Argyle Television Holding II Inc. announces management agreement for WGRZ-TV, Buffalo, N.Y.SAN ANTONIO--(BUSINESS WIRE)--June 7, 1995--Argyle Television Holding II Inc. Wednesday announced that it has entered into a management agreement with Tak Communications Inc., operating under Chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. affiliate in Buffalo, N.Y. In January 1995, Argyle II and Tak entered into an asset- purchase agreement under which Argyle is to purchase WGRZ-TV and KITV, the ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. affiliate in Honolulu, from Tak. The approval of the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. for the assignment of the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. licenses for these stations from Tak to Argyle II became final Tuesday, June 6. The closing of the purchase of KITV is expected to occur on June 13, 1995. Because of issues related to Tak's bankruptcy, the closing of the purchase of WGRZ is expected to occur in December 1995. Prior to the closing, Argyle II will provide management services to Tak relating to WGRZ. Eric Land, formerly vice president and general manager of WEYI-TV in Flint-Saginaw, Mich., will be Argyle II's employee on-site providing these services. ``As an accommodation to the seller to enable Tak to wrap up its bankruptcy, under which it has been operating since 1991, we agreed to postpone the closing of WGRZ until the end of the year,'' said Bob Marbut, Argyle II's chairman and chief executive officer. ``We are excited about the prospect of helping to bring a fresh start to Channel 2, and Tak will be able to utilize the resources and expertise of our company in the operation of WGRZ pending the closing.'' ``Eric Land, whom I have known and worked with over a number of years, is an experienced broadcaster and has the skills and talent to help Tak reinvigorate a station which has been operating under difficult financial conditions,'' said Blake Byrne, Argyle II's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . According to Tak Communications, Tak already has paid virtually all of its business and trade creditors in full, and it is working with its banks and other institutional creditors to satisfy in full their claims for principal and interest on more than $200 million in debt. Argyle II currently owns television stations WZZM, the ABC affiliate in Grand Rapids, Mich.; WNAC WNAC Women Nationally Active for Christ (Antioch, TN) , the Fox affiliate in Providence, R.I.; and WAPT WAPT Web Application Penetration Test WAPT Web Application Performance Testing , the ABC affiliate in Jackson, Miss. CONTACT: Argyle Television Holding II Inc., San Antonio Bob Marbut, 210/828-1700 |
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