• Get involved.
    We want your input!
    Apply for Membership and join the conversations about everything related to broadcasting.

    After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
    If you use a disposable or false email address, your registration will be rejected.

    After your membership is approved, please take a minute to tell us a little bit about yourself.
    https://www.radiodiscussions.com/forums/introduce-yourself.1088/

    Thanks in advance and have fun!
    RadioDiscussions Administrators

Granite Goes Bankrupt

S

SirRoxalot

Granite Broadcasting, owners of stations in Buffalo, Syracuse, and Binghamton, has declared Chapter 11 bankruptcy.

The bad news is that it looks like they've worked out a deal with the major creditors, and will retain control of the company.
 
SirRoxalot said:
Granite Broadcasting, owners of stations in Buffalo, Syracuse, and Binghamton, has declared Chapter 11 bankruptcy.
The bad news is that it looks like they've worked out a deal with the major creditors, and will retain control of the company.
Click to expand...

What you are seeing here is the chickens coming home to roost. A few big media companies have spent so much money acquiring broadcasting properties over the years (and some running them into the ground), that the price of their stock has dropped and the value of their properties have declined. So in order to recoup their losses these companies have either filed for Chapter 11, or are selling off a number of their stations to interested buyers.
 
Granite Broadcasting, owners of stations in Buffalo, Syracuse, and Binghamton, has declared Chapter 11 bankruptcy.

As Mark mentioned the chickens have come home to roost. Could anyone imagine 10 or 15 years ago the companies that owned WKBW or WTVH would be filing for protection? They were two of the most successful TV stations in the country. What's next WHAM-TV (WOKR)? All this and the diappearance of news on WUTR can all be traced back to the Telecommunications Act of 1996.
It didn't help broadcasting, it just brought out the greed and failures in the big companies.
 
13WHAM and WUTR-20 are owned by Clear Channel, which is getting out of TV.
 
Granite's stock price was in the crapper years ago. I am not surprised by this one bit. I am surprised it took this many years. And yes, it is a shame they will retain control of those stations. Pity the employees. If they thought things were tough all those years, just try living under ch. 11.
 
13WHAM and WUTR-20 are owned by Clear Channel, which is getting out of TV.

Actually, Clear Channel sold WUTR to Nexstar a few years back. Man, talk about out of the frying pan into the fire. Before Clear Channel left the building on Smith Hill they pretty much took everything of any value out the door with them.
 
Status
This thread has been closed due to inactivity. You can create a new thread to discuss this topic.


Back
Top Bottom