The company seeks to reach a sale agreement for KRON before the end of the first quarter.
“When we purchased KRON-TV in 2000, we believed we had acquired a jewel, and we still feel that is the case today. KRON-TV is one of the most valuable television stations in the country,” Young chairman Vincent Young said.
“Our decision to sell is based on the high level of interest in the property we have received,” he added. “It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives.”