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class="header-title-area"><div class="breadcrumbs"> <h2><a href="https://www.chicagotribune.com/news/" class="category-news">News</a></h2></div> <div class="headline-area"><div class="headlines"> <h1 class="entry-title"> <span class="dfm-title premium"> CHANNEL 66 OWNER FILES CHAPTER 11 PETITIONS </span> </h1> </div></div><div class="article-share" id="sharing-top"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-facebook"><a rel="nofollow noopener noreferrer" data-shared="sharing-facebook-9531077" class="share-facebook sd-button share-icon no-text" href="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/?share=facebook" target="_blank" title="Click to share on Facebook" ><span></span><span class="sharing-screen-reader-text">Click to share on Facebook (Opens in new window)</span></a></li><li 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You may need to create a new email yourself." data-email-share-nonce="6c043fc479" data-email-share-track-url="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/?share=email"><span></span><span class="sharing-screen-reader-text">Click to email a link to a friend (Opens in new window)</span></a></li><li class="share-end"></li></ul></div></div></div></div></div></header><div class="article-content"><div class="article-content-wrapper"><div class="header-features"><div class="meta"><img class="avatar avatar-85 photo coauthor-avatar lazyload size-85x85" data-sizes="auto" data-src="https://www.chicagotribune.com/wp-content/uploads/2024/01/chicago-tribune.png?w=85" data-srcset="https://www.chicagotribune.com/wp-content/uploads/2024/01/chicago-tribune.png?w=85 85w" alt="Chicago Tribune"><div class="coauthor-avatar-container"><div class="byline">By <a href="https://www.chicagotribune.com/author/chicago-tribune/" title="Posts by Chicago Tribune" class=" author-name" rel="author">Chicago Tribune</a></div><div class="time">UPDATED: <time datetime="2021-08-09 02:48:41">August 9, 2021 at 7:48 AM CDT</time></div></div></div></div><div class="article-body"><div class="body-copy mng-subscriber-content"><div class="wp-remixd-voice-wrapper"><script type="text/javascript" id="remixd-audio-player-script" src="https://tags.remixd.com/player/v5/index.js?cb=%%CACHEBUSTER%%" charset="utf-8" async></script></div><p>The Grant Broadcasting System, which swept into Chicago in January, revamping and renaming WGBO-TV Channel 66, said its wholly-owned subsidiaries, which own and operate Channel 66, WBFS-TV Channel 33 in Miami and WGBS-TV Channel 57 in Philadelphia, filed Chapter 11 petitions Monday in<p>Philadelphia for protection from creditors under federal bankruptcy law.</p><p>”We are reorganizing under Chapter 11 in hopes of making a success of these three stations,” said Jerry Carr, director of television operations for Grant Broadcasting.</p><p>”These operations are all under two years old, and while we`ve had some success in Miami and Philadelphia, we`ve found ourselves in a time when programming costs had peaked and advertising revenues went into a tailspin. We got caught in the middle.”</p><div class="s2nPlayer k-wQoDAMss" data-type="float" data-s2n-api="dfm_stn_player_script_id_wQoDAMss"></div><script> function dfm_stn_player_script_id_wQoDAMss( getS2NApiForPlayer ) { if( typeof window.MNGAuthentication !== 'undefined' ){ const s2nApi = getS2NApiForPlayer( document.querySelector('.k-wQoDAMss') ); s2nApi.float = ! window.MNGAuthentication.isUserSubscriber(); } }</script><p>WGBO-TV Channel 66 is half-owned and entirely run by Milton Grant, a television entrepreneur who made his name with the success of two independent stations in Houston and Dallas.</p><p>In Chicago, Grant acquired 50 percent of the former WFBN-TV from Focus Broadcasting for $2 million as well as an estimated $50 million in debt, some of which was forgiven or refinanced.</p><script id="95f79a6bddcf4e4eb895c63f57e7df4c"> (new Image()).src = 'https://capi.connatix.com/tr/si?token=fa8632bf-0eb6-4c47-8b84-b4278343aedb&cid=38d5daa3-18ac-4ee1-a905-373c67622f25'; cnx.cmd.push( function() { cnx( { playerId: "fa8632bf-0eb6-4c47-8b84-b4278343aedb" } ).render( "95f79a6bddcf4e4eb895c63f57e7df4c" ); } );</script><p>Coming into the market, Grant staged an aggressive advertising campaign, dubbing Channel 66 ”Chicago`s Super Station.” He publicly anticipated garnering a 5 percent share of the local market by the end of 1986, a figure the station has been unable to reach through the November ”sweeps” rating period.</p><p>”Grant`s style has been to come into markets and spend a lot of money on programming and a lot of money on promotion,” said a source at a major programmimg distributor that has dealt with Grant Broadcasting. ”This hasn`t been the best of times to do that.”</p><div class="dfp-ad dfp-cube_article" id="div-gpt-ad-cube_article" style="visibility:hidden"> <div class="htlad-cube_article" data-unit="chicagotribune.com/news/cube_article" data-targeting=""></div> </div><p>Speculation in the industry is that Grant Broadcasting had accumulated as much as $180 million in debts to syndicators and that some distributors had threatened to pull programs from all three stations.</p><p>”In Chicago,” Carr said, ”you have two of the most formidable independent stations around (Tribune Co.`s WGN-TV Channel 9 and Fox Broadcasting`s WFLD Channel 32). Programming costs are unbelievably high. This has been a much more difficult situation for us.”</p></p> <div class="time mng-originally-published">Originally Published: <time datetime="1986-12-10 19:00:00">December 11, 1986 at 1:00 AM CST</time></div></div></div><div class="article-bottom-share"><div class="article-share" id="sharing-bottom" ><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-facebook"><a rel="nofollow noopener noreferrer" data-shared="sharing-facebook-9531077" class="share-facebook sd-button share-icon no-text" href="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/?share=facebook" target="_blank" title="Click to share on Facebook" ><span></span><span class="sharing-screen-reader-text">Click to share on Facebook (Opens in new window)</span></a></li><li class="share-bluesky"><a rel="nofollow noopener noreferrer" data-shared="sharing-bluesky-9531077" class="share-bluesky sd-button share-icon no-text" href="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/?share=bluesky" target="_blank" title="Click to share on Bluesky" ><span></span><span class="sharing-screen-reader-text">Click to share on Bluesky (Opens in new window)</span></a></li><li class="share-x"><a rel="nofollow noopener noreferrer" data-shared="sharing-x-9531077" class="share-x sd-button share-icon no-text" href="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/?share=x" target="_blank" title="Click to share on X" ><span></span><span class="sharing-screen-reader-text">Click to share on X (Opens in new window)</span></a></li><li class="share-print"><a rel="nofollow noopener noreferrer" data-shared="" class="share-print sd-button share-icon no-text" href="https://www.chicagotribune.com/1986/12/11/channel-66-owner-files-chapter-11-petitions/#print" target="_blank" title="Click to print" ><span></span><span class="sharing-screen-reader-text">Click to print (Opens in new window)</span></a></li><li class="share-email"><a rel="nofollow noopener noreferrer" data-shared="" class="share-email sd-button share-icon no-text" href="mailto:?subject=%5BShared%20Post%5D%20CHANNEL%2066%20OWNER%20FILES%20CHAPTER%2011%20PETITIONS&body=https%3A%2F%2Fwww.chicagotribune.com%2F1986%2F12%2F11%2Fchannel-66-owner-files-chapter-11-petitions%2F&share=email" target="_blank" title="Click to email a link to a friend" data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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