Gamco, Gabelli cut stake in Young Broadcasting to 7.58%

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC sold 223,000 shares of Young Broadcasting Inc. between Sept. 23 and Oct. 15 at prices from $0.04 to $0.06 per share.

With the sale, the investors reduced their stake in the company to 7.58% from their holdings on Sept. 22 of 8.61%.

The transactions were included in a schedule 13D/A filed with the Securities and Exchange Commission.

Gamco, Gabelli and their affiliates beneficially own about 1.65 million shares of the New York-based television station owner.

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