WNBG-TV Binghamton to be sold

[maildude]

From WBNG-TV's website:

Granite Broadcasting to Buy WBNG-TV
Granite's Chief Executive Officer W. Don Cornwall said, "WBNG-TV is a very strong station with a long history as the market's leading news provider".

He says the purchase compliments Granite's other upstate TV stations in Syracuse and Buffalo.

The company operates a total of 20 TV stations in eight cities, including San Francisco and Detroit.

The sale needs approval from the Federal Communications Commission, but it's expected to be finalized in the second quarter.

WBNG-TV is currently owned by Television Station Group Holdings.

(see also Granite's website http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=GBTVK&script=412&layout=-6&item_id=803958 )

 

[SirRoxalot]

Welcome to Bedrock

You might be interested in this discussion.

BTW, Granite has already agreed to sell San Francisco and Detroit.

Their stock is current trading over-the-counter in the 27-cent range, about half of where it was a year ago, and a tenth of what it was a couple of years ago on the NYSE.

 

[dalittleloser]

Re: Welcome to Bedrock

> You might be interested in this discussion.
>
> BTW, Granite has already agreed to sell San Francisco and
> Detroit.
>
> Their stock is current trading over-the-counter in the
> 27-cent range, about half of where it was a year ago, and a
> tenth of what it was a couple of years ago on the NYSE.
>
you ain't seen nothing yet. this year 11 radio stations and at least one more tv station will be sold....stand by

 

[DowntownHazleton]

Re: Welcome to Bedrock

> > You might be interested in this discussion.
> >
> > BTW, Granite has already agreed to sell San Francisco and
> > Detroit.
> >
> > Their stock is current trading over-the-counter in the
> > 27-cent range, about half of where it was a year ago, and
> a
> > tenth of what it was a couple of years ago on the NYSE.
> >
> you ain't seen nothing yet. this year 11 radio stations and
> at least one more tv station will be sold....stand by
>
It is becoming standard practice to "hub" co-owned TV operations out of a central place. Doesn't seem to do much for the local angle, but it is a growing plan. I have a friend who's an NBC Master Control Enginner at 30 Rock in NYC, and they control 7 different TV markets all out of NYC. So if Granite does the same with BNG it will be unfortunate but pretty much in line with what so many other companies are doing.

 

[Admiral37]

Re: WBNG-TV Binghamton to be sold

The sale is in trouble as a result of the UPN/WB merger...this from the PS&B:

WBNG Sale in Trouble

By Jeff Platsky <mailto:[email protected]>*

The sale of WBNG-TV, Binghamton's CBS affiliate, will be delayed because
the buyer may not be able to come up with the cash.

Granite Broadcasting Corp.'s planned sale of its San Francisco and
Detroit outlets, affiliates of the WB network, has been damaged by the
planned shutdown of the WB in September. The company expected to
receive $180 million for the two big city WB affiliates. Now the two may
have to revert to independent status, shaving the value of the two stations.

Without cash from the divestiture of San Francisco, Granite may not be
able to obtain financing it needs to complete the $45 million
acquisition of the Binghamton station from Boston Ventures and SJL
Broadcast Co.

"We remain cautiously optimistic that we're still going to get to do
that," said W. Don Cornwell, Granite chief executive."But it's still,
obviously, in a little bit of limbo in light of other circumstances."