NASDAQ Delists Young Broadcasting
Struggling station group fails to meet requirements
By Michael Malone -- Broadcasting & Cable, 1/27/2009 9:55:08 AM
Young Broadcasting has been delisted from NASDAQ as its stock price continues to slide. Trading of Young common stock was suspended as of this morning.
Young said it did not intend to appeal the NASDAQ Hearing Panel's determination, and is working with "a market maker to complete the application to have its common stock quoted on the OTC Bulletin Board, a regulated quotation service for over-the-counter securities." Young said it can provide "no assurance that any market makers will commit to make a market in the Company's shares."
Young, which owns 10 stations, including KRON San Francisco, was warned by NASDAQ in June that it had to boost its overall market value to stay listed. Its stock is at 5 cents at press time, down from a 52-week high of $1.43.
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This is what happens when a kid inherits daddy's company. NBC warned Young that they would take the affiliation, and they did. That in itself ruined the company. What resulted was the trashing of several good stations that are suffering under bad corporate decisions.
Jeff Kroll - 1/28/2009 10:18:12 AM EST
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