KLFY TV-10's parent company, Young Broadcasting Inc., is going up for auction on July 14 in New York, according to an article in The Tennessean. Young operates 10 television stations nationwide, including the local CBS affiliate. The auction comes at secured lenders’ insistence on the heels of mounting financial problems for the company. Its stock has plummeted over the past year and in February, Young filed for Chapter 11 bankruptcy amid steep declines in ad revenue and increased competition. According to court documents, the company has total assets of approximately $574.6 million and total liabilities of about $980.4 million.
KLFY General Manager Mike Barras could not be reached for comment.