U.S. Bankruptcy Court Judge Arthur Gonzalez, who presided over the Chrysler bankruptcy, yesterday approved the sale of bankrupt Young Broadcasting to its secured lenders.

Three of Young’s 10 stations, including KRON 4, will stay under control of a new company with a board of directors that includes Vince Young but also more representatives of the creditors.

The other stations will be opearted by Grey Television, which owns 31 stations in small, medium and large (Atlanta, No. 9, is their largest) markets. Gray will get a $2.2 million annual fee for managing the stations as well as a piece of the profits, if there are any.

We cobbled this item together from reports by TV Newwday, Michael Malone at Broadcasting & Cable and Television Business Report. Let us know if you see any errors or have any insights. (Photo credit: Screen grab from KRON’s “NewsCenter4” in 1978)