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 (DATE OF EARLIEST EVENT REPORTED): January 27, 1998



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

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

                 724 FIRST STREET NORTH, MINNEAPOLIS, MINNESOTA 55401
                 ----------------------------------------------------
                       (Address of principal executive offices)


                                    (612) 338-3300
                                    --------------
                 (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 January 27, 1998, and attached hereto as an exhibit, relating to
the announcement that Global Broadcasting Company, Inc. has not closed upon the
purchase of CBC's radio stations within the time provided under the purchase
agreement between the parties.


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

     (c)  Exhibits

          99   Press Release dated January 27, 1998.



                                      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:  January 28, 1998                CHILDREN'S BROADCASTING CORPORATION



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



                                    EXHIBIT INDEX

EXHIBIT NUMBER      DESCRIPTION

99                  Press Release dated January 27, 1998

EX-99

                                      EXHIBIT 99


                         GLOBAL BROADCASTING UNABLE TO CLOSE
                           PURCHASE OF RADIO STATIONS FROM
                               CHILDREN'S BROADCASTING


     MINNEAPOLIS, MN., JAN 27 -- Children's Broadcasting Corporation ("CBC")
(Nasdaq NMS: AAHS) announced today that Global Broadcasting Company, Inc.
("Global") has not closed upon the purchase of CBC's radio stations within the
time provided under the purchase agreement between the parties.

     "We believe great interest exists in the stations and we will explore all
options available to us including continued discussions with Global, which has
expressed a strong desire to conclude this transaction," said Christopher T.
Dahl, CBC's Chief Executive Officer.  "Other alternatives include a sale of all
or some of the stations, entering into Local Marketing Agreements (LMAs) with
all or some of the stations, and/or formatting some or all of the stations."

     CBC noted that it had engaged Peter Handy of Star Media Group, Inc., to act
as broker in connection with the sale or LMA of the stations.

     Children's Broadcasting Corporation, the creator of  "Aahs World Radio-sm"
a live, 24-hour satellite radio network and multi-media concept for today's 
kids and families, is the owner of 40.7% of the outstanding shares of Harmony
Holdings, Inc. (Nasdaq: HAHO), one of the largest television commercial
production companies in the U.S.