Gregor Andrew – ‘5’ for 12/31/97 re: Atari Inc.

As of:  Tuesday, 2/17/98   ·   For:  12/31/97   ·   Accession #:  922423-98-239   ·   File #:  0-27338   ·   Correction:  This Filing’s Metadata was Corrected ® by the SEC on 3/5/98.

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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                                         
Andrew Gregor                                                             
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)         
( ) Director  ( ) 10% Owner  (X) Officer (give title below) ( ) Other     
(specify below)                                                           
Chief Financial Officer; Senior Vice President, Finance and Administration
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                 |      |    |                  |   |           |3,000              |D     |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
                             |      |    |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
                             |      |    |                  |   |           |                   |      |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

___________________________________________________________________________________________________________________________________ 
 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)|            |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
Employee Stock Option (r|9.375   |     |    |           |   |(1)  |06/30|Common Stock|       |       |144,000     |D  |            |
ight to buy)            |        |     |    |           |   |     |/2005|            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|8.125   |     |    |           |   |(2)  |02/12|Common Stock|       |       |30,000      |D  |            |
ight to buy)            |        |     |    |           |   |     |/2007|            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|7.5625  |5/21/| A  |30,000     |   |(3)  |05/21|Common Stock|30,000 |       |30,000      |D  |            |
ight to buy)            |        |1997 |    |           |   |     |/2007|            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|6.125   |12/31| A  |40,000     |   |(4)  |12/31|Common Stock|40,000 |       |40,000      |D  |            |
ight to buy)            |        |/1997|    |           |   |     |/2007|            |       |       |            |   |            |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

Explanation  of Responses:                                                      

(1) The option is exercisable as to 12,000 shares on June 19, 1996, as to 33,000
shares on June 30,  1996 and as to the  balance  of  99,000  shares in six equal
semi-annual installments thereafter.                                            
(2) The option is  exercisable as to 7,500 shares on February 12 1998, and as to
the remaining 22,500 shares in three equal annual installments thereafter.      
(3)The option is  exercisable  as to 7,500 shares on May 21, 1998, and as to the
remaining 22,500 shares in three equal annual installments thereafter.          
(4)The option is exercisable as to 10,000 shares on December 31, 1998, and as to
the remaining 30,000 shares in three equal annual installments thereafter.      

SIGNATURE OF REPORTING PERSON                                                   
/s/ Andrew Gregor                                                               
---------------------                                                           
DATE                                                                            
02/17/98                                                                        

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘5’ Filing		Date		Other Filings
		12/31/98		10-Q
		5/21/98
Changed on / Corrected on:		3/5/98
Filed on:		2/17/98		5,  8-K,  8-K/A,  SC 13G/A
For Period end:		12/31/97		10-K/A,  10-K405,  5,  5/A
		6/30/96		10-Q
		6/19/96
				List all Filings