Good news for WKRN and our parent company.
KRON-TV, a multi-award winning station, is one of the most prestigious broadcasting properties in the country. Until 2006 when it became an affiliate of MyNetwork TV, KRON-TV was the largest independent station in the United States and the only independent VHF station in its market. KRON-TV is a unique station with an important position in the market as the television news source for San Francisco. The station, due to its many hours of local programming, is benefiting from the industry trend towards increased localism.
Young Broadcasting stated that its goal was to conclude an agreement for the sale of KRON-TV before the end of the first quarter. In addition to the station’s considerable assets the buyer will benefit from certain favorable tax attributes.
“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”, stated Vincent Young, Chairman of Young Broadcasting. “Our decision to sell is based on the high level of interest in the property that we have received. It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives.”
[Young Broadcasting Inc. to Sell KRON-TV in San Francisco - Business Wire - 01-10-08]
