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Young Broadcasting history
Young Broadcasting company history timeline
1986: Young Broadcasting is formed; company acquires two CBS television affiliates, WLNS and WKBT.
1988: CBS affiliate KLFY and NBC affiliate WTVO are acquired.
1989: Two ABC affiliates, WTEN and WKRN, are acquired.
In May 1992, Young reached an agreement to purchase five television stations from Houston-based H&C Communications.
In June 1992, three of the company's subordinated debt holders attempted to force Young Broadcasting into involuntary Chapter 11 bankruptcy.
By 1992, the six stations were generating roughly $30 million a year in cash flow, but were weighed down by $200 million in long-term debt.
He brokered his next deal the same month he completed an initial public offering of stock in November 1994, when Young Broadcasting debuted at $19 per share.
Young would expand its station roster with the 1994 purchase of three stations – WATE-TV/Knoxville, Tennessee; WRIC-TV/Richmond, Virginia and WBAY-TV/Green Bay, Wisconsin, from Nationwide Communications.
With nine stations to its name, Young Broadcasting generated $122 million in revenues in 1995, but the company continued to lose money.
1996: Los Angeles-based independent station KCAL is acquired for $368 million.
Also in 1996, Young purchased KWQC-TV/Davenport, Iowa from Broad Street Television, L.P., and KELO-TV/Sioux Falls, South Dakota from Midcontinent Media, Inc.
By September 1998, however, the prospect of a sale had been formally quashed.
In December 1999, Young eclipsed the bravado of the KCAL acquisition by winning the auction for KRON, the NBC affiliate in San Francisco.
2000: KRON, an NBC affiliate based in San Francisco, is acquired for $737 million.
Young refused, which meant KRON was scheduled to become an independent station when its contract with NBC expired on December 31, 2001.
Analysts in early 2001 were expecting such a move, but no one could accurately predict what Young's next deal might be.
On July 22, 2009, a New York bankruptcy judge approved a plan transferring ownership of Young and its stations to the company's secured lenders (among them Wachovia and Credit Suisse) for $220 million.
In 2011, Young hired Cox Reps to represent it for national sales and will establish a dedicated Young Broadcasting sales team based in New York, Los Angeles and Chicago.
In January 2012, Young signed an affiliation agreement with The Walt Disney Company's Live Well Network for eight of its stations to carry the digital multicast channel (WKRN-TV, WRIC-TV, WTEN, WATE-TV, WBAY-TV, WLNS-TV and KLFY).
On August 20, 2012, Standard General filed an application with the Federal Communications Commission to receive approval to increase the New York City-based hedge fund's ownership stake in Young Broadcasting from 36.34% to a controlling stake of 50.03%.
On June 6, 2013, it was announced that New Young would merge with Media General.
Media General would then be absorbed to Nexstar Media Group in 2017.
President and CEO Deborah A. McDermott would later become the CEO of Standard Media in 2018.
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Young Broadcasting competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| KWWL | 1953 | $18.0M | 350 | - |
| Mel Wheeler | - | $16.0M | 200 | - |
| AmericaTeve | - | $18.0M | 350 | - |
| Sinclair Broadcast Group | 1986 | $3.1B | 8,400 | 624 |
| Outdoor Channel | 1984 | $75.0M | 180 | - |
| Mediaworks | 1984 | $1.6M | 30 | - |
| WOR | 2010 | $213.7M | 1,750 | - |
Young Broadcasting history FAQs
Zippia gives an in-depth look into the details of Young Broadcasting, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Young Broadcasting. The employee data is based on information from people who have self-reported their past or current employments at Young Broadcasting. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Young Broadcasting. The data presented on this page does not represent the view of Young Broadcasting and its employees or that of Zippia.
Young Broadcasting may also be known as or be related to Young Broadcasting and Young Broadcasting LLC.