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KRON 4's parent company, Young Broadcasting, (finally) filed for bankruptcy today, according to sources. KRON, once the Bay Area's NBC affiliate, has been for sale since last year. Most recently, Young Broadcasting Inc., skipped out on a $6.125 million interest payment to lenders. Back in November of 2008, Young made public that "it had been unable to sell KRON and might have to file for Chapter 11 bankruptcy protection." Looks like that day has finally come for the beleaguered San Francisco station. KRON bills itself as "the Bay Area's news station," featuring original programming and syndicated shows (like Dr. Phil and Sex and the City reruns). We'll update as soon as we know more.
UPDATE: CBS 5's Eye on Blogs just posted Young's official release sent to employees.
On Friday, February 13, 2009, we announced that in order to facilitate our balance sheet restructuing, we filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in New York. We have more than 20 million dollars of cash on hand and plan to continue to operate our business in the ordinary course as we reorganize. Our television station will continue broadcasting without interruption, our employees will be paid as usual and our vendors and suppliers will be paid for all post-petition goods and services.
Chapter 11 bankruptcy is a tool to enable us to restructure our debt and strengthen our business so that we can better navigate the current challenging economic environment and compete in the marketplace effectively. Our company generates significant profits, but those profits are not sufficient to support all of our debt. While we are in Chapter 11 bankruptcy, we will negotiate with our lenders and creditors to restructure and reduce our debt. We took this decisive action to make us a stronger and more financially secure company.
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That means... no more annoying Jan Whal, and that boring money financial dude.
Whoo hooo! But where will pro wrestling move to?
Jan Wahl was let go at the end of 2008
well at least you almost read the part where they're not stopping broadcasting.
Almost.
I wish they did stop broadcasting. I don't honestly give a damn about that station.
Anyone remember this? A little earthquake a couple of years back that didn't do any major damage, and who else would cover it for THREE STRAIGHT HOURS?
See, we are a small, provincial backwater after all. We can't even float our own TV station.
They should have not been greedy and dropped NBC. Once that happened, that was their slow painful death.
Even then, KNTV is going through that slow painful death as well. Remember when you could not watch ER for over a year because the bunny ears could not even pick-up the reception?
Bunny ears? Jesus man, do you have an inside toilet yet?
Just a two story outhouse.
Two's on the ground floor, One's on the top floor?
"Watch out above!" (Eeew!)
The City has one of the highest concentrations of "rabbit ear" TV viewers in the country. In my office of ten people, two employees use rabbit ears.
This city also has one of the highest concentration of freeloading hippies who drive Volvos they inherited from their parents, perform the necessary mathematics.
Ah TurdFerguson, your name led me to look up one of the funniest SNL skits ever and I just got a much needed laugh. So good.
KRON Fail.
but what about Daria? isn't this really about Daria and her padded sweater puppets?
there's no padding in that sweater.
;)
No more Evelyn Taft? What's the point of waking up anymore...
Maybe she can move over to KOFY and host Dance Party!
You know the economy is fuc*ed up when your local weather man is filing for unemployment.
So long as Radnich keeps on keeping on, I'm going to keep on watching.
"...our employees will be paid as usual..."
Oh come on, are they really still paying those poor saps? I just assumed Gary Radnich was working for free because he couldn't stand not to be on the air
I haven't watched a single KRON produced show since Jerry Graham left Bay Area Backroads.
Sadly, Bay Area Backroads is no longer on at all.