Young at Heart
We write up a lot of earnings reports each quarter, and frankly, it’s not one of the more exciting aspects of the job. But we make an exception for Young Broadcasting, which reports Thursday. Vincent Young always seems to have something interesting to announce–whether it’s the plan for a quick sale of KRON San Francisco last January ("Our decision to sell is based on the high level of interest in the property we have received," said Young, who’s still holding KRON eight months later), or a strategy to save the broadcaster $15 million through layoffs in February, or a 41% boost in operating income in the first quarter of this year, thanks in large part to the layoffs at its 10 stations.
Has Young found a buyer for KRON? Will Young sell the stations? Will anyone buy them?
"They’ve got a $3 million market cap," says an analyst friend. "That is $3 million more than what it’s worth."