Young Broadcasting plans sale of San Francisco TV station

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Financial advisers Moelis & Co. were called in by Young Broadcasting Inc. to assist with the sale of the company's largest television station, KRON-TV.

The San Francisco station is the sixth largest television market in the United States, according to a company news release.

Young Broadcasting wants to complete an agreement for the sale by the end of the first quarter.

"When we purchased KRON-TV in 2000 we believed we had acquired a jewel and we still feel that is the case today," chairman Vincent Young said in the release.

"Our decision to sell is based on the high level of interest in the property that we have received. It is purely a strategic economic decision, allowing us to benefit from the proceeds of the sale to further our future corporate initiatives."

It was previously reported in November 2007 that Young Broadcasting had begun an initiative to lower operating expenses, and in turn, increase its cash balance.

Moelis is an investment bank with offices in Los Angeles, New York and Boston.

New York-based Young Broadcasting owns 10 television stations and the national representation firm Adam Young Inc.

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