Exhibit Index at Page 3




                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549





                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934





Date of Report (Date of earliest event reported):                 May 2, 2000


                               GENESEE CORPORATION
               (Exact Name of Registrant as Specified in Charter)


   NEW YORK                                 0-1653                16-0445920
(State or other Jurisdiction                (Commission         (IRS Employer
of Incorporation)                           File Number)     Identification No.)


 445 St. Paul Street, Rochester, New York               14605
(Address of Principal Executive Offices)              (Zip Code)


Registrant's telephone number, including area code:          (716) 546-1030


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Item 5.    Other Events.

           Genesee  Corporation  issued a news release on May 2, 2000,  which is
           filed with this report as Exhibit 99.


Item 7.    Exhibits.

           An exhibit  filed with this report is identified in the Exhibit Index
at Page 3.



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

                                              Genesee Corporation


Date:         May 2, 2000                By       /s/Mark W. Leunig
                                   Mark W. Leunig, Vice President and Secretary




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                                  EXHIBIT INDEX

                                                                        Page
Exhibit 99               News Release Dated May 2, 2000                   4



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                                                  EXHIBIT 99

FOR IMMEDIATE RELEASE                            CONTACT:  Mark W. Leunig
                                                 Director of Investor Relations
                                                 (716) 263-9440


     GENESEE  CORPORATION  ANNOUNCES  TERMINATION  OF  AGREEMENT TO SELL BREWING
     SUBSIDIARY


         ROCHESTER,  NEW YORK, May 2, 2000 -- Genesee  Corporation  (NASDAQ/NMS:
GENBB)  today  announced  that  its  Genesee  Brewing  Company   subsidiary  has
terminated the Asset Purchase  Agreement with the owners of City Brewing Company
that Genesee Brewing Company entered into in December,  1999. Under the terms of
the agreement,  the  transaction was to have closed on or before March 15, 2000.
The  agreement  was  terminated  because  certain  conditions  set  forth in the
agreement were not met.

         "We  believe  that the  interests  of our  shareholders  will be better
served by terminating the agreement, which will allow management to focus on our
brewing business during the critical summer selling  season",  said Tom Hubbard,
president and chief executive  officer of Genesee  Corporation.  Terminating the
agreement  will  also  allow  the   corporation   to  explore  other   strategic
alternatives for its brewing business. "While we work to improve the performance
of  our  brewing   business,   we  will  also  continue  to  explore   strategic
alternatives,   including  a  possible  management-led  buyout  of  the  brewing
business", said Mr. Hubbard.

     "Although we are  disappointed  that the  transaction did not close, we are
very  encouraged  by the progress we have made in our plan to return the Brewery
to  profitability  and growth.  Since last summer,  we have been  implementing a
turnaround  plan  that  has  already  generated   approximately  $8  million  in
annualized cost  reductions and  productivity  improvements",  said Mr. Hubbard.
"And the turnaround plan calls for additional actions that will generate further
cost and productivity improvements", said Mr. Hubbard.

     Genesee Brewing Company,  the nation's fifth largest brewer, has undertaken
an  aggressive  program  to improve  productivity,  increase  profitability  and
strengthen its image as a quality  regional  brewer.  In December 1999,  Genesee
brought  back its  celebrated  12 Horse  Ale  brand.  Consumer  response  to the
reintroduction  of 12 Horse Ale has been very  favorable  and the brand  will be
supported  with a  promotional  campaign this spring that will include radio and
outdoor advertising.  Genesee is working to reinvigorate the Genesee Beer, Genny
Light and Genny Cream Ale brands with promotional campaigns slated to begin this
summer. The company is also exploring a  visitor/hospitality  center and company
store at the Brewery's  historic and scenic facility  overlooking the High Falls
of the Genesee River.

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         Genesee  Brewing  Company's  operating  performance  for the first nine
months of fiscal 2000, exclusive of the $1.7 restructuring charge announced last
August,  showed a $2 million  improvement  over the prior year.  "We  anticipate
further progress in the last quarter of the fiscal year", said Hubbard,  "and we
are also  encouraged  by the improving  volume trends for our Genesee  family of
brands."

     This news release contains forward-looking statements within the meaning of
the  federal  securities  laws.  These  forward-looking  statements  may include
statements  about the  operations,  prospects  and  strategic  alternatives  for
Genesee  Brewing  Company,  and  statements  about brewing  industry  trends and
conditions  that may  affect  the  performance  or  financial  condition  of the
Corporation  and  Genesee  Brewing  Company.  These  forward-looking  statements
involve  significant risks and uncertainties  that could cause actual results to
differ materially from those expressed in or implied by the statements. The most
important   factors  that  could  cause  actual   results  to  differ  from  the
expectations stated in these forward-looking  statements include,  among others,
the inability to implement strategic alternatives which successfully address the
declining sales and operating  losses reported by Genesee Brewing  Company;  the
inability of Genesee Brewing Company and its distributors to develop and execute
effective marketing and sales strategies for Genesee Brewing Company's products;
the potential  erosion of sales  revenues and profit margins  through  continued
price stagnation, increased discounting or a higher proportion of sales in lower
margin  brands  and  packages;  the  continuation  of  declining  sales  for the
specialty beer category;  uncertainties due to the intensely  competitive nature
of the beer industry;  demographic  trends and social  attitudes that can reduce
beer sales;  the continued  growth in the  popularity  of import and  nationally
advertised beers;  increases in the cost of aluminum,  paper packaging and other
raw materials;  Genesee Brewing Company's inability to reduce  manufacturing and
overhead  costs to more  competitive  levels;  changes in  significant  laws and
government  regulations  affecting  sales,  advertising  and  marketing  of malt
beverage  products;  significant  increases  in federal,  state or local beer or
other excise taxes; and the potential  impact of beer industry  consolidation at
both the brewer and distributor levels.



NOTE: Copies of Genesee  Corporation press releases are available free of charge
by calling PRNewswire's Company News On Call at 800-758-5804,  Extension 352775,
or on the Internet at http://www.prnewswire.com/cnoc.

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