 | |
| Company type | Private |
|---|---|
| Industry | Broadcast and Digital |
| Founded | 1986 |
| Founder | Adam Young |
| Defunct | November 12, 2013 |
| Fate | Merged with Media General |
| Successor | |
| Headquarters | , |
Key people |
|
| Services | Television stations, Digital media, Mobile publishing |
Young Broadcasting, LLC was an American media company that owned or operated 12 television stations in 10 markets with a total U.S. television household coverage of 5.9%. The company was formerly known as Young Broadcasting Inc. and was the outgrowth of the ad representation firm Adam Young Inc., which was founded in 1944 by Adam Young. Previously a public company, Young Broadcasting voluntarily declared Chapter 11 bankruptcy on February 13, 2009, to restructure its debts.
On June 24, 2010, the company emerged from bankruptcy as New Young Broadcasting Holding Co, Inc., shedding $800 million in debt and becoming one of the most financially secure broadcasting companies in the country.[1] Deborah A. McDermott was named president and CEO of the new company,[2] in which Standard General L.P., an American hedge fund, maintained a controlling interest.
On November 12, 2013, privately held Young Broadcasting acquired a controlling interest in Media General through a reverse merger.[3] Following the merger, the new company was owned 67.5 percent by Young shareholders and 32.5 percent by Media General shareholders.[4] The newly merged company would continue to operate as Media General with headquarters in Richmond, Virginia and trade on the New York Stock Exchange.
- ^ Malone, Michael (August 20, 2012). "Standard General Moves to Grab Majority Share of Young Broadcasting". Broadcasting & Cable. Retrieved January 31, 2017.
- ^ Staff (January 9, 2013). "Young President McDermott named CEO". TV NewsCheck. Retrieved January 31, 2017.
- ^ "Overview of Media General, Inc., Prior to Reverse Merger with Young Broadcasting". Bloomberg. Retrieved January 31, 2017.
- ^ Ghosh, Sayantani (June 6, 2013). "Media General to merge with privately held New Young Broadcasting". Reuters. Retrieved January 31, 2017.