Advertisement
YOU ARE HERE: LAT HomeCollections

Company Town

Deals

September 10, 1996|Times Wire Reports

Young to Buy Back Stake: Young Broadcasting Inc. said it plans to buy back Walt Disney Co.'s stake in the broadcaster, which consists of 1.5 million Class C common shares and a warrant to buy 750,000 Class C shares. Some proceeds from an upcoming sale of 6 million Class A shares to the public, expected to raise about $164.9 million after expenses, will be used to buy the stake, which is held by Capital Cities/ABC Inc., a unit of Disney. In May, Young agreed to buy Los Angeles television station KCAL-TV from Disney for $385 million. The repurchase of Young's stock from ABC will enable Young to clear "a regulatory concern about our acquisition of KCAL-TV," said Vincent Young, chairman of Young Broadcasting.

Advertisement
Los Angeles Times Articles
|
|
|