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Young Broadcasting completes acquisition of KCAL-TV from the Walt Disney Co.

NEW YORK--(BUSINESS WIRE)--Nov. 25, 1996--Young Broadcasting Inc. (NASDAQ:YBTVA) announced today that it had completed the acquisition of KCAL-TV, Channel 9, Los Angeles, from the Walt Disney Co. as of 12:01 a.m. on Saturday, Nov. 23, 1996. As previously announced, the purchase price was $368 million for the station's assets plus $19.5 million for net working capital at the date of closing.

"We are very pleased to complete this transaction and implement our cost structure as planned," Vincent Young, chairman of Young Broadcasting, stated. "The closing of KCAL-TV represents a milestone in the strategic growth of Young Broadcasting as one of the country's most formidable television groups."

Young Broadcasting currently owns 12 television stations. Six are affiliated with the ABC Television Network (WKRN-TV -- Nashville, Tenn., WTEN-TV -- Albany, N.Y., WRIC-TV -- Richmond, Va., WATE-TV -- Knoxville, Tenn., WTVO-TV -- Rockford, Ill., and WBAY-TV -- Green Bay, Wis.), four affiliated with the CBS Television Network (WLNS-TV -- Lansing, Mich., KLFY-TV -- Lafayette, La., WKBT-TV -- La Crosse, Wis., and KELO-TV -- Sioux Falls, S.D.), and one affiliated with the NBC Television Network (KWQC-TV -- Davenport, Iowa). KCAL-TV -- Los Angeles, Calif., is the only independent VHF station in Los Angeles.

CONTACT: Young Broadcasting Inc., New York

Vincent Young/James Morgan, 212/754-7070
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Publication:Business Wire
Date:Nov 25, 1996
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