Young Broadcasting
Defunct American media company / From Wikipedia, the free encyclopedia
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.
Company type | Private |
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Industry | Broadcast and Digital |
Founded | 1986 |
Founder | Adam Young |
Defunct | November 12, 2013 (2013-11-12) |
Fate | Merged with Media General |
Successor | |
Headquarters | , |
Key people |
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Services | Television stations, Digital media, Mobile publishing |
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.