Wednesday, March 15, 2006

Drop it like it's hot

It looks like my earlier prediction of Binghamton resume tapes flooding the local market is coming closer to reality. Granite Broadcasting, parent company of WBNG, is running out of money. It's to the point that the company could default on its loans this summer, according to an executive.

Let's have a look at the numbers:

  • A debt of $452 million.
  • A yearly cash flow of only about $12 million.
  • A stock price of only 11 cents.

    One would think that a company in such a dire situation would refraim from buying new stations. But this is the same company that bought WBNG for $45 million only three months ago.

    Anonymous Anonymous said...

    This is nothing to do with Binghamton... Who gives a crap about that market. They have one live truck between four news operations.

    Anyhow, I noticed, Mr. Beales, you have nothing, nada, zip, zero on Northeastern Pennsylvania's biggest story in years... The Hugo Selenski drama.

    I WAS an avid reader and contributor to this blog, but it's supposed to contain useful information.

    There's none of that here.

    3:23 PM  
    Blogger Howard Beale said...

    If you want to read the latest on Hugo Selenski, go pick up a newspaper. This blog exists solely as a mechanism for me to bloviate on the state of news coverage in NEPA and what's happening at the three affiliates in this market.

    You're more than welcome to not read what I have to say. But if there's something you think needs to be covered, you can always e-mail me.

    7:50 PM  
    Anonymous Anonymous said...

    Wah wah wah.

    Phil Hartman's character on the old "Newsradio" program said it best there "anonymous".

    "If I want to be treated like a baby, it's time I started acting like one."

    Relax, take up smoking or something.

    11:24 PM  
    Anonymous Anonymous said...

    You are a little off. The sale of WBNG-TV hasn't been closed. Granite's bid was accepted by Television station group, but the deal has not been "consumated". The sale is actually in danger because of the problems you mentioned, and the merger of the WB and UPN. That is affecting the sale of two Granite stations in San Francisco and in Detroit. If those stations don't sell, the WBNG sale could be in trouble.

    12:46 PM  
    Anonymous Anonymous said...

    For the "who gives a crap" comment... Its important to know whats going on outside of our own DMA. Sure, its more than likely where were from, not headed, but that dosent mean it's crap. This blog has become a part of my time online daily, and with nasty comments and a bitter attitude you have portrayed yourself with, I'd personally like to see what you could do on this level. Keep up the good work Sir Beales.

    6:55 PM  

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