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Posts Tagged ‘Young Broadcasting’

Tony Cassara Named Young CEO

Tony Cassara is the new CEO of Young Broadcasting.

The company announced this week that Cassara, a current board member, would succeed longtime boss Vince Young, who resigned from the CEO post in March.

“Young Broadcasting is experiencing a terrific resurgence, having emerged from bankruptcy with the best balance sheet in the industry,” Cassara boasted in a press release. “I am proud to lead Young and look forward to expanding our opportunities for continued success.”

Cassara has decades of experience in the TV industry. In 1977, he joined KTLA and became the youngest general manager in the station’s history. He went on to oversee the expansion of Paramount Pictures’ Television Stations Group from 1993 to 2000, and eventually joined Chartwell Partners where he worked to grow Univision.

Deborah McDermott continues as president of Young, overseeing the company’s 10 stations.

Vince Young Departs Young Broadcasting

Vince Young has resigned from Young Broadcasting, the troubled station group that was founded by his father. After stepping down as CEO in August of 2010, Young had been serving as a non-executive chairman as shareholders attempted to save the company from bankruptcy.

According to TVNewsCheck:

Vincent Young’s departure from the company that bears his family name was, in part, the result of his alignment with the group that unsuccessfully sought to have its bankruptcy reorganization plan imposed.

During Young’s bankruptcy, two competing groups – the secured lenders and the unsecured lenders – submitted restructuring plans but the presiding judge ultimately chose the secured lenders’ plan.

Young Broadcasting, which owns 10 stations across the country, declared Chapter 11 bankruptcy in February of 2009.

Young’s seat on the board has been filled by Soo Kim of Standard General, a hedge fund that owns approximately 25% of the company, making it the largest shareholder.

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