Jump to content

Granite Broadcasting files for Chapter 11...


WANEFan

Recommended Posts

Well, it seems like Granite Broadcasting has finally bit the bullet and flied for Chapter 11 bankruptcy. What took them so long? (link)

 

What puzzles me is that in their press release, they say that their "strategic agreement" with Malara for WPTA and WISE here in Fort Wayne is "off to a great start", when their news ratings are down again (while LIN-owned WANE is gaining ratings fast). ???

 

Oh, well, let's hope for the best (read: hope that Sincrap doesn't buy them)... ;)

Link to comment
Share on other sites

Guest daleduke17

This could become interesting. Hopefully a company with intelligence and competence can purchase either the whole company, or at least individual stations.

 

*crosses fingers that WEEK is bought by a good company*

Link to comment
Share on other sites

Well, all they are doing is filing a petition for reorganization:

Under the reorganization process Granite will continue to operate its businesses in the ordinary course, and its stations will continue to serve their local communities, including their viewers and advertisers.

 

Under the proposed plan of reorganization, it is anticipated that the Company will become privately-held, and that the current secured debt holders will exchange their existing notes for a combination of new notes and new common stock, and the current common and preferred stockholders will exchange their existing stock for shares of the newly reorganized company.

 

So, if all goes well, Granite will transform into a privately-held broadcasting company and no stations should be lost.

Link to comment
Share on other sites

Then again,the way things have been going lately concerning broadcasting companies, ya never know... hey is that Gannett circuling granite HQ like a vulture

 

 

 

One can only wonder...

 

And how's this for history: Gannett owned WPTA in Fort Wayne from 1979 (after the Combined Communications acquisition) until 1984, when they sold it to Pulitzer. Granite then bought WPTA from Pulitzer in 1986. Malara then bought WPTA in 2005 (and Granite bought WISE) and entered a shared services/operations agreement with Granite. It would be funny if Gannett buys Granite and returns here...

Link to comment
Share on other sites

Does Granite even own a station that's worth a damn? It seems when they got their hands on WKBW they pretty much destroyed that station. And they really got screwed with the Detroit and San Francisco stations.

 

The best thing Granite could do is show Don Cornwell the door and hope the station won't go for bargain basement prices.

 

I think anyone who posts on this board could do a better job of running Granite.

matt.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. By using TVNewsTalk you agree to the Terms of Use and Privacy Policy.