- B&C, Tuesday, April 27, 2010 12:01 AM
Young Broadcasting overpaid for KRON San Francisco a decade ago, and to date earned a dubious return on investment for its management deal with Gray TV. Last summer, Gray announced a deal to manage
seven of the Young stations for $2.2 million per year, plus incentives. But as a pair of banking groups scrapped for several months in bankruptcy court for control of the Young stations, Young told
Gray in December 2009 to stay away from its stations until the judge decided who gets them. Still, Gray was paid its management fee.
Arthur J Gonzalez"Judge Gonzalez ruled last week on
the stations' fate: Gray can finally set foot in the Young-owned outlets again. "It's now back in our court," said a Gray insider. "We will be managing the stations." Young entered bankruptcy in
February 2009.
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