• B&C, Sunday, August 22, 2010 11:04 PM

Vincent Young has assumed the role and title of non-Executive Chairman of the Board of New Young Broadcasting and stepped down as CEO, according to a company memo from Chief Restructuring Officer Kevin Shea. Jim Morgan, Chief Financial Officer of the company, will be leaving in October. A year has passed since Gray Television's deal to manage seven Young Broadcasting stations kicked in, yet Gray has remained on the sidelines.

Gray has been paid $2.2 million by Young in year one of a three-year deal. It's one of the more peculiar arrangements in local TV's recent history. Gray TV President/COO Robert Prather says Young, reborn as New Young Broadcasting after being taken over by its senior lenders, continues to pay on time. Deb McDermott remains as president.

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