Young wants quick sale for KRON-TV
Cory Bergman January 10th, 2008
Young Broadcasting hopes to sell KRON before the end of the first quarter. “Our decision to sell is based on the high level of interest in the property we have received,” said Young chairman Vincent Young. “It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives.”
19 Comments Add your own
1. SMB | January 10th, 2008 at 4:26 pm
I’ll start the bidding at $50 - any takers?
2. Don Day | January 10th, 2008 at 4:55 pm
Isn’t it ironic… don’t ‘ya think?
3. Z | January 10th, 2008 at 7:30 pm
H/A might jump at this. They wanted it last time before Young drastically overpaid.
4. Allen | January 10th, 2008 at 7:51 pm
Will WKRN, the station Young destroyed with recent decisions, be next?
5. Rob W | January 10th, 2008 at 10:17 pm
Rosenblum?
He can get in on the ground floor …
6. tdc | January 11th, 2008 at 4:35 am
‘drastically overpaid’?
by a factor of 10.
an entire station group (sporting a wildly overvalued p/e of 25) carries a market cap of less than $2B… and that includes nearly 30 stations.
7. Safran | January 11th, 2008 at 6:04 am
Here’s the question - and I’m serious…
If you had the money, would you buy?
Would you take it and try to “Flip This Station?”
Would you turn it into a true Local Media Outlet and take advantage of what they have to offer?
Or do you think it’s too late?
I’m interested in the LR Faithful’s thoughts.
8. Rocker | January 11th, 2008 at 7:07 am
Steve, would love to do that. And absolutely believe a true local media outlet could get traction….would have to be re-tooled from top to bottom, into a multi-media, non-linear local publishing operation. Whether it’s a good idea depends on the price, but absolutely I believe could be operated with positive cash flow in pretty short order… 1 - 2 years. BTW, LR doesn’t seem to be following OMVC/LG/Samsung advent of DTV-Mobile very closely, but that spectrum as mobile video delivery channel alone makes the station more valuable than most will realize.
9. Hussman | January 11th, 2008 at 7:40 am
Maybe Granite Broadcasting will buy it.
10. tdc | January 11th, 2008 at 8:29 am
what the F is a “true local media company”???
this term is all the rage as tv stations, radio stations and newspapers RUN from the fact they are OUTDATED delivery vehicles.
yet, when it comes to REAL change all they do is change the term by which they refer to themselves by.
les moonves just said yesterday that the “web is a friend of tv”.
yes les, like the web has been a friend to the newspaper industry.
i have nothing against people who WANT to move toward being a local media company. but all talk and no walk is gonna get your share price halved.
AND, answer me this…
as a local media company ONLINE, do you focus on a local audience OR on local content?
online (vs. a rusty tower somewhere) your local audience is anywhere on the globe… hence deals like yahoo and cnn.
so much for the “forget the out-of-market” eyeballs, eh?
yes, buy KRON for pennies on the dollar what young paid for it.
it’ll leave you $$$ left to really do something.
11. no name | January 11th, 2008 at 2:44 pm
I heard that Young is reducing budgets by as much as several million at every property - AND eliminating online efforts. Don’t know if that’s true.
12. Brink | January 11th, 2008 at 4:03 pm
“this term is all the rage as tv stations, radio stations and newspapers RUN from the fact they are OUTDATED delivery vehicles.”
Really? So then we can expect them to be sold for virtually nothing, since they’re “outdated”?
Somehow, I don’t expect to see that happen anytime soon.
When the writer’s strike began, this very cranked up lists of “what else” you could watch. But why would such a list be needed? After all, if you weren’t watching this “outdated” medium, then you wouldn’t care if the writers quit filling it with show, right?
It’s now in style tosay you don’t watch TV, but an awful lot of internet bandwidth seems to be used lamenting the shows that “no one” is watching.
13. Allen | January 11th, 2008 at 10:44 pm
That’s right. “No one” is watching tv. They just use their 42″ HDTV’s to play their Wii’s on.
14. Barry S. | January 12th, 2008 at 9:48 am
Maybe now would be a good time for NBC to offer Young what they paid for KNTV..
15. tdc | January 12th, 2008 at 3:13 pm
“so then we can expect them to be sold for virually nothing”
well, young’s shares are like deer nuts…
hanging around under a buck.
(.94, if i recall. they traded at
16. tdc | January 12th, 2008 at 3:16 pm
… they traded at
17. tdc | January 12th, 2008 at 3:17 pm
seems like lr’s sniffers do not like the ‘less than sign’ so i’ll try it this way (for the third time!)
…they traded at less than FORTY CENTS during the week too!
i’d say that is virtually nothing.
what say you?
18. Terrance McDermott | January 15th, 2008 at 11:04 am
Ignored in all this is what Young wants for KRON. I suspect it is as unreal as what he paid for KRON. KRON will be on the market for
as long as it takes Young to: 1. realize he is not going to get what
he wants and 2. he is pushed up against the wall financially and
can no longer afford to dream on about what he wants . . .
19. Anonymous | March 21st, 2008 at 11:42 pm
Why does Young want KRON so bad in the first place?
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