Pappas Telecasting, one of the nation's leading privately-held broadcasting companies,
has filed for bankruptcy. Although the company owns 30 TV stations, only 13 have
been put into Chapter 11 bankruptcy protection. All are in medium- to upscale markets, in
cluding Omaha, Sioux City, El Paso, Reno, San Francisco, and Houston. The company
indicated that its stations affiliated with the CW network had been particularly
hard hit given that network's poor ratings. It also blamed the overall "extremely
difficult business climate for television stations across the country," which have been required
to make the costly switch from analog to digital broadcasting even as the current
recession has reduced advertising revenue.
12/05/2008
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