Granite sets preferred-stock buyback

Granite Broadcasting Corp. said Friday that it intends to begin what it calls "a
modified Dutch auction" cash-tender offer for up to 45,000 shares of its 12.75
percent cumulative exchangeable preferred stock.

Shareholders can tender some or all of their shares at a price within a range of
$590 to $670.

The company will spend up to $30.15 million "from cash on hand and borrowings
under the senior credit agreement to consummate the offer."

Using the Dutch auction procedure, Granite said it will purchase the shares
according to price offered until it reaches up to 45,000
shares.