Gamco and Gabelli reduce ownership of Young Broadcasting to 19.63%

By Lisa Kerner

Charlotte, N.C., May 7 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC sold 196,900 shares of Young Broadcasting Inc. between March 7 and May 6 priced from $0.38 to $1.06 each.

The investors beneficially own 4,107,980 shares, or 19.63%, of the New York-based television station owner, according to a schedule 13D filing with the Securities and Exchange Commission.

In January, Gamco and Gabelli had a 20.63% stake in Young Broadcasting, a prior SEC filing said.

It was previously reported that Young Broadcasting hired financial adviser Moelis & Co. to assist with the sale of the company's largest television station, KRON-TV.

Young Broadcasting wanted to complete an agreement for the sale of the San Francisco station by the end of the first quarter.

The company had announced a new initiative in November to lower operating expenses and, in turn, increase its cash balance.

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