Will Consider Buy Offers, Young Says

NEW YORK — Young Broadcasting Inc. said none of its dozen TV stations in the U.S., including flagship KCAL in Los Angeles, is formally for sale, but that the company will listen to any good offer.

Young shares have climbed 19% since Thursday, when the Federal Communications Commission approved rules that allow broadcasters to own as many as two TV stations in big markets. Young shares surged as much as 10% on Wednesday to a 10-month high. They closed at $57.06, up $2.56, on Nasdaq.

Since the FCC ruling, New York-based Young is considerably more valuable to larger broadcasters looking to increase their TV share in big markets such as L.A., analysts say. KCAL, not now affiliated with any of the major networks, is an especially hot property. It airs news, syndicated talk shows and Anaheim Angels baseball games.

“We aren’t painting a ‘For Sale’ sign and putting it in the front yard. We aren’t hiring a banker. We aren’t doing any of that stuff,” Chairman Vincent Young said in a conference call. Young added, though, that the company is open to offers and “won’t turn a blind eye” to potential transactions.