Pappas Telecasting files for bankruptcy

Pappas Telecasting, a private broadcasting group, filed for bankruptcy protection, citing a range of troubles from weak advertising revenue to poor network ratings that led to its current state. The company said its advertising revenues were hurt by the "extraordinary downturn" in the housing market and higher energy costs. It also blamed poor ratings at CW Network for part of its financial woes. The broadcast group's troubles made the sale of its stations difficult and financing for any sale tough to come by.
http://www.reuters.com/article/businessNews/idUSN1218310120080512