It's been two years since Young Broadcasting exited bankruptcy protection, and now it looks like the company - which owns Nashville ABC affiliate WKRN-TV - will have a new majority owner.
New York-based hedge fund Standard General began buying shares in Young last year, and now owns a little over 36% of the company. Its managers, hedge fund veterans Soohyung Kim and Nicholas Singer, want to take that to just over 50%, and they've sought permission to do so from the FCC.
There's no word on how much Standard General is paying to increase its stake in the company.
Young owns stations in 11 markets, including affiliates of ABC, NBC, CBS and MyNetwork TV. Gray Television (owner of WBKO in Bowling Green) currently manages seven of those stations under contract.
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