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Buyer Has Qualms About Stations in Wake of CW Announcement
The CW Television Network appears to have claimed its first casualty. Granite Broadcasting hinted last week that the pending sale of two WB affiliates to a private-equity buyer might be shelved due to the shutdown of The WB network later this year.
AM Media Holdings, a subsidiary of private-equity firm ACON Investments, has decided not to move forward with a deal reached last September to pay $180 million for KBWB-TV in San Francisco and WDWB-TV in Detroit and is reconsidering whether it wants to buy the stations, according to Granite. The two stations will become independent following the shutdown of The WB.
As part of AM Media's move, both parties agreed to amend their current agreement to allow Granite to shop the stations to other parties that might be interested in acquiring them.
Such a move will allow the company "to engage in dialogue with other parties interested in acquiring the stations while...