8-K

                       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: April 16, 1999




                       CHILDREN'S BROADCASTING CORPORATION
             (Exact name of registrant as specified in its charter)

        MINNESOTA                 0-21534                  41-1663712
    -----------------      ---------------------      ---------------------
    (State or other        (Commission File No.)      (IRS Employer ID No.)
    jurisdiction
    of incorporation)


             5501 EXCELSIOR BOULEVARD, MINNEAPOLIS, MINNESOTA 55416
             ------------------------------------------------------
                    (Address of principal executive offices)


                                 (612) 925-8840
              ----------------------------------------------------
              (Registrant's telephone number, including area code)





ITEM 5.  OTHER EVENTS.

         (a) Reference is made to the Press Release issued to the public by the
Registrant on April 16,1999, and attached hereto as an exhibit, relating to the
Registrant's purchase of 225,000 shares of Harmony Holdings, Inc. Common Stock.

         (b) Reference is made to the cautionary statements of the Registrant,
presented in the Registrant's Form 10-KSB, for the year ended December 31, 1998.



ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

         (c)      Exhibits

                  99.1     Press Release dated April 16, 1999.




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                                    SIGNATURE

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

Dated: April 19, 1999                       CHILDREN'S BROADCASTING CORPORATION



                                      BY:     /s/ James G. Gilbertson
                                              ---------------------------------
                                              James G. Gilbertson
                                      ITS:    Chief Operating Officer and
                                                 Chief Financial Officer






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                                 EXHIBIT INDEX

99.1     Press Release dated April 16, 1999.

EX-99.1

                                                                 EXHIBIT 99.1

FOR IMMEDIATE RELEASE
Contact: Christopher T. Dahl, President/CEO                      612/925-8840
- -------------------------------------------------------------------------------

                      CHILDREN'S BROADCASTING CORPORATION
                        ACQUIRES ADDITIONAL INTEREST IN
                             HARMONY HOLDINGS, INC.

MINNEAPOLIS, MN - APRIL 16TH - Children's Broadcasting Corporation (CBC, Nasdaq
National Market: AAHS) announced today it acquired 225,000 additional shares of
Harmony Holdings, Inc. (Harmony, OTC: HAHO), a television commercial production
company on April 15th. With the purchase of these shares, CBC now owns 3,907,962
shares or approximately 52.1% shares of Harmony outstanding common stock.

Christopher T. Dahl, Chairman and President of CBC commented. "We are pleased to
increase our ownership of Harmony. The additional purchase of shares brings our
interest in Harmony to over 50% and will allow CBC to fully consolidate
Harmony's revenues and expenses. Further, the consolidated reporting by CBC will
allow our shareholders to follow the building of Harmony's revenues."

Certain statements in this press release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. In
particular, statements contained herein regarding the Company's future outlook
and opportunities are subject to known and unknown risks, uncertainties and
contingencies, many of which are beyond the control of Children's Broadcasting
Corporation, and which may cause actual results to differ from those projected.

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