The long-time broadcast exec tells the Young Broadcasting board that he wants to get into station ownership. Deb McDermott remains as president as the board looks for his successor.
A year out of bankruptcy, the 10-station group is financially healthy and the new owners believe it’s a good time to sell, what with a record year for political advertising expected in 2012. Observers say the group could fetch eight times blended 2011-12 cash flow or as much as $350 million.
The longtime television executive and board member succeeds Vincent Young. Cassara’s appointment completes a recent reorganization of the company and the senior management team. Deborah McDermott remains as president, with all 10 stations reporting to her. In addition, Tom Sullivan has been elected board chair.
It turns out it’s broadcast veteran Tony Cassara (left) along with other New Young’s board members Tom Sullivan, Sheldon Galloway and Kevin Shea. The board gets an assist from Young President Deborah McDermott who oversees KRON San Francisco, WATE Knoxville, Tenn., and WLNS Lansing, Mich. Cassara says the $2.2 million annual management contract with Gray Television is really an advisory agreement. “They do not manage our stations,” Cassara says. “The general managers of those seven stations report to the board.”