Cayre Joseph et al – ‘5’ for 12/31/97 re: Atari Inc.

As of:  Tuesday, 2/17/98   ·   For:  12/31/97   ·   Accession #:  922423-98-217   ·   File #:  0-27338

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Annual Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 5   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 5           Form 5 - 1997                                          2±    12K 


UNITED STATES SECURITIES AND EXCHANGE COMMISSION                                
WASHINGTON, D.C. 20549                                                          
FORM 5                                                                          
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                             
( ) Check box if no longer subject to Section 16.                               
Form 4 or Form 5 obligations may continue. See Instructions 1(b).               
( ) Form 3 Holdings Reported                                                    
( ) Form 4 Transactions Reported                                                
1. Name and Address of Reporting Person                                         
Joseph J. Cayre                                                           
c/o GT Interactive Software Corp.                                         
417 Fifth Avenue                                                          
New York, NY  10016                                                       
USA                                                                       
2. Issuer Name and Ticker or Trading Symbol                                     
GT INTERACTIVE SOFTWARE CORP.                                             
GTIS                                                                      
3. IRS or Social Security Number of Reporting Person (Voluntary)                

4. Statement for Month/Year                                                     
1997                                                                      
5. If Amendment, Date of Original (Month/Year)                                  

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)         
(X) Director  ( ) 10% Owner  (X) Officer (give title below) ( ) Other     
(specify below)                                                           
Chairman of the Board                                                     
7. Individual or Joint/Group Reporting (Check Applicable Line)                  
(X) Form filed by One Reporting Person                                    
( ) Form filed by More than One Reporting Person                          

                                                        [Enlarge/Download Table]

___________________________________________________________________________________________________________________________________ 
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
1. Title of Security         |2.    |3.  |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                             |Transaction|  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                             |Date  |Code|                                  |  Beneficially     |(D)or |                           |
                             |      |    |                  | A/|           |  Owned at         |Indir |                           |
                             |      |    |    Amount        | D |    Price  |  End of Year      |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
Common Stock                 |5/21/1|  G |1,000,000(2)      | D |           |5,770,000(3)       |D     |                           |
                             |997   |    |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock                 |5/21/1|  G |1,759,388(2)      | A |           |1,759,388(4)       |I     |By charitable foundation(5)|
                             |997   |    |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock                 |5/21/1|  G |759,388(2)        | D |           |6,500,000(4)       |I     |By trust (6)               |
                             |997   |    |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

___________________________________________________________________________________________________________________________________ 
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative   |2.Con   |3.   |4.  |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security              |version |Transaction rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                        |or Exer |Date |Code| rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                        |cise Pr |     |    | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                        |ice  of |     |    | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                        |Deriva  |     |    |               |Date |Expir|                    |       |ficially    |Ind|            |
                        |tive    |     |    |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                        |Secu    |     |    |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                        |rity    |     |    |  Amount   |   |ble  |     |                    |       |Year        |(I)|            |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
                        |        |     |    |           |   |     |     |            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
                        |        |     |    |           |   |     |     |            |       |       |            |   |            |
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                        |        |     |    |           |   |     |     |            |       |       |            |   |            |
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                        |        |     |    |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|

Explanation  of Responses:                                                      
(1) The  reporting  person can be deemed a 10% Owner only if he is determined to
be the beneficial  owner of the shares held in various trusts for the benefit of
his children or by charitable foundation whose trustees are the reporting person
and his wife. See below.                                                        
(2) These shares  represent a gift by the reporting  person or by trusts for the
benefit of the  reporting  person's  children to a charitable  foundation  whose
trustees are the reporting person and his wife.                                 
(3) 420,000 of these shares are held by the reporting person in grantor retained
annuity trusts.                                                                 
(4) The reporting person disclaims beneficial ownership of these securities, and
this report shall not be deemed an admission  that the  reporting  person is the
beneficial  owner of such securities for purposes of Section 16 or for any other
purpose.                                                                        
(5) See footnote 2 above.                                                       
(6) These shares in the aggregate are held in various  trusts for the benefit of
the reporting person's children, for which his wife servfes as trustee.         
SIGNATURE OF REPORTING PERSON                                                   
/s/ Joseph J. Cayre                                                             
---------------------                                                           
DATE                                                                            
02/14/98