Granite Broadcasting

Granite Broadcasting LLC is a broadcasting holding company in New York City which owns one television station in the United States, in Syracuse, New York. Granite was founded by W. Don Cornwell and Stuart Beck in 1988,[1] and was the first African-American station group in the United States considered to be a "major" station operator (though not the first minority-owned chain, a distinction held by the now-defunct Aleut-owned Cook Inlet Broadcasting).

Granite Broadcasting LLC
TypePrivate
IndustryTelevision
Founded1988 (1988)
DefunctNovember 2, 2015 (2015-11-02)
FateAcquired by Quincy Media
SuccessorQuincy Media
Gray Television
Headquarters767 Third Avenue
New York City United States
Key people
W. Don Cornwell and Stuart Beck, Founders
OwnerSilver Point Capital

Granite's chairman/CEO is Peter Markham, with Duane Lammers as COO.[2]

History

W. Don Cornwell left Goldman Sachs' investment banking department in 1988. He co-founded Granite Broadcasting Corporation with Stuart Beck on February 8, 1988.[3][4] In 1993, it purchased two stations from Meredith Corporation, which included WTVH in Syracuse and KSEE in Fresno for $38 million.[5]

In 1997, Granite purchased TV station KOFY-TV for $143.8 million, becoming the largest purchase ever.[6] Cornwell served as CEO and chairman of Granite until stepping down in 2009.[4] During his time with the company, Granite expanded to 23-channels and 11 markets.[1] In April 2006, Granite bought out WBNG-TV in Binghamton from SJL Broadcasting, which was in the process of liquidating its broadcasting holdings, which paid $45 million to cost.[7]

Granite declared Chapter 11 (reorganization) bankruptcy[8] on December 11, 2006, mainly due to the complications of the 2006 United States broadcast TV realignment which nullified the sales of the group's Detroit and San Francisco The WB affiliates due to those stations being left out of The CW because of CBS Corporation-owned stations in both cities taking the affiliation by default.[9] It emerged from bankruptcy in June 2007 under the control of private equity firm Silver Point Capital (which also took over ComCorp later that year).

In 2011, it filed a lawsuit against Nexstar Broadcasting Group for having the Fox affiliation to appear on WPTA's digital subchannel after dropping it from WFFT. The suit was settled in 2013, and WFFT reclaimed the Fox affiliation.[10]

In February 2014, Granite reached deals to sell the majority of its stations. WKBW-TV in Buffalo, New York and WMYD in Detroit were sold to the E. W. Scripps Company[11] for $110 million (the latter forming a duopoly with Scripps-owned ABC affiliate WXYZ-TV). Most of its remaining stations (mostly in small markets), along with the Malara Broadcast Group's two stations, went to Quincy Newspapers and SagamoreHill Broadcasting (which originally planned to operate the LMA-controlled stations Granite currently provides services to for Quincy).[12][13] SagamoreHill was subsequently dropped from the Quincy transaction.[14]

In July 2015, the deal was reworked yet again to have SagamoreHill acquire WISE, the SSA between WISE and WPTA (owned by Quincy) wound down within nine months of its closure, and have all of WISE's network affiliations moved to WPTA in exchange for its The CW Plus affiliation.[15] On September 15, 2015, the FCC approved the deal,[16] which was completed on November 2.[17]

Station list

Current
City of license / Market Station Channel Owned since Current affiliation
Syracuse, NY WTVH 51993[lower-roman 1]CBS

Former
City of license / Market Station Channel Years owned Current status
Austin, TX KBVO-TV /
KEYE-TV		 421994–1999CBS affiliate owned by Sinclair Broadcast Group
Binghamton, NY WBNG-TV 122006–2015CBS affiliate owned by Gray Television
Buffalo, NY WKBW-TV 71995–2014ABC affiliate owned by the E. W. Scripps Company
Chisholm, MN KRII[upper-alpha 1] 112002–2015NBC affiliate owned by Gray Television
Detroit, MI WXON / WDWB /
WMYD		 201997–2014Independent owned by the E. W. Scripps Company
Duluth, MN–Superior, WI KBJR-TV 61988–2015NBC affiliate owned by Gray Television
Duluth, MN–Superior, WI KDLH 3[lower-roman 2]The CW affiliate owned by Gray Television
Fort Wayne, IN WPTA 211989–2004[lower-roman 2]ABC affiliate owned by Gray Television
Fort Wayne, IN WISE-TV 332004–2015The CW affiliate owned by Gray Television
Fresno, CA KSEE 241993–2013NBC affiliate owned by Nexstar Media Group
Kalamazoo, MI WWMT 31995–1998CBS affiliate owned by Sinclair Broadcast Group
Lansing, MI WLAJ 531996–1998ABC affiliate owned by Mission Broadcasting[lower-roman 3]
Peoria, IL WEEK-TV 251988–2015NBC affiliate owned by Gray Television
Peoria, IL WHOI 19[lower-roman 4]TBD affiliate owned by Sinclair Broadcast Group
Peoria, IL WAOE 59[lower-roman 5]Infomercial network owned by Venture Technologies Group
San Francisco–San Jose, CA KNTV 111990–2002NBC owned-and-operated (O&O)
San Francisco–San Jose, CA KBWB / KOFY-TV 201998–2018Grit affiliate owned by CNZ Communications, LLC

Notes
  1. Owned by Granite and operated by Sinclair Broadcast Group.
  2. Owned by Malara Broadcast Group and operated by Granite Broadcasting.
  3. Operated by Nexstar Media Group.
  4. Owned by Sinclair Broadcast Group and operated by Granite.
  5. Owned by Venture Technologies Group (through Four Seasons Broadcasting) and operated by Granite through 2014.
  1. Satellite of KBJR-TV.

References
  1. Cornwell And Deushane Stepping Down At Granite Broadcasting, Broadcasting & Cable, August 11, 2009, Retrieved October 19, 2018
  2. "Duane A Lammers". Bloomberg. Retrieved August 18, 2021.
  3. "Father and Son Investment Bankers Describe Wall Street Regrets". BloombergQuint. August 3, 2020. Retrieved August 24, 2021.
  4. "W Don Cornwell, Granite Broadcasting Corp: Profile and Biography". Bloomberg. Retrieved August 24, 2021.
  5. "Financial Briefs". Variety. December 20, 1993. Retrieved November 26, 2021.
  6. "Granite purchases KOFY". Variety. October 7, 1997. Retrieved November 26, 2021.
  7. "Granite closes on Southern Tier TV station". Buffalo Business Journal. Retrieved October 27, 2021.
  8. "Granite Broadcasting Goes Bankrupt". Black Enterprise. May 1, 2007. Retrieved August 18, 2021.
  9. "Granite Broadcasting Voluntarily Files Petition for Reorganization" (Press release). Granite Broadcasting Corporation. December 11, 2006. Retrieved December 12, 2006.
  10. "Nexstar Settles Antitrust Suit Against Local TV Rival - Law360". www.law360.com. Retrieved November 26, 2021.
  11. cmarcucci (June 17, 2014). "Scripps closes on Granite deal | Radio & Television Business Report". Retrieved August 18, 2021.
  12. Scripps Buying Granite TVs in Buffalo, Detroit, TVNewsCheck, Retrieved February 10, 2014
  13. "Quincy Buying Stations From Granite, Malara". TVNewsCheck. February 11, 2014. Retrieved February 11, 2014.
  14. "Amendment to Agreements and Description of Transaction (KBJR-TV)" (PDF). CDBS Public Access. Federal Communications Commission. November 24, 2014. Retrieved November 25, 2014.
  15. "Amended Description of Agreements, Description of Transaction, and Request for Temporary Waiver". Quincy Newspapers, Inc. Retrieved August 1, 2015.
  16. Letter CDBS Public Access, Federal Communications Commission, Retrieved September 15, 2015
  17. Wilson, Doug (November 2, 2015). "Quincy Newspapers Inc. acquires four TV stations". Quincy Herald-Whig. Archived from the original on November 7, 2015. Retrieved November 3, 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.