Young Broadcasting retained financial advisors Moelis & Co. to help unload MyNetworkTV affiliate KRON San Francisco. The company seeks to reach a sale agreement for KRON before the end of the first quarter.
Young was widely seen as having overpaid when it put up a then-record $823 million for KRON in 2000, when it was an NBC affiliate. After a battle with the network (which lost to Young in its efforts to buy KRON), the station became an independent in 2002.
"When we purchased KRON 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."