Young Broadcasting Inc. Class A (fka YBTVQ)

[fredman]

When it was announced that following the bidding process and subsequent discussions with interested parties, the Company has determined that there are no current active discussions with possible buyers of KRON-TV. I take this as there were potential buyers, but none of them were willing to pay the price Mr. Young wants for KRON. Station operating performance for the quarter, defined as operating income, plus non-cash compensation to employees, corporate overhead, depreciation and amortization, was $11.6 million. That’s up 12% when compared with the same quarter in 2007. This was a clear message to the bidders, that Young Broadcasting is prepared to ride out the storm, and will not consider selling KRON unless the buyers get serious and up their bids.