Young Broadcasting, the parent company of WLNS (Channel 6) in Lansing, is being quietly offered for sale for as much as $350 million.
Young Broadcasting’s 10-station group is being quietly offered for sale for as much as $350 million, multiple sources tell TVNewsCheck.
A year out of bankruptcy, the station group is widely viewed as financially healthy. The proposed sale appears timed to capitalize on what many anticipate will be a record year for political advertising in 2012.
Young’s asking price represents a multiple of roughly eight times blended projected 2011-12 cash flow, according to several sources familiar with the situation.
One of those sources said Young is looking at 2011 cash flow in the low- to mid-$30 millions range.
WXYZ (Channel 7) in Detroit is using social media to help clean up the city.
WWMT (Channel 3) in Kalamazoo has a new anchor team. Andy Dominianni and Kate Tillotson will co-anchor the weekday evening news for the station.
Buyout discussions between Freedom Communications and MediaNews Group broke down because of disagreements over price. Freedom owns CBS affiliate WWMT in Kalamazoo and ABC affiliate WLAJ in Lansing.
Jayne Hodak has been promoted to news director at SJL Broadcasting’s WJRT in Flint. Hodak replaces Jim Bleicher. Also, Kathy Reynolds has replaced Jeff Reinarz as news director of Barrington’s Broadcasting’s WEYI in Flint. Reinarz will stay on as the media operations manager.
WWMT and the American Red Cross held a phone-a-thon to raise money for severe weather victims in West Michigan. The one day phone-a-thon raised $21,478 for American Red Cross disaster relief.