LANSING, MI (AP) -- Young Broadcasting, the company that owns the Lansing, Mich.-based CBS-affiliate WLNS-TV has filed for federal bankruptcy protection.
Young Broadcasting Inc. owns 10 TV stations affiliated with the CBS and ABC networks. It made the Chapter 11 filing in U.S. bankruptcy court in New York.
The New York-based company says it will continue to operate the stations without interruption.
Chairman Vincent Young issued a statement Friday saying the filing "will allow the company to bring its debt in line with current economic realities so that we can emerge a stronger and more financially secure company."
TV broadcasters in the U.S. are under pressure as the economic downturn sends advertising revenue spiraling downward.
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