Standard General Moves to Grab Majority Share of Young Broadcasting
Hedge fund seeks control of emerging broadcast company
By Michael Malone -- Broadcasting & Cable, 8/20/2012 3:23:00 PM
The FCC filing shows a voluntary transfer of control of WTEN Albany, KRON San Francisco and WBAY Green Bay, among the other Young stations, from the shareholders of "New Young Broadcasting Holding Co." to Standard General Fund L.P. Standard General would hold just over 50% of the company.
Young emerged from bankruptcy in 2010, shedding $800 million in debt and sporting the official title of "New Young Broadcasting."
Standard General's filing was previously reported in TV NewsCheck. Young declined comment, and Standard General did not return a call for comment.
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