Thursday, February 28, 2008
Young Broadcasting, owner of 10 stations nationwide including KRON Channel 4, has become a penny stock. Nasdaq has sent Young a notice saying that since the broadcaster's minimum bid price of its common stock had fallen below $1 for the prior 30 consecutive business days, its common stock is, therefore, subject to delisting by that stock exchange. Earlier this month Young said it was eliminating 11 percent of its work force to cut costs. This morning, Young was trading at 78 cents.
Posted by San Francisco Peninsula Press Club at 9:16 AM