KRON Heading for Sale

"When we purchased KRON-TV in 2000 we believed we had acquired a jewel and we still feel that is the case today," said Young Broadcasting Chairman Vincent Young.
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Young Broadcasting is selling its highest-profile station, KRON in San Francisco.

"When we purchased KRON-TV in 2000 we believed we had acquired a jewel and we still feel that is the case today," said Young Broadcasting Chairman Vincent Young. "KRON-TV is one of the most valuable television stations in the country."

None of Young's other nine stations are in markets that come close to the Bay Area, the nation's sixth largest.

KRON was an NBC affiliate until 2001, when the two sides could not agree on a price for the network program. NBC moved its programming to KNTV in San Jose, and KRON remained the nation's largest independent station until 2006, when it affiliated with MyNetwork TV

Young Broadcasting said its goal was to conclude an agreement for the sale before the end of the first quarter. In addition to the station's considerable assets the buyer will benefit from certain favorable tax attributes, the company said.

"Our decision to sell is based on the high level of interest in the property that we have received," Young said. "It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives."

Moelis & Company is the investment bank hired to orchestrate the deal.