Freedom Communications, the parent company of Freedom Broadcasting, is expected to file a Chapter 11 bankrupcy reorganization this week, according to a number of published reports. One of those reports is in the Orange County Register in Southern California, which is owned by Freedom Communications.
Freedom Broadcasting, led by president Doreen Wade, has eight TV stations. In DMA size order (largest to smallest), the stations are:
WPEC, a CBS affiliate in West Palm Beach, Florida
WWMT, a CBS affiliate in Grand Rapids, Michigan
WRGB, a CBS affiliate in Albany, New York
WCWN, a CW affiliate, also in Albany, New York
WTVC, an ABC affifiliate in Chattanooga, Tennessee
WLAJ, an ABC affiliate in Lansing , Michigan
KTVL, a CBS affiliate in Medford, Orgeon
KFDM, a CBS affliliate in Beaumont, Texas
The reports say the financial difficulty for Freedom started in 2004, when it had to borrow a significant of money to buy-out a number of family members who wanted to cash out of the closely held company.