By: Staff reports
Chronicle’s Sale Of TV Station Not Complete
(The Hollywood Reporter) Young Broadcasting chief Vincent Young scoffed
yesterday at speculation that the company would be forced to bail out on
its record-setting $823 million deal to buy San Francisco’s KRON because
of the beating that Young’s stock price has taken recently.
‘There is no problem with the deal, and there will be no problem with the
deal,’ Young told The Hollywood Reporter. According to the terms of the
agreement between Young Broadcasting and KRON owner Chronicle Publishing,
Chronicle will receive $650 million in cash and $173 million in Young
When the purchase was announced in November, Young Broadcasting’s stock
traded at $49. Now the stock has lost 50% of that value and trades in the
Chronicle Publishing is selling the TV station along with the San Francisco
Chronicle, which is being purchased by the Hearst Corp.
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