nbc9houston 21 Posted July 14, 2009 Share Posted July 14, 2009 About one hour ago, Young Broadcasting called off the auction to sell its stations: http://www.broadcastingcable.com/article/315182-Young_Broadcasting_Calls_Off_Auction.php Link to comment Share on other sites More sharing options...
mre29 1341 Posted July 14, 2009 Share Posted July 14, 2009 Oops. Could it be because no one was interested in buying all ten stations? Link to comment Share on other sites More sharing options...
Bucc 4 Posted July 16, 2009 Author Share Posted July 16, 2009 Here's the latest: “After speaking with the other qualified bidders, it became clear that they were not prepared to exceed that bid,” Young added. “It now appears that we will emerge from bankruptcy later this year with our lenders as our principal shareholders.” “The question now is who is going to run the company?” the employee said, speaking on condition of anonymity. http://blog.timesunion.com/business/young-lenders-likely-to-take-over-wten/14432/ my 2 cents, why would they try to sell them as a group of 10 stations...if they sold them individually perhaps they would have had some legit offers!! Link to comment Share on other sites More sharing options...
mre29 1341 Posted July 16, 2009 Share Posted July 16, 2009 my 2 cents, why would they try to sell them as a group of 10 stations...if they sold them individually perhaps they would have had some legit offers!! That's what I was wondering above. Selling any of its stations would net Young some badly-needed money. Link to comment Share on other sites More sharing options...
Bucc 4 Posted July 16, 2009 Author Share Posted July 16, 2009 That's what I was wondering above. Selling any of its stations would net Young some badly-needed money. Yea I agree Link to comment Share on other sites More sharing options...
lugnuts6 89 Posted July 22, 2009 Share Posted July 22, 2009 Looks like the winner is ......GRAY TELEVISION But they may have to bounce either WILX or WLNS In Lansing,Mich due to having only 6 stations in the market should the FCC bless the deal Link to comment Share on other sites More sharing options...
A3N 996 Posted July 22, 2009 Share Posted July 22, 2009 According to Broadcasting and Cable, Gray Television will operate 7 of the 10 Young stations. The group is still/will be owned by the banks. http://www.broadcastingcable.com/article/316102-UPDATE_Banks_Bid_on_Young_Stations_Clears_Hurdle.php Link to comment Share on other sites More sharing options...
lugnuts6 89 Posted July 22, 2009 Share Posted July 22, 2009 yep A judge approved a proposal for a cadre of secured lenders to take over the Young Broadcasting stations in bankruptcy court in lower Manhattan this afternoon, clearing a significant hurdle toward completing the deal. The plan sees the lenders, including Wachovia, Oppenheimer, Eaton Vance and Credit Suisse, to acquire the 10 stations for $220 million. It also would have Gray Television manage seven of the 10 for an annual fee of $2.2 million and incentive fees. According to court documents, Young’s KRON San Francisco, WATE Knoxville and WLNS Lansing are not part of the Gray management deal. Link to comment Share on other sites More sharing options...
mre29 1341 Posted July 24, 2009 Share Posted July 24, 2009 yep According to court documents, Young’s KRON San Francisco, WATE Knoxville and WLNS Lansing are not part of the Gray management deal. I wonder why. Link to comment Share on other sites More sharing options...
tw-804 190 Posted July 24, 2009 Share Posted July 24, 2009 I wonder why. I wonder why, too. Gray TV owns stations in the middle and smaller markets. They can't operate KRON because it's in DMA #6. Link to comment Share on other sites More sharing options...
kjohnson 15 Posted July 24, 2009 Share Posted July 24, 2009 It's not that they can't, it's that they can't afford to. Local might pick up control of the stations that Gray isn't. Link to comment Share on other sites More sharing options...
ProButtonPusher 230 Posted July 24, 2009 Share Posted July 24, 2009 Well - these stations won't have to worry about too many inside changes - which, to me, is a good thing. Link to comment Share on other sites More sharing options...
Bucc 4 Posted July 24, 2009 Author Share Posted July 24, 2009 So will viewers notice anything different on air do you think, any "major shake-up's" coming ? Or is it just all business? Link to comment Share on other sites More sharing options...
tw-804 190 Posted July 25, 2009 Share Posted July 25, 2009 Gray owns stations in Knoxville and Lansing Shoot! I forgot about that. Link to comment Share on other sites More sharing options...
TennTV1983 748 Posted July 25, 2009 Share Posted July 25, 2009 Shoot! I forgot about that. Typically, in a situation where a company already owns a station in that market, they would keep the higher-rated station and sell the other. WVLT and WILX must have fared a lot better than WATE and WLNS. :awesome: Link to comment Share on other sites More sharing options...
mre29 1341 Posted July 26, 2009 Share Posted July 26, 2009 Typically, in a situation where a company already owns a station in that market, they would keep the higher-rated station and sell the other. WVLT and WILX must have fared a lot better than WATE and WLNS. :awesome: Gray isn't buying the stations. They're just managing the stations for the banks/creditors that effectively do own them. As for WVLT and WILX, they probably didn't want to run stations that are directly competing with two stations they own. Link to comment Share on other sites More sharing options...
A3N 996 Posted July 26, 2009 Share Posted July 26, 2009 Gray isn't buying the stations. They're just managing the stations for the banks/creditors that effectively do own them. As for WVLT and WILX, they probably didn't want to run stations that are directly competing with two stations they own. I'm pretty sure that it was not a direct competition issue for why Gray is not going to run these stations. Isn't there some kind of FCC rule in regards to LMA's in a designated market area? Maybe that might be a reason? Link to comment Share on other sites More sharing options...
bixpchiphead 105 Posted July 26, 2009 Share Posted July 26, 2009 I'm pretty sure that it was not a direct competition issue for why Gray is not going to run these stations. Isn't there some kind of FCC rule in regards to LMA's in a designated market area? Maybe that might be a reason? Well in Lansing, Gray owns WILX (NBC) and already has an LMA with Journal's WSYM (FOX), so if they were to add Young's WLNS (CBS) as another LMA, Grey would "control" 3 out of the four commercial tv signals in the Lansing/Jackson tv market, with only Freedom's WLAJ (ABC) which for all intents and purposes is being robo-operated out of WWMT in Kalamazoo/Grand Rapids. Putting aside any FCC denial, and Gray's plate being full already in Michigan's capital City, THis would leave news consumers in that area with: Lansing State Urin...er..Journal (Gannett) WILX WSYM WLNS... all Gray WSYM Freedom From K-zoo A virtual chokehold on news, would'nt ya say? Link to comment Share on other sites More sharing options...
Marvin Dillweed 73 Posted July 27, 2009 Share Posted July 27, 2009 Well in Lansing, Gray owns WILX (NBC) and already has an LMA with Journal's WSYM (FOX), so if they were to add Young's WLNS (CBS) as another LMA, Grey would "control" 3 out of the four commercial tv signals in the Lansing/Jackson tv market, with only Freedom's WLAJ (ABC) which for all intents and purposes is being robo-operated out of WWMT in Kalamazoo/Grand Rapids. Putting aside any FCC denial, and Gray's plate being full already in Michigan's capital City, THis would leave news consumers in that area with: Lansing State Urin...er..Journal (Gannett) WILX WSYM WLNS... all Gray WSYM Freedom From K-zoo A virtual chokehold on news, would'nt ya say? You mean WLAJ for the last one, correct? Link to comment Share on other sites More sharing options...
lugnuts6 89 Posted July 27, 2009 Share Posted July 27, 2009 Slight correction to make .. From what i understand, WILX has no LMA with WSYM,The deal WSYM has with WILX is just for WILX to produce FOX47NEWS at WILX (its the same type deal WKBD made with WXYZ when then UPN50 shuttered their news department) WSYM is still owned in full by Journal Broadcasting with studios and officies at 600 West St. joe Meanwhile there is a FCC rule which goes like this: Duopolies are NOT allowed in any market with fewer than 9 full power stations,and two of the 4 highest rated stations in a market cant be owned by the same person Since Lansing has 6 Full-Power TV stations..no Duopoly can be created Link to comment Share on other sites More sharing options...
bixpchiphead 105 Posted July 27, 2009 Share Posted July 27, 2009 You mean WLAJ for the last one' date=' correct?[/quote'] Yep not enough coffee... Link to comment Share on other sites More sharing options...
Bucc 4 Posted July 30, 2009 Author Share Posted July 30, 2009 "Gray Television Inc. announced today it will manage WTEN and other stations on behalf of the banks that now own them." http://blog.timesunion.com/business/atlanta-company-to-operate-wten/14625/comment-page-1/#comment-9538 Link to comment Share on other sites More sharing options...
tw-804 190 Posted July 31, 2009 Share Posted July 31, 2009 Here's more from B&C: http://www.broadcastingcable.com/article/325996-Bankruptcy_Judge_Signs_Off_on_Young_Deal.php Link to comment Share on other sites More sharing options...
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