Washington, DC 20549

                                     FORM 8-K

                                  CURRENT REPORT
   Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

                                   July 16, 2003
                   Date of Report (Date of earliest reported)

                               Innovation Holdings, Inc.
              (Exact name of registrant as specified in its chapter)

                  (State or other jurisdiction of incorporation

                              (Commission File Number)

                        (IRS Employer Identification No.)

                            14622 Ventura Blvd, Suite 1015
                               Sherman Oaks, California
                        (Address of principal executive offices)

                                     (Zip Code)

                  Registrant's telephone number, including area code
                                   (310) 788-5444

             (Former name or former address, if changed since last report)

Item 5. Other Events and Regulation FD Disclosure

Innovation Holdings, Inc. (the "Company") expects to complete the
establishment of its previously disclosed shareholder and creditor
trusts today, July 16, 2003.

Pursuant to the terms and conditions of two separate trust
agreements, shares of the Company's common stock will be transferred
in trust to Richard Weiss, Esq., who has accepted the appointment as
trustee.  In addition to the shares, the Company has assigned to the
trusts the results and possible proceeds of pending and future

The Innovation Holdings, Inc. Shareholder Trust has been established
to respond to the Company's concern that shareholders of record as of
January 1, 2002 through July 31, 2002 were adversely effected by the
action of outside parties effecting the share price and value of the
Company throughout these dates. The Company intends to provide some
measure of compensation to its shareholders for their losses.

The Innovation Holdings, Inc. Creditor Trust has been established to
return the maximum amount to Century Media creditor's (assumed by the
Company as a result of the Century Media acquisition) and to allow
the Company to continue to operate without interruption.

Following the submission of claims and validation of such claims, the
trustee will liquidate the trust property and distribute the proceeds
to the trust beneficiaries in a manner the trustee deems most

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

No exhibits have been filed with this Form 8-K as the Company does
not believe that such exhibits would contain information material to
an investment decision that is not otherwise disclosed. The Company
hereby agrees to furnish a copy of any omitted exhibit to this Form
8-K to the Securities and Exchange Commission upon its request.


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: July 16, 2003                  Innovation Holdings, Inc.
                                      /s/ Robert Blagman
                                      Robert Blagman
                                      President and Chief Executive Officer