KRON-TV, part of corporate parent, Young broadcasting, is now in the hands of its lenders, having failed to meet the minimum the company, (Young) was looking for, so the struggling broadcaster's lenders have assumed control of KRON4 and nine other stations.
"We received initial bids on Friday and spent the weekend reviewing them with our professionals," Chairman Vincent Young said in a memo to employees today. "The highest offer received was from our existing senior lenders. After speaking with the other qualified bidders, it became clear that they were not prepared to exceed that bid."
Developing Story...
Young paid $823M in 2000 to buy KRON--a record. The station is now valued anywhere from $150 to $250M, according to industry analysts.
The future of popular sports anchor, Gary Radnich, (pictured) is uncertain. Radnich' contract at KRON expires at the end of the year. Ditto Pam Moore, a veteran news anchor who has won numerous local emmy awards.
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