Young Broadcasting Wants Quick Sale for KRON
Chairman Vincent Young: ‘Decision to Sell Based on High Level of Interest’
By Michael Malone -- Broadcasting & Cable, 1/10/2008 8:01:00 AM
Young Broadcasting retained financial advisors Moelis & Co. to help unload MyNetworkTV affiliate KRON San Francisco.
The company seeks to reach a sale agreement for KRON before the end of the first quarter.
Young was widely seen as having overpaid when it put up a then-record $823 million for KRON in 2000. The station airs in the No. 6 Nielsen DMA. Mark Antonitis is president and general manager.
“When we purchased KRON-TV in 2000, we believed we had acquired a jewel, and we still feel that is the case today. KRON-TV is one of the most valuable television stations in the country,” Young chairman Vincent Young said.
“Our decision to sell is based on the high level of interest in the property we have received,” he added. “It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives.”
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