Young Broadcasting tried… but failed to get interest for its television station group. On Tuesday, they called off an auction, when they couldn’t get a decent bid for the company’s assets. Given the outcome, it’s expected that a group of bankers will take over ownership of Young Broadcasting for about $220 million.
According to MediaPost, a company attorney was in court yesterday to ask for approval of the sale next week, after Young only received a $120 million offer for the stations. The deal still has to be approved by the FCC.
Talk about a drop in value. Young bought KRON-4 in 2000 for a whopping $823 million dollars.