Granite Broadcasting History and Financial Evolution

Granite Broadcasting has a rich history that spans several decades. The company was founded in 1981 by Steve McKnight.

Granite Broadcasting started with a single television station, KPLR in St. Louis, Missouri. This marked the beginning of the company's growth and expansion.

Throughout the 1990s, Granite Broadcasting continued to acquire and operate television stations across the United States. By the end of the decade, the company had grown to own and operate 30 stations.

Granite Broadcasting's financial evolution was marked by significant growth and expansion, ultimately leading to its acquisition by the Nexstar Media Group in 2013.

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Granite Broadcasting's company history is a story of growth and adaptation. The company made its first major-market acquisition in 1990 with the purchase of KNTV.

In 1992, Granite initiated a $100 million junk bond sale to refinance its debt, but high-yield market conditions forced the company to cancel the offering. This setback didn't deter Granite, which continued to expand its operations.

By December 1993, Granite's balance sheet was strong enough to allow renewed expansion. This marked a significant turning point for the company, which went on to make several key acquisitions.

In 1993, Granite purchased two stations from Meredith Corporation for $38 million. The company later paid Meredith Corp. an additional $30 million for two more stations, WTVH-TV in Syracuse and KSEE-TV in Fresno.

Granite's expansion continued in 1995, earning it recognition as the company of the year by Black Enterprise magazine. This achievement was a testament to the company's hard work and dedication to its vision.

The company's growth was not without its challenges. In 1999, Granite sold several of its properties, including a television station in Austin and a radio station in Peoria.

Granite's biggest deal came in 2002, when it agreed to pay NBC $362 million to make KNTV the NBC affiliate for the San Francisco area. This move marked a significant milestone for the company.

In 2006, Granite bought out WBNG-TV in Binghamton from SJL Broadcasting for $45 million. Cornwell served as CEO and chairman of Granite until stepping down in 2009.

Granite continued to evolve and adapt, reaching deals to sell the majority of its stations in 2014. The company's efforts to rework these deals ultimately led to the acquisition of WISE by SagamoreHill in 2015.

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Granite Broadcasting, owner of 23 TV stations, filed for Chapter 11 bankruptcy protection due to failing to make an interest payment on its $400 million debt.

The company has a significant amount of debt, over $400 million, which it struggled to make payments on, leading to the bankruptcy filing.

Granite had attempted to restructure its debt and explore opportunities like selling stations in San Francisco and Detroit.

However, the demise of the WB Network made it impossible for the company to sell those stations.

The company's CEO, W. Don Cornwell, negotiated a plan with major creditors to cut corporate debt to $230 million, a reduction of over $275 million.

This reduction in debt is a significant step towards reorganization, but it still needs approval from other creditors and a judge.

Granite estimates it has less than 200 creditors who must approve the reorganization plan.

The company plans to remain open for business during the reorganization process.

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Granite Broadcasting Corp. is selling its Fort Wayne television operations to New York-based Granite is parting ways with its Fort Wayne stations.

Illinois-based Quincy Newspapers Inc. has acquired WPTA, and SagamoreHill Broadcasting LLC will own WISE. Quincy will operate the stations.

Quincy already owns another station, Fox 28 in South Bend, which is a news partner of Inside INdiana Business.

Quincy will also provide operating services to several stations, including WHOI and WAOE in Peoria/Bloomington, IL.

In addition to the acquisitions, Quincy will operate SagamoreHill Broadcasting's stations, including WISE and KDLH.

SagamoreHill Broadcasting is a privately held company led by President and CEO Louis Wall.

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