The financially troubled station group now plans to retrain Detroit station and seek new buyer for San Francisco outlet. It also says it will move ahead with purchase of CBS affiliate in Binghamton, N.Y.
Granite Broadcasting Corporation said today that it has terminated agreements to sell WMYD Detroit (formerly WDWB) and KBWB San Francisco to affiliates of DS Audible, LLC.
Granite said it had the right to back out of the deals, if both did not close by June 30, 2006. The financially troubled company also said that it now plans to keep the Detroit station, which will shift network affiliation from The WB to My Network Television in September, but that it would seek a new buyer for the San Francisco station.
In addition, Granite said it still intends to close this month on the previously announced purchase of WBNG, the CBS affiliate serving Binghamton and Elmira, New York. The company will draw upon its new senior credit facility, announced July 5, 2006, to fund the acquisition.