Media Contact:
Douglas MacKinnon
202-408-7907
dmackinnon@sonnenschein.com
YOUNG BROADCASTING INC. ANNOUNCEMENT ON RESTRUCTURING
NEW YORK, NEW YORK, June 24, 2010 -- Effective today, and pursuant to a court order, the ownership of Young Broadcasting has transitioned from the shareholders of the publicly traded company to a shareholder group comprised of the former senior lenders of Young Broadcasting.
Having shed nearly $800 million in debt and millions of dollars of burdensome contracts through the bankruptcy process, New Young Broadcasting is emerging from bankruptcy as the most financially sound company in television broadcasting.
Young Broadcasting owns ten television stations and the national television representation firm, Adam Young Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV – Nashville, TN, WTEN-TV – Albany, NY, WRIC-TV – Richmond, VA, WATE-TV – Knoxville, TN, and WBAY-TV – Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV – Lansing, MI, KLFY-TV – Lafayette, LA and KELO-TV – Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV – Davenport, IA) and one is affiliated with MyNetwork (KRON-TV – San Francisco, CA). In addition, KELO-TV-Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity.
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