Granite has filed for Chapter 11 as it struggles to make interests payments on its $400 million of debt. The station group tried to sell its Detroit and San Francisco stations last summer to pay off debt, but the deal came apart after the creation of The CW network. “Under the reorganization process Granite will continue to operate its businesses in the ordinary course, and its stations will continue to serve their local communities, including their viewers and advertisers,” the company said in a statement. Granite owns or operates 23 stations in 11 markets.
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