Granite Broadcasting Corporation -- Moody's says proceeds from Granite's sale of stations to E.W. Scripps and Quincy will repay term loans

New York, February 12, 2014 -- Moody's Investors Service ("Moody's) said that on February 10, 2014, The E.W. Scripps Company announced the acquisition of Granite Broadcasting Corporation's ("Granite") stations in Buffalo, NY and Detroit, MI for $110 million. On February 11, 2014, Quincy Newspapers, Inc. announced the acquisition of nine stations in four markets from Granite for an undisclosed amount. The transactions are subject to federal regulatory approval and are expected to close later this year. To the extent its 1st lien credit facilities are repaid, we would withdraw instrument ratings. Moody's notes the company's NOL's are more than sufficient to offset taxable gains. The sale of these stations leaves Granite with operations in two markets, San Francisco, CA and Syracuse, NY which is consistent with our expectations for Silver Point Capital to exit its seven year investment in Granite.

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