Granite Bcstg. said Mon. it had restructured reverse- compensatio...
Granite Bcstg. said Mon. it had restructured reverse- compensation payment schedule with NBC in network’s switch of its affiliation for San Francisco-Oakland-San Jose market from KRON-TV San Francisco to Granite’s KNTV San Jose, effective Jan. 1. Originally, Granite was…
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to pay NBC $61 million on date of affiliation switch. Under new deal, licensee will pay network $30.5 million upon closing of new $205 million credit facility through Goldman, Sachs & Co., expected today (Tues.). Granite is obligated to pay NBC additional $30.1 million Jan. 1, 2005. Granite also said $114 million of new funding would be used to pay off existing debt. As part of deal, NBC has granted KNTV secondary affiliation, with right of first refusal for network programming not aired by KRON-TV, Granite said. KNTV obtained future NBC affiliation after Young Bcstg. purchased KRON-TV (winning bidding war with NBC) and refused to meet network’s demands to retain affiliation (CD Feb 11/00 p8).