Tuesday, May 6, 2008

KRON owner confirms sale discussions

In a press release today about its quarterly earnings, Young Broadcasting confirmed that it is in talks with "interested parties" to sell KRON. No details were given about the prospective buyer or buyers. Management plans a conference call with analysts at noon today, and those interested can listen in at www.youngbroadcasting.com. Speculation has abounded over the possible sale in the past few weeks.

UPDATE, 1:45 p.m.: Chairman Vince Young didn't provide any details on the sale process during the conference call: "Our process to sell KRON continues, and the conversations with the interested parties continue, and we're not going to handicap when that will come to an end ... or how much we expect to receive," Young said. "We're in the middle of it."

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