Young Broadcasting Inc., which owns 11 TV stations around the country, announced it filed for Chapter 11 protection in U.S. bankruptcy court. In a press release, the New York-based company said it will continue to operate the stations without interruption.
The company’s highest profile station is KRON-4 in San Francisco, which Young bought in 2000 for a record $823 million. Once considered the top-rated station in the Bay Area, KRON’s credibility and popularity went down the drain when it lost its NBC affiliation. KRON is currently affiliated with the struggling MyNetworkTV and is an infomercial magnet.