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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 10, 1996
YOUNG BROADCASTING INC.
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(Exact name of registrant as specified in charter)
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<S> <C> <C>
Delaware 0-25042 13-3339681
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(State or other juris- (Commission File Number) (IRS Employer Identification No.)
diction of incorporation
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599 Lexington Avenue, New York 10022
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(Address of principal executive offices) (Zip Code)
(212) 754-7070
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On May 10, 1996, Young Broadcasting Inc. entered into an
agreement to acquire from KCAL Broadcasting, Inc., a subsidiary of The
Walt Disney Company, the assets of television station KCAL-TV, Los
Angeles, California, as more fully described in the press release
attached hereto as Exhibit 1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
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1 Press Release dated May 13, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
YOUNG BROADCASTING INC.
Date: May 15, 1996 By /s/ James A. Morgan
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James A. Morgan,
Executive Vice President
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Exhibit Index
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Exhibit Title
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1 Press Release dated May 13, 1996
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EXHIBIT 1
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FOR IMMEDIATE RELEASE
YOUNG BROADCASTING TO ACQUIRE KCAL-TV
CHANNEL 9, LOS ANGELES FROM THE WALT DISNEY COMPANY
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New York, NY -- May 13, 1996 -- Young Broadcasting Inc. (NASDAQ:YBTVA) announced
today that it has entered into an agreement to acquire KCAL-TV from The Walt
Disney Company (NYSE:DIS) for $368 million in cash plush $17 million for net
working capital. KCAL, Channel 9, is the only independent VHF television
station in Los Angeles. The transaction is subject to Federal Communications
Commission approval.
Vincent Young, chairman and chief executive officer of Young Broadcasting Inc.,
said, "This is a unique opportunity to acquire a high-profile VHF television
station in Los Angeles, the largest television advertising market in the United
States. KCAL-TV will more than double the overall reach of our station group
from 4.1% to 9.3% of the United States, and increase revenues by 40%.
"Our strategy is to create distinct identities and audience loyalty for each of
our stations through the quality of our local news programming and our
commitment to the local community. KCAL-TV's programming philosophy, which
places a heavy emphasis on news, sports and local events, fits in perfectly with
that strategy. KCAL-TV airs 27 weekly hours of news and is the most honored
television news provider in Southern California. In 1995 alone, KCAL-TV won
more than 50 awards for broadcasting excellence, including an Edward R. Murrow
Award as the 'Best Local Newscast in the Country'. KCAL is also the Los Angeles
market leader in local sports broadcasting. The station's sports lineup
includes the Los Angeles Lakers, the Anaheim Mighty Ducks, the California Angels
and PAC 10 Football. This programming mix has been a success, helping KCAL
achieve a share of local/national revenue in the Los Angeles market of
approximately 10% in 1995.
"Young Broadcasting has a history of substantially enhancing the value of our
stations. By managing costs effectively and enhancing programming quality, we
have been able to significantly increase our stations' cash flow from year to
year."
Bankers Trust Company, Morgan Guaranty Trust Company of New York and Canadian
Imperial Bank of Commerce have agreed to provide Young Broadcasting with a fully
underwritten $500 million credit facility, proceeds of which are available to
finance this transaction.
Young Broadcasting owns ten television stations; six affiliated with the ABC
Television Network (WKRN-TV - Nashville, Tennessee, WTEN-TV - Albany, New York,
WRIC-TV - Richmond,
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VA, WATE-TV - Knoxville, Tennessee, WBAY-TV - Green Bay, Wisconsin, WTVO-TV -
Rockford, Illinois), three affiliated with the CBS Television Network (WLNS-TV -
Lansing, Michigan, KLFY-TV - Lafayette, Louisiana, WKBT-TV - La Crosse,
Wisconsin), and one affiliated with the NBC Television Network (KWQC-TV -
Davenport, Iowa).
On January 12, 1996, Young Broadcasting announced that it had entered into an
agreement to purchase the assets of KELO-TV, the CBS affiliate in Sioux Falls,
South Dakota, for $50 million from Midcontinent Media Inc. The Federal
Communications Commission approved the transfer of this station's license on
March 29, 1996 and the acquisition should be completed about May 31, 1996.
Financial Contact: James Morgan
Chief Financial Officer
Young Broadcasting Inc.
212/754-7070
Press Contact: Michael Rourke/Adam Miller
Abernathy MacGregor Scanlon
212/371-5999
