Young Broadcasting has named Tony Cassara its CEO. Cassara is currently a board member at Young.
Deborah McDermott remains as president of Young, with all 10 stations continuing to report to her. Tom Sullivan has been elected chairman, replacing former CEO Vincent Young, who resigned from his board position last month.
"Young Broadcasting is experiencing a terrific resurgence, having emerged from bankruptcy with the best balance sheet in the industry," Cassara said. "Its local, national and political revenue grew exponentially in 2010, and company margins topped those of our publicly traded peers. I am proud to lead Young and look forward to expanding our opportunities for continued success."
Cassara started in sales at Metromedia in New York, moved to Los Angeles' KTLA in 1977 and became the youngest general manager in the station's history, according to a Young statement. Backed by KKR, he spearheaded the leveraged buyout of KTLA from Gene Autry for $245 million in 1982, and remained with the station until its 1985 sale to Tribune. Cassara was president of Paramount Pictures' station group from 1993-2000. He joined Chartwell Partners as executive vice president in 2000.
Cassara served as a Univision director from 2005-08. He also sits on the Fisher Communications board.
Young entered bankruptcy in February 2009. Last June, Young climbed out of bankruptcy as "New Young" and shed some $800 million of debt.
Earlier this year, Young shuttered its 67-year-old rep firm, Adam Young, Inc. Its stations include KRON San Francisco and WKRN Nashville.