Saturday, January 14, 2006
Granite Broadcasting Announces Acquisition
Granite Broadcasting, operator/owner of WPTA-TV and WISE-TV in Fort Wayne, announced it has aquired a CBS affiliate serving the Binghamton/Elmira market in New York.
Commenting on today's announcement, W. Don Cornwell, Chief Executive Officer of Granite Broadcasting Corporation, said, "WBNG is a very strong station with a long history as the market's leading news provider and complements our other upstate New York stations in nearby Syracuse and Buffalo. This acquisition is a terrific fit with our stated strategy of capitalizing on our core strength of operating news-oriented, Big Three network-affiliated stations in the nation's mid-sized markets. We believe it is an excellent use of proceeds to be received from the sales of our two WB affiliates, and is another positive step in the execution of our strategic plan to realign our asset mix and substantially strengthen our capital structure."The company has broadcast coverage serving approximately 6% of the US market.