Gray TV Deal Not Getting Any Young-er

By Andrew Gauthier 

Broadcasting & Cable

When a bankruptcy court judge signed off on Young Broadcasting’s reorganization plan April 19, it appeared Gray Television finally had the green light to begin managing seven Young stations–a service it was already being paid for since the pact was struck last summer. With the pounding of the judge’s gavel, Gray execs said they were set to start executing their strategy at the Young stations.

But almost two months after the ruling, Gray remains glued to the bench, as both parties are awaiting FCC approval on license transfers. Yet Gray continues to be paid its $2.2 million annual fee by Young. More…