Standard General, a New York based hedge fund and major
shareholder in Young Broadcasting, has filed with the FCC to become majority
owner of Young.
The FCC filing shows a voluntary transfer of control of WTEN
Albany, KRON San Francisco and WBAY Green Bay, among the other Young stations,
from the shareholders of "New Young Broadcasting Holding Co." to
Standard General Fund L.P. Standard General would hold just over 50% of the
Young emerged from bankruptcy in 2010, shedding $800 million
in debt and sporting the official title of "New Young Broadcasting."
Standard General's filing was previously reported in TV NewsCheck.
Young declined comment, and Standard General did not return a call for comment.
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Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.