Young Stations to be Auctioned July 14
KRON, others on the block
By Michael Malone -- Broadcasting & Cable, 7/1/2009 5:32:38 PM
The Young Broadcasting assets are to be auctioned off July 14 in New York, according to a report in the Tennessean newspaper, which says the company will be sold or reorganized as a whole, according to its attorneys at the Sonnenschein Nath & Rosenthal law offices.Young filed for Chapter 11 bankruptcy in February. Its 10 stations include KRON San Francisco and WBAY Green Bay. At the time, Chairman Vince Young said the move "will allow the company to bring its debt in line with current economic realities so that we can emerge a stronger and more financially secure company....We believe that the company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage."
Calls to Young Broadcasting were referred to Sonnenschein Nath & Rosenthal. The law firm did not deny the auction, but did not comment on it either.
Talkback
-
What about the possibility of FOX buying KRON?
jj06 - 7/8/2009 6:53:24 AM EDT -
I am hearing Oak Hill is the buyer for 600 million and the assumption of 200 million in debt.I am also hearing .45 per share.
Brain P - 7/7/2009 9:43:58 AM EDT -
The most recent news we have on this is that Oakhill /LLC are the most likely buyers. We are also hearing the Hearst owners of KCRA NBC3 in Sacramento and KSBW NBC8 in Salinas/Monterey could also be a contender.
I guess for those who are still hoping for an unlikely miracle NBC may just grab the Channel 4 spot in the San Francisco Market and move KNTV into the city. KSTS would then take the Channel 11 honors which would leave Channel 48 up for grabs. Probably won't happen but worth mentioning....
Brian Trombetta - 7/6/2009 5:44:29 PM EDT -
Not one news source reporting this story has any legitimate confirmation from a valid source. Typical internet b.s.
Says Who? - 7/2/2009 1:32:51 PM EDT -
Anybody who would buy Young Broadcasting would be very STUPID - In Nashville, TN they would have to upgrade local broadcasts with HDTV to complete with the other 2 network stations who have all ready done it.
Ken Byers - 7/2/2009 7:45:15 AM EDT
Young Broadcasting Calls Off Auction
07/14/2009Young Broadcasting Files For Chapter 11
02/14/2009Young Stations Back on Dish
12/15/2008
Product Wire
VIEW ALL PODCASTS
