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Posts Tagged ‘Young Broadcasting’

Media General Shareholders OK Merger with Young

media general_304x200Media General shareholders have approved the company’s merger with New Young Broadcasting.

The merged company will keep the Media General name and will continue to be traded on the NYSE under its existing symbol MEG.

“We’re delighted to have shareholder approval for our business combination with Young Broadcasting, and we are very excited about the prospects for the combined company,” George L. Mahoney, president and chief executive of Media General said in a statement. “Once we receive FCC approval for our license transfers, we will close very quickly on the transaction.  We believe the review process is going smoothly at the FCC.” Read more

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Young Broadcasting, Media General to Merge

Media General and Young Broadcasting have announced an agreement to merge the two companies. The new company will retain the Media General name and location, based in Richmond, Va.

Media General owns 18 stations and Young owns or operates 12 stations. The combined company will have 30 stations in 27 markets, reaching 14% of U.S. television households. In a statement announcing the merger, the two companies said the merger will make Media General more “geographically diverse” and give it a presence in “more markets that generate strong political revenues.”

Media General president and CEO George L. Mahoney will remain in that role following the merger.

“I’m very excited about the wonderful opportunities that lie ahead for the new Media General. Our stations and Young’s have earned excellent reputations as leading local content providers,” Mahoney said in a statement. “In working with the Young management and owners over the past several months, it’s clear that we share strong values for customer focus and innovation and a commitment to harnessing the future in an age of rapid change.”

Read the memo to Young stations from present and CEO Deborah McDermott, as well as the official announcement, after the jump. Read more

Bob Peterson, WRIC General Manager, Tapped as Young Broadcasting’s VP of Station Operations

Young Broadcasting has named Bob Peterson vice president of station operations. He will be based in Nashville for his new role, which is effective immediately.

It’s a corporate promotion for Peterson, who is currently general manager of Young Broadcasting’s WRIC in Richmond. He has held that position for eight years.

“Throughout his long tenure with the company, Bob has consistently exhibited the ability to visualize the big picture while successfully developing and implementing business plans that focus on content creation and revenue growth,” Young Broadcasting president Deborah McDermott said in a statement.

Tony Cassara Steps Down As Young Broadcasting CEO

Tony Cassara is stepping down as CEO of Young Broadcasting after less than a year at the helm, the company announced today.

“Tony has advised us that he would like to pursue interests outside of Young Broadcasting, including the ownership of other broadcasting stations,” Thomas Sullivan, Young Broadcasting’s chairman of the board, said in a statement. “Accordingly, Tony has tendered his resignation as chief executive officer and member of the board of directors, effective March 13, 2012. We wish Tony well in his new endeavors.”

Deborah McDermott will continue in her role as president of Young Broadcasting and will be responsible for day-to-day operations as the company searches for Cassara’s replacement. Cassara will also give up his seat on Young’s board of directors.

Cassara is a former general manager of KTLA, the CW-affiliate in Los Angeles. He is also a former president of Paramount Pictures’ Television Stations Group. Read more

Gray Television Reports Revenue Drop in ‘Off Year’

Gray Television, which currently operates 36 stations across the country, today reported a significant decrease in fourth quarter revenue, calling 2011 an “off year.”

Like many station groups, Gray reported a decrease in Q4 revenue, brought on by a drop in cyclical political advertising spending.

Total revenue for the final three months of 2011 decreased $29.9 million, or 26%, compared to the same period in 2010.  Political advertising for the period was down $28.6 million, or 86%. Read more

Days After Leaving KMSB, Bob Simone Named General Manager of WLNS

Last week it was announced that Bob Simone was leaving his general manager post at Tucson’s KMSB amid the aftermath of the station’s shared services agreement with KOLD.  Today it was announced that Simone has been named vice president and general manager of WLNS, Young Broadcasting’s CBS-affiliate in Lansing, MI.

“Bob brings a lengthy track record of effectively managing stations while strategically building their revenue streams,” Deborah McDermott, President of Young Broadcasting, said.  “We look forward to having him aboard and leading WLNS‐TV to new levels of success in the greater Lansing marketplace.”

Simone brings 15 years of GM experience with him to Lansing.  Before joining KMSB in 2009, Simone was GM of three different Fox stations: KDVR in Denver, KPTV in Portland, and WTFX in Philadelphia.

KRON Moving Out of Longtime Home

KRON is moving out of the building that has been its home since 1967.

General manager Brian Greif announced today that Young Broadcasting has retained a commercial real estate company to find a new venue for the independent station and handle the sale of its existing space at 1001 Van Ness.

“While we love The Van Ness Building and the location,” Greif said, “the space required for a state of the art digital television station is a fraction of what we have here. Relocating to a smaller facility will enable us to build a new platform to effectively serve our viewing audience within the San Francisco DMA with the best of today’s and tomorrow’s digital TV advances.” Read more

Gray Television Reports Slight Increase in Revenue

Gray Television announced financial results for its second quarter (the three-month period ended June 30th) today, reporting a 1% increase in revenue for the period compared to last year.

“We are pleased with our operating results for the second quarter of 2011,” the company said, in announcing the financial results. “Our total revenue increased for the second quarter of 2011 when compared to the second quarter of 2010 even though 2011 is an ‘off year’ in the two-year political election cycle.”

Making up for a 59% decrease in political advertising, Gray saw notable increases in internet advertising (up 56% to $4.9 million), local advertising (up 4% to $47.8 million), and retrans revenue (up 8% to $5.1 million) for the quarter.

For the six-month period ended June 30th, the company is reporting a 47% increase in internet advertising, a 2% increase in local advertising, and a 9% increase in retrans revenue.  Gray also brought in $1.1 million in consulting revenue for the period from its agreement with Young Broadcasting.

Anchor Dave Akerly Departs WLNS After 21 Years

Dave Akerly, who has been with WLNS since 1990 and a main anchor for the Lansing CBS-affiliate since 2002, is leaving the station after August 1st.

“They say that all good things must come to an end,” Akerly posted on his Facebook wall this week. “After nearly 21 years on the anchor desk of TV-6, first in Sports, then in news, I will be leaving WLNS.”

Akerly joined the station as a weekend anchor and was promoted to sports director in 1991. After more than a decade of covering Michigan State’s football and basketball triumphs, Akerly transitioned to news anchor.

He made it clear on Facebook that he is not retiring, although he doesn’t know what his next move will be. It appears that Young Broadcasting-owned WLNS decided not to renew Akerly’s contract.

Kenneth Freedman Named GM of Young’s KWQC

Kenneth Freedman has been named general manager of KWQC, Young Broadcasting’s NBC-affiliate in Davenport, IA.

Freedman comes to KWQC from KGW in Portland, OR, where he served as general sales manager. Throughout his career, he has held management positions at Salt Lake City’s KSTU as well as Orlando stations WKMG, WOFL, and WRBW.

“Ken has been an inspiring leader throughout his career-building broadcast and new media teams, and leading those teams to setting sales records and growing business at every station where he has worked,” said Young Broadcasting president Deborah McDermott, in announcing the move. “KWQC is in good hands with his talent, experience and initiative, and I am confident that he will play a vital role in the future of the station and Young.”

Freedman, who succeeds interim GM Brian Greif, says that he looks forward to expanding KWQC’s “presence on-air, online and in the community.”

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