Thursday, March 08, 2007

Owners of KMSS and KSHV Told to Sell Some of its Stations Under Bankruptcy Reorganization Plan

Communications Corp. of America, the parent company of KMSS/Shreveport, and White Knight Broadcasting, parent company of KSHV/Shreveport have been told by a bankruptcy court to sell some of their stations. Below is a excerpt from an article from The Advocate:

Bankruptcy court records show Communications Corp. of America and White Knight Broadcasting hope to raise as much as $100 million by selling two or three of the companies’ 23 TV stations in Louisiana, Texas and Indiana.

“It’s more likely that the sale will generate $75 million to $80 million,” said William Patrick III, the attorney for Communications Corp.

Among its holdings, White Knight owns WVLA-TV Channel 33 and independent KZUP-TV Channel 19 in Baton Rouge.

Communications Corporation of America owns Fox affiliate WGMB-TV Channel 44 and WBRL-TV Channel 21 in Baton Rouge and Fox affiliate KADN-TV Channel 15 and KLAF-TV Channel 17 in Lafayette.

The companies say they operate independently but say the firms are connected through a variety of arrangements, including sharing service agreements. In addition, Communications Corporation provides accounting and billing services for White Knight.

By selling the stations, the companies will be able to reduce the $230 million owed senior lenders to a manageable level, Patrick said. The companies can then refinance the remaining debt or work with another lender to take on the secured debt.

9 Comments:

At 2:30 PM, March 08, 2007, Anonymous AMNewsBoy said...

One would presume, then, that this would be a bad time for KMSS to start a newscast.

 
At 4:55 PM, March 08, 2007, Anonymous Anonymous said...

I use to work for Nexstar and there was a rumor before I let that the company was trying to buy some of their stations.

 
At 12:13 AM, March 10, 2007, Anonymous Anonymous said...

They will be the buyers.

 
At 2:38 PM, March 13, 2007, Anonymous Anonymous said...

All of the Comcorp station's are, and have been for some time, on the market. The only Comcorp markets of any value are Baton Rouge, El Paso and Evansville the remainder arn't worth squat. The only reason Evansville is worth anything is because Nexstar would like that station (an underperforming CBS station without a local newscast) so they can have duopoly in the Evansville market. Nexstar should be able to get that station for next to nothing.

 
At 10:07 PM, March 13, 2007, Anonymous Anonymous said...

I know some of the Comcorp guys and the quote from the lead attorney for GE at the bankruptcy hearings sums up the company's unwritten misson statement perfectly; “There is a very ‘Through the Looking Glass’ feel to this.” Just like Alice's Adventures in Wonderland, everything with Comcorp is in reverse.

 
At 9:28 AM, April 03, 2007, Anonymous Anonymous said...

"The only Comcorp markets of any value are Baton Rouge, El Paso and Evansville the remainder aren't worth squat."

I have to disagree with you on that. The Odessa, TX station (FOX affiliate) far out produces the other markets (including El Paso) as far as revenue goes. And Nexstar owns the local ABC affiliate in that market as well so it is also one of the markets they are very interested in buying. The ball should start rolling on all these very soon. CCA and White Knight have been given until mid-April to get their plan started and I know that Nexstar is actively trying to acquire the "for sale" stations.

 
At 6:17 PM, June 29, 2007, Anonymous Anonymous said...

I'll tell you this, KMSS, KSHV in Shreveport are in bad shape! The engineer at KMSS is slow to get anything done, like no control point for the master control-ops, and pay and moral is low! The general manager should be selling chickens instead of
being in management!

 
At 7:55 AM, September 26, 2007, Anonymous Anonymous said...

KMSS, bad news! Advertisers, take heed, save your money!

 
At 8:08 PM, February 15, 2008, Anonymous Anonymous said...

This is sooo funny...KMSS is more screwed up than a drunkard's checkbook! Always has been from day one...one set of crooks replacing the others.

If you wind up working there (gawd help ya) cuz you'll need to watch your back...it's a place full of backstabbers and psychos!

 

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