Tuesday, March 29, 2011

Vince Young departs KRON parent company

Vince Young, the broadcasting executive who paid a record $832 million for KRON only to see the station’s value drop like a rock after it lost its NBC affiliation, has resigned from the company that bears his family’s name, according to TVNewsCheck.com. His exit isn’t a surprise after a group of creditors removed him as CEO last August and made him “non-executive chairman.” A lawsuit he filed for $2 million in compensation has been settled, board member Tony Cassara told TVNewsCheck. Terms of the settlement weren't disclosed. After Young Broadcasting went through bankruptcy, the company changed its name to New Young Broadcasting. It was founded by Young's father, Adam.

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