Young Broadcasting Inc. (YBTVA) will sell San Francisco’s KRON-TV, its largest television state, the company announced Thursday.
Young hopes to complete the sale before the end of the first quarter, and has hired financial advisors Moelis & Company to assist. The buyer will receive both the stations assets and some tax benefits, the company said.
“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.”
KRON was the largest independent station in the United States until 2006, when it became an affiliate of MyNetwork TV. Young Broadcasting owns ten television stations, five of which are ABC affiliates and one of which is an NBC affiliate, as well as the national representation firm, Adam Young Inc.