Tony Cassara Resigns From Young Broadcasting
The TV veteran will return to investing.
After less than a year on the job, veteran broadcaster Tony Cassara has resigned as CEO of Young Broadcasting, which owns 10 TV stations, five of which are ABC affiliates.
Cassara resigned as CEO and as a member of the board of directors, according to Thomas Sullivan, chairman of the board of the privately held broadcaster. Sullivan said Cassara plans to return to the investment business. Deb McDermott remains as president of Young Broadcasting. The board is beginning a search for Cassara’s replacement.
When Cassara took the job in March 2011, his appointment completed a reorganization of senior management following a bankruptcy in 2009.
Cassara started his career at Metromedia in New York and then in 1977 moved to KTLA in Los Angeles, where he became the youngest general manager in the station’s history. He was involved in a leveraged buyout of the station from Gene Autry in 1982 and then left after the station was sold in 1985 to Tribune Broadcasting for what was then a record price of $530 million.
Cassara also served as president of the Paramount pictures TV Station Group from 1993 to 2000. He then worked for Chatwell Partners when it owned Univision.