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Granite Acquires CBS Affiliate in Upstate New York

Jul 26, 2006  •  Post A Comment

Financially stressed Granite Broadcasting announced Wednesday that it has completed its $45 million acquisition of CBS affiliate WBNG-TV in Binghamton-Elmira, N.Y., from Television Stations Group/Montecito Broadcast Group.

Granite came up with the cash for the deal in early July when it secured $70 million in new loans that also enabled it to cover nearly $20 million in overdue interest on $405 million in secured notes

“This acquisition of WBNG is a terrific fit with our stated strategy of capitalizing on our core strength of operating news-oriented, network-affiliated stations,” Granite CEO W. Don Cornwell said. “The addition of Binghamton and Elmira to our existing Upstate New York markets, which include Buffalo, Syracuse and Utica, enables Granite to reach close to 60 percent of television households in this important region.”