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Radio With Pictures: KRON4 Buyer Selected Today

BossRadioDJ

BossRadioDJ

From the SF Peninsula Press Club:

Friday was the deadline to submit bids for Young Broadcasting and its 10 stations, including KRON 4. The winning bidder is scheduled to be selected on Monday, with the announcement presumably coming some days later.

...Young famously outbid NBC for KRON in 1999, paying $823 million -- a record price for any single television station. General Electric responded by pulling its affiliation from KRON and buying KNTV in San Jose. Now ... experts put the value of KRON at between $150 million and $250 million.

More at http://sfppc.blogspot.com/2009/07/hearst-nbc-not-interested-in-kron.html
 
BossRadioDJ said:
From the SF Peninsula Press Club:

Friday was the deadline to submit bids for Young Broadcasting and its 10 stations, including KRON 4. The winning bidder is scheduled to be selected on Monday, with the announcement presumably coming some days later.

...Young famously outbid NBC for KRON in 1999, paying $823 million -- a record price for any single television station. General Electric responded by pulling its affiliation from KRON and buying KNTV in San Jose. Now ... experts put the value of KRON at between $150 million and $250 million.

More at http://sfppc.blogspot.com/2009/07/hearst-nbc-not-interested-in-kron.html
Click to expand...

...or not. The bids have to exceed some pre-set minmum. If none of the bids hit that mark, the station will probably go to the creditors in an equity for debt swap. They would likely hold onto KRON for awhile until the market improves.
 
Auction called off!

Broadcasting & Cable, 7/14/2009 10:52:25 AM EDT

Young Broadcasting, set to auction off its 10 stations this morning, has filed a Cancellation of Auction notice with the United States Bankruptcy Court.

According to the filing, "The Debtors, pursuant to the terms of the Bidding Procedures Order, have determined that the Auction is not necessary and hereby provide notice that the Auction is cancelled."

The filing was submitted by Peter D. Wolfson and Jo Christine Reed of the law firm Sonnenschein Nath & Rosenthal, which was to represent Young in the auction.

The law firm would not comment on the auction's cancellation.

Insiders believe the development means the bids did not meet the minimum. Chairman Vincent Young had anticipated strong interest in the stations, which include KRON San Francisco and WBAY Green Bay. "We believe that there will be an active and robust process on July 14 resulting in the improved capital structure the Company needs to complete its restructuring and exit Chapter 11 stronger, more competitive, and well-positioned to reap the benefits of the rebounding economy," he said in a company memo in late June.

Young entered Chapt. 11 in February.

A favorite to acquire the Young stations has been H.I.G. Capital. Oak Hill Capital was said to have some degree of interest too.
 
Mr. Young has proven he's full of crap. When he first put KRON on the market for an anticipated first quarter 2008 sale (ha!ha!), he stated: "When we purchased KRON-TV in 2000, we believed we had acquired a jewel, and we still feel that is the case today. KRON-TV is one of the most valuable television stations in the country.”

Enough said.
 
radio dx said:
Gee I remember somebody called our newspaper a jewel (now look at us!) watch out KRON.
Click to expand...

Weren't KRON and The S.F. Chronicle co-owned in the early 60's? I seem to remember KRON was named "after" the newspaper.

Now the Chronicle is owned by long-time nemesis Hearst (Examiner) and KRON is in the crappola.

Sad.
 
landtuna said:
radio dx said:
Gee I remember somebody called our newspaper a jewel (now look at us!) watch out KRON.
Click to expand...

Weren't KRON and The S.F. Chronicle co-owned in the early 60's? I seem to remember KRON was named "after" the newspaper.

Now the Chronicle is owned by long-time nemesis Hearst (Examiner) and KRON is in the crappola.

Sad.
Click to expand...

They were co-owned until 1999-2000.

The de Young family made out like bandits. They sold-out during the tech bubble. Nice... I remember in 2000 after the surprise announcement that NBC would be going to what was then little old KNTV in San Jose, Young arrogantly saying something to the effect..."We're not worried about losing NBC. NBC only accounts for a few hours of programming a day. Our news product is superior and we new that when we paid over 800 million dollars for KRON we may end up with independent station".
 
landtuna said:
radio dx said:
Gee I remember somebody called our newspaper a jewel (now look at us!) watch out KRON.
Click to expand...

Weren't KRON and The S.F. Chronicle co-owned in the early 60's? I seem to remember KRON was named "after" the newspaper.

Now the Chronicle is owned by long-time nemesis Hearst (Examiner) and KRON is in the crappola.

Sad.
Click to expand...

Yeah, KRON is in crappola...but look how much money Hearst is making off the Chronicle...and...uh...WHAT! Hearst lost HOW MUCH on the Chronicle last year?[/font]..er...nevermind.
 
landtuna said:
Weren't KRON and The S.F. Chronicle co-owned in the early 60's? I seem to remember KRON was named "after" the newspaper.

Now the Chronicle is owned by long-time nemesis Hearst (Examiner) and KRON is in the crappola.
Click to expand...

KRON-TV and KRON-FM (now KOIT) were founded by the SF Chronicle in 1947 and 1949 respectively. A couple decades earlier the Chronicle had co-owned KFRC, so they were no strangers to broadcasting. KRON-FM was sold to Bonneville in 1975 and KRON-TV to Young in, what, 2001?
 
Young Stations Going to Lenders:

"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."

http://www.broadcastingcable.com/article/315376-Young_Stations_Going_to_Lenders.php
 
BossRadioDJ said:
Young Stations Going to Lenders:

"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."

http://www.broadcastingcable.com/article/315376-Young_Stations_Going_to_Lenders.php
Click to expand...

I read the article. If Vince Young were spinning any faster, he'd turn into butter. If his left leg turned gangrenous and required amputation, he'd say,"My improved anatomical structure means that I'm advantagously positioned to lose those 20 extra pounds..."
 
The latest:

Nexstar boss Perry Sook may end up as the manager -- and eventually the owner -- of all the bankrupt Young Broadcasting stations except KRON San Francisco.

Sook's deal and the creditors' bid do not include the troubled KRON, which Young CEO Vincent Young will keep, the source said. "The lenders are willing to do this as the cost of getting Vincent to cooperate."

http://www.tvnewsday.com/articles/2009/07/16/daily.4/
 
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