Another Broadcasting Company Files Bankruptcy
Young Broadcasting, which seven years ago paid $820 million for San Francisco TV station KRON-TV, which remains the highest price ever paid for a single TV outlet, has filed for Chapter 11 bankruptcy protection in New York. The market value of KRON-TV plummeted when Young refused to consent to a number of demands by NBC and dropped its affiliation with the network. The station's ratings have never recovered, and Young had been struggling to meet interest payments on its heavy debt load from the acquisition. At the same time, its stock price has dropped to a few cents. Young also owns nine other stations in small-to-medium markets.