Grant and Combined ownership
Ruhe and Geissler's businesses began to experience financial reversals in 1984, with UPI filing for bankruptcy early the next year. Focus put WFBN up for sale and reached a deal to sell a 50-percent interest in the station to the Grant Broadcasting System in September 1985 for $2 million and an estimated $50 million in debt (some of which was forgiven or refinanced). Grant also obtained an option to acquire the remaining 50% interest by 1990. With many program distributors having gone unpaid, some since September 1984, Focus and Grant warned that any failure to approve the deal would likely lead to the station leaving the air or even involuntary bankruptcy. Metrowest Corporation, then-owners of competing WPWR-TV (channel 60), filed a petition to deny the sale, claiming that even before it acquired the WFBN license, Grant had attempted to "stifle competition in the Chicago television market with multimarket program purchases, exclusive arrangements and similar deals".[18][19] Grant was reported to be keen on reducing and restructuring expensive agreements WFBN had made for syndicated programming.[20]
After the FCC approved Grant's purchase of WFBN in November 1985,[21] the station changed its call letters to WGBO-TV on January 4, 1986, adopting "Super 66" as its on-air branding.[22] Although not dramatically different overall, in January 1986, WGBO added a few more off-network sitcoms, a limited number of children's programs, and several western series to its schedule, as well as daily simulcasts of CNN Headline News.[22] Even though the station lucked into a modicum of success with the Ramblers, Chicago proved to be the toughest market of any in which Grant operated. Its stations in Philadelphia (WGBS-TV) and Miami (WBFS-TV) were third independents in their respective markets, but WGBO-TV was the fourth independent in Chicago behind the established WGN-TV, WFLD, and WPWR-TV. It was also a noted free-spender, entering the market with a massive advertising blitz that prompted some of those competitors to increase their own marketing spending.[23] By late 1986, rapidly rising costs for programming left Grant badly overextended. It filed for Chapter 11 bankruptcy on December 8, 1986, in an attempt to protect itself from its creditors.[24] Bankruptcy court statements revealed WGBO-TV to be the biggest money-loser in the Grant portfolio, having lost $13.76 million for 1986 compared to $9.72 million for the Philadelphia station and $6.54 million at the Miami outlet; that year, the company as a whole lost $35.96 million.[25]
In a March 1987 bankruptcy court proceeding in Philadelphia, Grant was allowed to continue operating its stations until at least July 1 through cash and accounts receivables to fund operations, denying a motion by the company's creditors to assume control of the stations or force their sale.[26] However, on July 7, Grant agreed to enter into receivership and turn over control of the company and its three stations to its television program suppliers and bondholders under a reorganization plan—which was formally filed on October 13 and approved on March 30, 1988—to repay $420 million in debt from the stations' operations by 1995, at which point the stations would be sold off.[27][28][29] In July 1988, Combined Broadcasting, a creditor-controlled company, took over Grant and the three stations.[30] For the next five years, WGBO subsisted on reruns, infomercials, and a variety of local programs of secondary interest: local religious programs (including the Catholic Mass) dropped by WGN-TV,[31] a country music video show from radio station
After Time Warner announced the launch of The WB on November 2, 1993, the network had entered into discussions with WGBO to become the network's Chicago affiliate. Even though Tribune Broadcasting would hold a partial ownership interest in The WB and tapped its independent stations in other markets to serve as the network's charter affiliates, WGN-TV was not initially expected to affiliate because of its national superstation feed and extensive sports programming, and network president Jamie Kellner told Electronic Media that The WB was more likely to be seen in Chicago on WGBO.[36][37][38] WGN-TV reversed course on December 3 in a deal that also resulted in its superstation feed carrying the network nationally to areas without WB stations.[39]
Meanwhile, Combined put WGBO and its other stations up for sale in 1993, with a reported asking price of $100 million for channel 66; four buyers were said to have toured the station.[40] WBFS-TV in Miami went up for sale as well, and a report in Miami noted interest from Chris-Craft Industries, which had apparently attempted to negotiate a $90 million purchase of both outlets.[41] Broadcasting & Cable magazine reported industry speculation that Univision was among the interested buyers.[42]
