It had been rumored for quite sometime that Granite Broadcasting Group, which owns several stations in New York State, has had financial difficulties. According to the story, Gannett late Monday filed for chapter 11 bankruptcy protections to reduce their debt by 275 million.
Granite Broadcasting operates station WKBW channel 7 the ABC affiliate in Buffalo. (They still completed HD to stay competitive) In 2002, they had purchased WBNG, Channel 12 in Binghamton, New York from SJL Broadcast Management.
According to Buffalo Business First…
The New York City-based company said in a statement it has also submitted a plan of reorganization that has been pre-negotiated with the Granite's secured debt holders. The company also expects to emerge as a privately-held entity. The reorganization is expected in the first half of 2007.
Granite (OTC Bulletin Board: GBTVK) will continue to operate its stations, including those in Binghamton and Syracuse, as well as WKBW.
Bill Ransom, general manager, said "no employee of WKBW will lose a job because of this filing."Business First supplies business reports to WKBW-TV on the station's newscasts.
(What do you know?…They disclosed their business affiliation to their readers. That’s responsible journalism)
3 comments:
Here is their website and the press realese: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=GBTVK&script=2100
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=GBTVK&script=412&layout=-6&item_id=941178
My mistake. I will correct. Thanks
Thanks. I had already linked it in the main story when I saw your post.
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