Young Broadcasting, parent company of Lafayette CBS affiliate KLFY TV-10, is being purchased after all — from within. According to the Web site mediapost.com, a group of YB bankers has agreed to purchase the struggling media company for about $220 million.
The announcement comes just days after Young backed out of an auction set for Tuesday. The company reneged on the auction after evidently getting no bids at or above a satisfactory level. Young, which filed for bankruptcy protection in February, posted a net loss of $370 million in 2008. The deal must still be approved by the Federal Communications Commission.