<PAGE>


    As filed with the Securities and Exchange Commission on July 17, 1997.
                                                       Registration No. 333-
================================================================================

                          SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.  20549

                                     -------------

                                       FORM S-8

                                REGISTRATION STATEMENT
                                        UNDER
                              THE SECURITIES ACT OF 1933

                                     -------------

                                  SOURCE MEDIA, INC.
                (Exact name of Registrant as specified in its charter)

                 DELAWARE                                    13-3700438
      (State or other jurisdiction of                     (I.R.S. Employer
      incorporation or organization)                     Identification No.)

    8140 WALNUT HILL LANE, SUITE 1000
          DALLAS, TEXAS                                          75231
 (Address of Principal Executive Offices)                     (Zip Code)

                                     -------------

            1995 NONQUALIFIED STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS
                    SOURCE MEDIA, INC. NONQUALIFIED STOCK OPTIONS
                              (Full title of the plans)

                                     -------------

                                 MARYANN WALSH, ESQ.
                                  CORPORATE COUNSEL
                                  SOURCE MEDIA, INC.
                          8140 WALNUT HILL LANE, SUITE 1000
                                 DALLAS, TEXAS  75231
                       (Name and address of agent for service)

                                    (214) 890-9050
            (Telephone number, including area code, of agent for service)

                                     -------------

                           CALCULATION OF REGISTRATION FEE

<TABLE>
=============================================================================================================================
Title of securities to be      Amount to be    Proposed maximum offering        Proposed maximum              Amount of
        registered             registered(1)       price per share(2)      aggregate offering price(2)    registration fee
-----------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                      <C>                          <C>                        <C>
Common Stock, par value
$.001 per share . . . .      300,000 shares           $10.312                      $3,093,600                 $937.45
-----------------------------------------------------------------------------------------------------------------------------
Common Stock, par value
$.001 per share . . . .      170,969 shares           $10.312                      $1,763,032.30              $534.25
=============================================================================================================================
</TABLE>

(1) Represents (i) 300,000 shares issuable upon exercise of option secured
    under Source Media, Inc. 1995 Nonqualified Stock Option Plan for Non-
    Employee Directors and (ii) 170,969 shares issuable upon the exercise of
    certain nonqualified options granted to certain employees, directors and
    consultants of Source Media, Inc. and its subsidiaries.  Pursuant to Rule
    416, shares issuable upon any stock split, stock dividend or similar
    transaction with respect to these shares are also being registered
    hereunder.
(2) Estimated pursuant to Rules 457(h) solely for purposes of computing the
    registration fee.

================================================================================
<PAGE>

                                        PART I

                 INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1.  Plan Information.*

Item 2.  Registrant Information and Employee Plan Annual Information.*


-------------------------

*   Information required by Part I to be contained in the Section 10(a)
    prospectus is omitted from this Registration Statement in accordance with
    Rule 428 under the Securities Act of 1933 and the Note to Part I of 
    Form S-8.



<PAGE>


                                       PART II

                  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.

     The following documents, which Source Media, Inc. (formerly known as HB
Communications Acquisition Corp.) (the "Company") has filed with the Commission
pursuant to the Securities Act or the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), are incorporated in this Registration Statement by
reference and shall be deemed to be a part hereof:

      (i) The Company's Annual Report on Form 10-K for the year ended December
          31, 1996;

     (ii) The Company's Quarterly Report on Form 10-Q for the quarter ended
          March 31, 1997; and

    (iii) The description of the Common Stock of the Company contained in
          the Company's Registration Statement on Form 8-A (Commission File
          No. 0-21894), as filed with the Commission pursuant to the
          Exchange Act on June 10, 1993, as may be amended, modified or
          superseded by any report or amendment filed with the Commission
          for the purpose of updating such description.

     All documents filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment to
the Registration Statement that indicates that all securities offered hereby
have been sold or that deregisters all securities then remaining unsold, shall
be deemed to be incorporated in this Registration Statement by reference and to
be a part hereof from the date of filing of such documents.

     Any statement contained in this Registration Statement, in an amendment
hereto or in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein, in any subsequently filed amendment to this
Registration Statement, or in any document that also is incorporated by
reference herein modifies or supersedes such statement.  Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.

ITEM 4.  DESCRIPTION OF SECURITIES.

     Not applicable.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL.

     Not applicable.

ITEM 6.  INDEMNIFICATION OF OFFICERS AND DIRECTORS.

DELAWARE GENERAL CORPORATION LAW

     Section 145(a) of the Delaware General Corporation Law (the "DGCL")
provides that a corporation may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the
fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorney's
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the person did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.



                                     II-1

<PAGE>

     Section 145(b) of the DGCL provides that a corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or settlement of such action or
suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation and except that no
indemnification shall be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or such other court shall deem proper.

     Section 145(c) of the DGCL provides that to the extent that a director,
officer, employee or agent of a corporation has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in
subsections (a) and (b) of Section 145, or in defense of any claim, issue or
matter therein, he shall be indemnified against expenses (including attorney's
fees) actually and reasonably incurred by him in connection therewith.

     Section 145(d) of the DGCL provides that any indemnification under
subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made
by the corporation only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in
the circumstances because he has met the applicable standard of conduct set
forth in subsections (a) and (b) of Section 145.  Such determination shall be
made (1) by a majority vote of the directors who are not parties to such action,
suit or proceeding, even though less than a quorum, or (2) if there are no such
directors, or if such directors so direct, by independent legal counsel in a
written opinion, or (3) by the stockholders.

     Section 145(e) of the DGCL provides that expenses (including attorney's
fees) incurred by an officer or director in defending any civil, criminal,
administrative or investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it shall ultimately be determined that he is not
entitled to be indemnified by the corporation as authorized in Section 145. 
Such expenses (including attorneys' fees) incurred by other employees and agents
may be so paid upon such terms and conditions, if any, as the board of directors
deems appropriate.

 RESTATED CERTIFICATE OF INCORPORATION

     The Restated Certificate of Incorporation of the Company, as amended,
provides that a director of the Company shall not be personally liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty as
a director, except for liability (i) for any breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under Section 174 of the DGCL (in respect of certain unlawful
dividend payments or stock purchases or redemptions), or (iv) for a transaction
from which the director derived an improper personal benefit.  If the DGCL is
amended to authorize the further elimination or limitation of the liability of
directors, then the liability of a director of the Company, in addition to the
limitation on personal liability described above, shall be limited to the
fullest extent permitted by the DGCL, as so amended.  Any repeal or modification
of such provision of the Restated Certificate of Incorporation by the
stockholders of the Company shall not adversely affect any right or protection
of a director of the Company with respect to events occurring prior to the time
of such repeal or modification.

BYLAWS

     The By-laws of the Company, as amended, provide that each director or
officer of the Company who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of the Company), by reason of the fact that he or she is or was or has
agreed to become a director, officer, employee or agent of the Company or is or
was serving or has agreed to serve at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, or by reason of any action alleged to have been taken
or omitted in such capacity, shall be indemnified by the Company against all
costs, charges, expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person or on
such person's behalf in connection therewith and any appeal therefrom, if such
person acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect 


                                     II-2

<PAGE>

to any criminal action or proceeding, had no reasonable cause to believe his 
or her conduct was unlawful.  The termination of any action, suit or 
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo 
contendere or its equivalent, shall not, of itself, create a presumption that 
the person did not meet the standards of conduct set forth in the By-laws.

     The By-laws further provide that the Company shall indemnify any director
or officer who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
Company to procure a judgment in its favor by reason of the fact that he is or
was or has agreed to become a director, officer, employee or agent of the
Company, or is or was serving or has agreed to serve at the request of the
Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, or by reason of any
action alleged to have been taken or omitted in such capacity, against costs,
charges and expenses (including attorneys' fees) actually and reasonably
incurred by him or on his behalf in connection with the defense or settlement of
such action or suit and any appeal therefrom, if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Company, except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Company unless and only to the extent that the Court of Chancery
of Delaware or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of such liability but
in view of all the circumstances of the case, such person is fairly and
reasonably entitled to indemnity for such costs, charges and expenses which the
Court of Chancery or such other court shall deem proper.

     Notwithstanding such provisions to the contrary, to the extent that a
director or officer of the Company has been successful on the merits or
otherwise, including, without limitation, the dismissal of an action without
prejudice, in defense of any action, suit or proceeding or in the defense of any
claim, issue or matter therein, he or she shall be indemnified against all
costs, charges and expenses (including attorneys' fees) actually and reasonably
incurred by him or her or on his or her behalf in connection therewith.

     The right to indemnification provided by the By-laws shall not be deemed
exclusive of any other rights to which a person seeking indemnification may be
entitled under any law (common or statutory), agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official capacity
and to action in another capacity while holding office and shall continue as to
a person who has ceased to be a director or officer and shall inure to the
benefit of the estate, heirs, executors and administrators of such person.

ITEM 8.  EXHIBITS.

   EXHIBIT
    NUMBER                              DOCUMENT DESCRIPTION
   -------                              --------------------
     5.1           Opinion of Thompson & Knight, P.C.

     23.1          Consent of Thompson & Knight, P.C. (included in the opinion 
                   filed as Exhibit 5.1 to this Registration Statement).

     23.2          Consent of Ernst & Young LLP, independent public accountants.

     24            Powers of Attorney (included on the signature page of this
                   Registration Statement).

ITEM 9.  UNDERTAKINGS.

     (a)  The Company hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
     made, a post-effective amendment to this Registration Statement:

               (i)  To include any prospectus required by Section 10(a)(3) of
          the Securities Act;

               (ii) To reflect in the prospectus any facts or events arising
          after the effective date of this Registration Statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in this Registration Statement;


                                     II-3

<PAGE>

               (iii)    To include any material information with respect to the
          plan of distribution not previously disclosed in this Registration
          Statement or any material change in the information set forth in this
          Registration Statement;

          PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
     apply if the information required to be included in a post-effective
     amendment by those paragraphs is contained in periodic reports filed by the
     Company pursuant to Section 13 or Section 15(d) of the Exchange Act that
     are incorporated by reference in this Registration Statement.

          (2)  That, for the purpose of determining any liability under the
     Securities Act, each such post-effective amendment shall be deemed to be a
     new registration statement relating to the securities offered therein, and
     the offering of such securities at that time shall be deemed to be the
     initial bona fide offering thereof.

          (3)  To remove from registration by means of a post-effective
     amendment any of the securities being registered which remain unsold at the
     termination of the offering.

     (b)  The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

     (c)  Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Company pursuant to the foregoing provisions, or otherwise, the Company
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.









                                     II-4

<PAGE>


                                  SIGNATURES


     Pursuant to the requirements of the Securities Act of 1933, Source Media,
Inc. certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Dallas, State of Texas, on July 17, 1997.

                                       SOURCE MEDIA, INC.



                                       By:  /s/ TIMOTHY P. PETERS
                                          --------------------------------
                                          Timothy P. Peters
                                          Chairman of the Board and
                                          Chief Executive Officer


     KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned directors and
officers of Source Media, Inc., a Delaware corporation, which is filing a
Registration Statement on Form S-8 with the Securities and Exchange Commission
under the provisions of the Securities Act of 1933 hereby constitutes and
appoints Timothy P. Peters, Maryann Walsh and Michael G. Pate, and each of them,
his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, and
in any and all capacities, to sign such Registration Statement and any or all
amendments thereto and all other documents in connection therewith to be filed
with the Securities and Exchange Commission, it being understood that said
attorneys-in-fact and agents, and each of them, shall have full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person and that each of the undersigned hereby ratifies and
confirms all that said attorneys-in-fact as agents or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities on July 17, 1997.

<TABLE>
            SIGNATURE                                 TITLE                      DATE
            ---------                                 -----                      ----
<S>                                             <C>                             <C>
     /s/ TIMOTHY P. PETERS              Chairman of the Board and Chief      July 17, 1997
----------------------------------             Executive Officer
       Timothy P. Peters                (principal executive officer)


     /s/ MICHAEL G. PATE                  Chief Financial Officer and        July 17, 1997
----------------------------------       Treasurer (Principal Financial
       Michael G. Pate                       and Accounting Officer)



                                            Chief Operating Officer          
----------------------------------               and Director
       William S. Bedford



                                                    President                 
----------------------------------                and Director
       John J. Reed



                                           II-5

<PAGE>


                                                    Director
----------------------------------
     David L. Kuykendall



   /s/ MICHAEL J. MAROCCO                           Director                 July 17, 1997
-----------------------------------
      Michael J. Marocco



   /s/ JAMES L. GREENWALD                           Director                 July 17, 1997
-----------------------------------
     James L. Greenwald



    /s/ ROBERT H. ALTER                             Director                 July 17, 1997
-----------------------------------
       Robert H. Alter



    /s/ ROBERT J. CRESCI                            Director                 July 17, 1997
-----------------------------------
      Robert J. Cresci

</TABLE>


                                        II-6
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 25934}]
{"company-data": {"conformed-name": "SOURCE MEDIA INC", "cik": "0000900029", "assigned-sic": "4822", "irs-number": "133700438", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-31439", "film-number": "97641681"}, "business-address": {"street1": "8140 WALNUT HILL LANE STE 1000", "city": "DALLAS", "state": "TX", "zip": "75231", "phone": "9146695811"}, "mail-address": {"street1": "8140 WALNUT HILL LANE", "street2": "STE 1000", "city": "DALLAS", "state": "TX", "zip": "75231"}, "former-company": {"former-conformed-name": "HB COMMUNICATIONS ACQUISITION CORP", "date-changed": "19950703"}}
As filed with the Securities and Exchange Commission on July 17, 1997.
                                                       Registration No. 333-
================================================================================

                          SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.  20549

                                     -------------

                                       FORM S-8

                                REGISTRATION STATEMENT
                                        UNDER
                              THE SECURITIES ACT OF 1933

                                     -------------

                                  SOURCE MEDIA, INC.
                (Exact name of Registrant as specified in its charter)

                 DELAWARE                                    13-3700438
      (State or other jurisdiction of                     (I.R.S. Employer
      incorporation or organization)                     Identification No.)

    8140 WALNUT HILL LANE, SUITE 1000
          DALLAS, TEXAS                                          75231
 (Address of Principal Executive Offices)                     (Zip Code)

                                     -------------

            1995 NONQUALIFIED STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS
                    SOURCE MEDIA, INC. NONQUALIFIED STOCK OPTIONS
                              (Full title of the plans)

                                     -------------

                                 MARYANN WALSH, ESQ.
                                  CORPORATE COUNSEL
                                  SOURCE MEDIA, INC.
                          8140 WALNUT HILL LANE, SUITE 1000
                                 DALLAS, TEXAS  75231
                       (Name and address of agent for service)

                                    (214) 890-9050
            (Telephone number, including area code, of agent for service)

                                     -------------

                           CALCULATION OF REGISTRATION FEE

=============================================================================================================================
Title of securities to be      Amount to be    Proposed maximum offering        Proposed maximum              Amount of
        registered             registered(1)       price per share(2)      aggregate offering price(2)    registration fee
-----------------------------------------------------------------------------------------------------------------------------
Common Stock, par value
$.001 per share . . . .      300,000 shares           $10.312                      $3,093,600                 $937.45
-----------------------------------------------------------------------------------------------------------------------------
Common Stock, par value
$.001 per share . . . .      170,969 shares           $10.312                      $1,763,032.30              $534.25
=============================================================================================================================
(1) Represents (i) 300,000 shares issuable upon exercise of option secured
    under Source Media, Inc. 1995 Nonqualified Stock Option Plan for Non-
    Employee Directors and (ii) 170,969 shares issuable upon the exercise of
    certain nonqualified options granted to certain employees, directors and
    consultants of Source Media, Inc. and its subsidiaries.  Pursuant to Rule
    416, shares issuable upon any stock split, stock dividend or similar
    transaction with respect to these shares are also being registered
    hereunder.
(2) Estimated pursuant to Rules 457(h) solely for purposes of computing the
    registration fee.

================================================================================
PART I

                 INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1.  Plan Information.*

Item 2.  Registrant Information and Employee Plan Annual Information.*

-------------------------

*   Information required by Part I to be contained in the Section 10(a)
    prospectus is omitted from this Registration Statement in accordance with
    Rule 428 under the Securities Act of 1933 and the Note to Part I of 
    Form S-8.
PART II

                  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.

     The following documents, which Source Media, Inc. (formerly known as HB
Communications Acquisition Corp.) (the "Company") has filed with the Commission
pursuant to the Securities Act or the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), are incorporated in this Registration Statement by
reference and shall be deemed to be a part hereof:

      (i) The Company's Annual Report on Form 10-K for the year ended December
          31, 1996;

     (ii) The Company's Quarterly Report on Form 10-Q for the quarter ended
          March 31, 1997; and

    (iii) The description of the Common Stock of the Company contained in
          the Company's Registration Statement on Form 8-A (Commission File
          No. 0-21894), as filed with the Commission pursuant to the
          Exchange Act on June 10, 1993, as may be amended, modified or
          superseded by any report or amendment filed with the Commission
          for the purpose of updating such description.

     All documents filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment to
the Registration Statement that indicates that all securities offered hereby
have been sold or that deregisters all securities then remaining unsold, shall
be deemed to be incorporated in this Registration Statement by reference and to
be a part hereof from the date of filing of such documents.

     Any statement contained in this Registration Statement, in an amendment
hereto or in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein, in any subsequently filed amendment to this
Registration Statement, or in any document that also is incorporated by
reference herein modifies or supersedes such statement.  Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.

ITEM 4.  DESCRIPTION OF SECURITIES.

     Not applicable.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL.

     Not applicable.

ITEM 6.  INDEMNIFICATION OF OFFICERS AND DIRECTORS.

DELAWARE GENERAL CORPORATION LAW

     Section 145(a) of the Delaware General Corporation Law (the "DGCL")
provides that a corporation may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the
fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorney's
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the person did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

                                     II-1
Section 145(b) of the DGCL provides that a corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or settlement of such action or
suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation and except that no
indemnification shall be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or such other court shall deem proper.

     Section 145(c) of the DGCL provides that to the extent that a director,
officer, employee or agent of a corporation has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in
subsections (a) and (b) of Section 145, or in defense of any claim, issue or
matter therein, he shall be indemnified against expenses (including attorney's
fees) actually and reasonably incurred by him in connection therewith.

     Section 145(d) of the DGCL provides that any indemnification under
subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made
by the corporation only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in
the circumstances because he has met the applicable standard of conduct set
forth in subsections (a) and (b) of Section 145.  Such determination shall be
made (1) by a majority vote of the directors who are not parties to such action,
suit or proceeding, even though less than a quorum, or (2) if there are no such
directors, or if such directors so direct, by independent legal counsel in a
written opinion, or (3) by the stockholders.

     Section 145(e) of the DGCL provides that expenses (including attorney's
fees) incurred by an officer or director in defending any civil, criminal,
administrative or investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it shall ultimately be determined that he is not
entitled to be indemnified by the corporation as authorized in Section 145. 
Such expenses (including attorneys' fees) incurred by other employees and agents
may be so paid upon such terms and conditions, if any, as the board of directors
deems appropriate.

 RESTATED CERTIFICATE OF INCORPORATION

     The Restated Certificate of Incorporation of the Company, as amended,
provides that a director of the Company shall not be personally liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty as
a director, except for liability (i) for any breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under Section 174 of the DGCL (in respect of certain unlawful
dividend payments or stock purchases or redemptions), or (iv) for a transaction
from which the director derived an improper personal benefit.  If the DGCL is
amended to authorize the further elimination or limitation of the liability of
directors, then the liability of a director of the Company, in addition to the
limitation on personal liability described above, shall be limited to the
fullest extent permitted by the DGCL, as so amended.  Any repeal or modification
of such provision of the Restated Certificate of Incorporation by the
stockholders of the Company shall not adversely affect any right or protection
of a director of the Company with respect to events occurring prior to the time
of such repeal or modification.

BYLAWS

     The By-laws of the Company, as amended, provide that each director or
officer of the Company who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of the Company), by reason of the fact that he or she is or was or has
agreed to become a director, officer, employee or agent of the Company or is or
was serving or has agreed to serve at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, or by reason of any action alleged to have been taken
or omitted in such capacity, shall be indemnified by the Company against all
costs, charges, expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person or on
such person's behalf in connection therewith and any appeal therefrom, if such
person acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect 

                                     II-2
to any criminal action or proceeding, had no reasonable cause to believe his 
or her conduct was unlawful.  The termination of any action, suit or 
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo 
contendere or its equivalent, shall not, of itself, create a presumption that 
the person did not meet the standards of conduct set forth in the By-laws.

     The By-laws further provide that the Company shall indemnify any director
or officer who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
Company to procure a judgment in its favor by reason of the fact that he is or
was or has agreed to become a director, officer, employee or agent of the
Company, or is or was serving or has agreed to serve at the request of the
Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, or by reason of any
action alleged to have been taken or omitted in such capacity, against costs,
charges and expenses (including attorneys' fees) actually and reasonably
incurred by him or on his behalf in connection with the defense or settlement of
such action or suit and any appeal therefrom, if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Company, except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Company unless and only to the extent that the Court of Chancery
of Delaware or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of such liability but
in view of all the circumstances of the case, such person is fairly and
reasonably entitled to indemnity for such costs, charges and expenses which the
Court of Chancery or such other court shall deem proper.

     Notwithstanding such provisions to the contrary, to the extent that a
director or officer of the Company has been successful on the merits or
otherwise, including, without limitation, the dismissal of an action without
prejudice, in defense of any action, suit or proceeding or in the defense of any
claim, issue or matter therein, he or she shall be indemnified against all
costs, charges and expenses (including attorneys' fees) actually and reasonably
incurred by him or her or on his or her behalf in connection therewith.

     The right to indemnification provided by the By-laws shall not be deemed
exclusive of any other rights to which a person seeking indemnification may be
entitled under any law (common or statutory), agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official capacity
and to action in another capacity while holding office and shall continue as to
a person who has ceased to be a director or officer and shall inure to the
benefit of the estate, heirs, executors and administrators of such person.

ITEM 8.  EXHIBITS.

   EXHIBIT
    NUMBER                              DOCUMENT DESCRIPTION
   -------                              --------------------
     5.1           Opinion of Thompson & Knight, P.C.

     23.1          Consent of Thompson & Knight, P.C. (included in the opinion 
                   filed as Exhibit 5.1 to this Registration Statement).

     23.2          Consent of Ernst & Young LLP, independent public accountants.

     24            Powers of Attorney (included on the signature page of this
                   Registration Statement).

ITEM 9.  UNDERTAKINGS.

     (a)  The Company hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
     made, a post-effective amendment to this Registration Statement:

               (i)  To include any prospectus required by Section 10(a)(3) of
          the Securities Act;

               (ii) To reflect in the prospectus any facts or events arising
          after the effective date of this Registration Statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in this Registration Statement;

                                     II-3
(iii)    To include any material information with respect to the
          plan of distribution not previously disclosed in this Registration
          Statement or any material change in the information set forth in this
          Registration Statement;

          PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
     apply if the information required to be included in a post-effective
     amendment by those paragraphs is contained in periodic reports filed by the
     Company pursuant to Section 13 or Section 15(d) of the Exchange Act that
     are incorporated by reference in this Registration Statement.

          (2)  That, for the purpose of determining any liability under the
     Securities Act, each such post-effective amendment shall be deemed to be a
     new registration statement relating to the securities offered therein, and
     the offering of such securities at that time shall be deemed to be the
     initial bona fide offering thereof.

          (3)  To remove from registration by means of a post-effective
     amendment any of the securities being registered which remain unsold at the
     termination of the offering.

     (b)  The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

     (c)  Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Company pursuant to the foregoing provisions, or otherwise, the Company
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.

                                     II-4
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, Source Media,
Inc. certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Dallas, State of Texas, on July 17, 1997.

                                       SOURCE MEDIA, INC.

                                       By:  /s/ TIMOTHY P. PETERS
                                          --------------------------------
                                          Timothy P. Peters
                                          Chairman of the Board and
                                          Chief Executive Officer

     KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned directors and
officers of Source Media, Inc., a Delaware corporation, which is filing a
Registration Statement on Form S-8 with the Securities and Exchange Commission
under the provisions of the Securities Act of 1933 hereby constitutes and
appoints Timothy P. Peters, Maryann Walsh and Michael G. Pate, and each of them,
his true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and stead, and
in any and all capacities, to sign such Registration Statement and any or all
amendments thereto and all other documents in connection therewith to be filed
with the Securities and Exchange Commission, it being understood that said
attorneys-in-fact and agents, and each of them, shall have full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person and that each of the undersigned hereby ratifies and
confirms all that said attorneys-in-fact as agents or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities on July 17, 1997.

            SIGNATURE                                 TITLE                      DATE
            ---------                                 -----                      ----
/s/ TIMOTHY P. PETERS              Chairman of the Board and Chief      July 17, 1997
----------------------------------             Executive Officer
       Timothy P. Peters                (principal executive officer)

     /s/ MICHAEL G. PATE                  Chief Financial Officer and        July 17, 1997
----------------------------------       Treasurer (Principal Financial
       Michael G. Pate                       and Accounting Officer)

                                            Chief Operating Officer          
----------------------------------               and Director
       William S. Bedford

                                                    President                 
----------------------------------                and Director
       John J. Reed

                                           II-5
Director
----------------------------------
     David L. Kuykendall

   /s/ MICHAEL J. MAROCCO                           Director                 July 17, 1997
-----------------------------------
      Michael J. Marocco

   /s/ JAMES L. GREENWALD                           Director                 July 17, 1997
-----------------------------------
     James L. Greenwald

    /s/ ROBERT H. ALTER                             Director                 July 17, 1997
-----------------------------------
       Robert H. Alter

    /s/ ROBERT J. CRESCI                            Director                 July 17, 1997
-----------------------------------
      Robert J. Cresci
II-6