Television really rocks the world of this company. Granite Broadcasting owns, jointly operates, or provides programming to more than 20 TV stations in about a dozen markets in about half a dozen states. Several of its stations are affiliated with major broadcast networks NBC and CBS, while others are affiliated with smaller networks The CW and MyNetworkTV. Granite Broadcasting also operates a number of independent stations, as well as online news and information portals serving its stations' viewers. Founded by former CEO W. Don Cornwell in 1988, the company is owned by private equity firm Silver Point Capital.
With the recession hurting advertising revenue, Granite Broadcasting has been struggling to hold down costs. Part of that effort has included some layoffs at its stations in 2009. That same year, Cornwell retired from the company along with longtime lieutenant John Deushane. They were replaced by board member Peter Markham, who was appointed chairman, and consultant Duane Lammers, who was named COO.
The company had grown through a series of acquisitions, but that strategy left Granite Broadcasting carrying a heavy debt load. Unable to make interest payments, it was forced to file for Chapter 11 bankruptcy in late 2006. It emerged the following year with new financing from Silver Point Capital.