documents as modified hereby. All references in any
of the Loan  Documents  to any  other  one or more of the Loan  Documents  shall
hereafter be deemed to be to such document(s) as modified hereby.

     11. No Defense,  Counterclaims.  Each Borrowing Party hereby represents and
warrants to, and covenants  with,  Lenders that as of the date hereof,  (a) each
Borrowing Party has no defenses,  offsets or counterclaims of any kind or nature
whatsoever  against  any  Lender  with  respect  to the Loans or any of the Loan
Documents,  or any  action  previously  taken or not  taken by any  Lender  with
respect thereto or with respect to any security interest,  encumbrance,  lien or
collateral in connection  therewith to secure the  liabilities of each Borrowing
Party,  and (b) that the Lenders have fully  performed all  obligations  to each
Borrowing Party which it may have had or has on and of the date hereof.

     12.  Release.  Without  limiting  the  generality  of the  foregoing,  each
Borrowing  Party,  on its own behalf  and on the behalf of its  representatives,
partners,   shareholders,   subsidiaries,   affiliated  and  related   entities,
successors and assigns (hereinafter  collectively  referred to as the "Borrowing
Group" and as to the  Borrowing  Group,  each  Borrowing  Party  represents  and
warrants  that it has the  right,  power and  authority  to waive,  release  and
forever  discharge  on  behalf  of the  Borrowing  Group,  the  "Bank  Group" as
hereinafter  defined) waives,  releases and forever  discharges each Lender, and
their  respective  officers,  directors,  subsidiaries,  affiliated  and related
companies   or   entities,    agents,   servants,    employees,    shareholders,
representatives,   successors,  assigns,  attorneys,   accountants,  assets  and
properties,  as the case may be (together  hereinafter  referred to as the "Bank
Group")  from and  against  all manner of  actions,  cause and causes of action,
suits, debts, sums of money, accounts,  reckonings,  bonds, bills,  specialties,
covenants,   contracts,   controversies,   agreements,   promises,  obligations,
liabilities, costs, expenses, losses, damages, judgments, executions, claims and
demands,  of whatsoever  kind or nature,  in law or in equity,  whether known or
unknown,  whether or not concealed or hidden,  arising out of or relating to any
matter,  cause or thing whatsoever,  that any of the Borrowing Group, jointly or


                                       7
<PAGE>

severally, may have had, or now have or that may subsequently accrue against the
Bank Group by reason of any matter or thing whatsoever  arising out of or in way
connected  to,  directly,  or  indirectly,  the  Loans  and/or  any of the  Loan
Documents through the date hereof,  Each Borrowing Party acknowledges and agrees
that  Lenders are  specifically  relying upon the  representations,  warranties,
covenants  and  agreements  contained  herein  and  that  such  representations,
warranties,  covenants and agreements  constitute a material inducement to enter
into this Agreement.

     13. No Custom.  This Agreement shall not establish a custom or waive, limit
or condition the rights and remedies of Lenders under the Loan Documents, all of
which rights and remedies are expressly reserved.

     14.  Reaffirmation  of  Loan  Documents,  No  Novation.  Except  as  may be
expressly  set  forth  herein  to  the  contrary,   the  Loan  Documents  remain
unmodified,  and all other terms and conditions thereof remain in full force and
effect.  Notwithstanding  anything to the contrary  contained herein,  Borrowing
Parties and Lenders expressly state, declare and acknowledge that this Agreement
is intended only to modify each Borrowing Party's continuing  obligations in the
manner  set forth  herein,  and is not  intended  as a  novation  of any and all
amounts presently due and owing from any Borrowing Party to Lenders.

     15. Captions; Counterparts. The captions used herein are for convenience of
reference only and shall not be deemed to limit or affect the  construction  and
interpretation  of the terms of this Agreement.  This Agreement may be signed in
counterparts,  each of which shall be deemed an original  and all of which shall
be deemed one Agreement.

     16. Choice of Law and  Severability.  This Agreement  shall be governed and
construed  under the laws of the State of  Illinois.  If any  provision  of this
Agreement is held invalid or unenforceable, the remainder of this Agreement will
not be affected  thereby and the provisions of this Agreement shall be severable
in any such instance.


     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the day and year first above written.


                                            BORROWER:

                                            KABLE NEWS COMPANY, INC.,
                                            an Illinois corporation

                                            By:      /s/ Michael P. Duloc
                                            Title:   President


                                       8
<PAGE>


LENDERS:                                     KABLE NEWS INTERNATIONAL, INC., a
                                             Delaware corporation

AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO,
Individually and as Agent for all Lenders    By:    /s/ Michael P. Duloc

                                             Title:        President
By:    /s/ Susan B. Kruesi

Title: First Vice President
                                             KABLE FULFILLMENT SERVICES OF OHIO,
                                             INC., a Delaware corporation
PARENT:

AMREP CORPORATION, an Oklahoma corporation   By:    /s/ Bruce Obendorf

                                             Title:        Vice President
By:    /s/ Peter M. Pizza

Title: Vice President
                                             DISTRIBUNET INC., a Delaware
                                             corporation

SUBSIDIARIES:
                                             By:   /s/ Michael P. Duloc
KABLE NEWS EXPORT, LTD, a Delaware
corporation                                  Title:        President

By:      /s/ Michael P. Duloc
Title:   President                          MAGAZINE CONNECTION INC., a Delaware
                                            corporation


                                            By:    /s/ Michael P. Duloc
KABLE NEWS COMPANY OF CANADA LTD,
an Ontario, Canada corporation              Title:        President



By:      /s/Michael P. Duloc

Title:   President



                                       9