Gray to Manage Seven Young Stations

As expected, Gray Television announced Thursday (July 30) it had been selected to manage seven of the 10 TV stations owned by Young Broadcasting. The deal with Gray was cleared earlier this week when the U.S. Bankruptcy Court approved the sale of Young for $220 million to a group of investors.

Gray will receive a $2.2 million per year management fee plus additional incentive fees if certain performance targets are exceeded. The agreement will run through Dec. 31, 2012.

Stations included in the management arrangement include: WKRN-TV (ABC) in Nashville, Tenn.; WTEN (ABC) in Albany, N.Y. (and WCDC-TV in North Adams, Mass.); WRIC-TV (ABC) in Richmond, Va.; WBAY-TV (ABC) in Green Bay, Wisc.; KWQC-TV (NBC) in Davenport, Iowa; KELO-TV (CBS) in Sioux Falls, S.D. (along with KCLO-TV in Rapid City, S.D., KDLO-TV in Florence, S.D. and KPLO-TV in Reliance, S.D.); and KLFY-TV (CBS) in Lafayette, La.     

Young Broadcasting, renamed New Young Broadcasting under its new bank owners, will continue to directly operate KRON (MyNetorkTV) in San Francisco, WATE (ABC) in Knoxville, Tenn. and WLNS (CBS) in Lansing, Mich. Vincent Young will remain CEO and manage the three stations, along with Deborah McDermott, president and James Morgan, chief financial officer.

Related: Gray to Manage Young Stations