Jump to content

W. Don Cornwell: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
filling out citations
Tag: references removed
adding citation; filling out a cation
Line 18: Line 18:
Granite grew through operating performance and the acquisition of more than 15 television stations to become, at one time, one of the 25 largest television station groups as measured by Broadcasting and Cable Magazine and the largest television broadcast company in America controlled by an African American. Black Enterprise Magazine named Granite as its Company of the Year in 1995. From 1991 through 2006, Granite was publicly owned with common stock listed on NASDAQ and several issues of debt registered with the SEC.
Granite grew through operating performance and the acquisition of more than 15 television stations to become, at one time, one of the 25 largest television station groups as measured by Broadcasting and Cable Magazine and the largest television broadcast company in America controlled by an African American. Black Enterprise Magazine named Granite as its Company of the Year in 1995. From 1991 through 2006, Granite was publicly owned with common stock listed on NASDAQ and several issues of debt registered with the SEC.
Granite Broadcasting filed for voluntary reorganization under [[Chapter 11]] of the U.S. Bankruptcy Code in December 2006.<ref>{{cite news |last1=Eggerton |first1=John |work=[[Broadcasting & Cable]] |title=Granite Files Chapter 11 |url=https://www.nexttv.com/news/granite-files-chapter-11-40163 |accessdate=July 9, 2020 |date=December 12, 2006}}</ref><ref>{{cite news |title=Granite Broadcasting Voluntarily Files Petition for Reorganization |url=https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |work=[[PR Newswire]] |date=December 11, 2006 |archiveurl=https://web.archive.org/web/20070929115147/https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |archivedate=September 29, 2007}}</ref><ref name="BE Bankrupt">{{cite news |last1=Townes |first1=Glenn |title=Granite Broadcasting Goes Bankrupt |url=https://www.blackenterprise.com/granite-broadcasting-goes-bankrupt/ |accessdate=July 9, 2020 |work=[[Black Enterprise]] |date=May 1, 2007}}</ref> It emerged from restructuring in June 2007 under the majority ownership of private-equity firm [[Silver Point Capital]], previously one of its creditors.<ref name="Rock On">{{cite news |last1=Malone |first1=Michael |title=Granite Hopes to Rock On |url=https://www.nexttv.com/news/granite-hopes-rock-84082 |accessdate=July 9, 2020 |work=[[Broadcasting & Cable]] |date=December 15, 2007}}</ref><ref>{{cite news |title=Granite Broadcasting Files Reorganization Plan |url=https://www.tvweek.com/in-depth/2007/06/granite-broadcasting-files-reo/ |accessdate=July 9, 2020 |work=TV Week |date=June 6, 2007}}</ref>
Granite Broadcasting filed for voluntary reorganization under [[Chapter 11]] of the U.S. Bankruptcy Code in December 2006.<ref>{{cite news |last1=Eggerton |first1=John |work=[[Broadcasting & Cable]] |title=Granite Files Chapter 11 |url=https://www.nexttv.com/news/granite-files-chapter-11-40163 |accessdate=July 9, 2020 |date=December 12, 2006}}</ref><ref>{{cite news |title=Granite Broadcasting Voluntarily Files Petition for Reorganization |url=https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |work=[[PR Newswire]] |date=December 11, 2006 |archiveurl=https://web.archive.org/web/20070929115147/https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |archivedate=September 29, 2007}}</ref><ref name="BE Bankrupt">{{cite news |last1=Townes |first1=Glenn |title=Granite Broadcasting Goes Bankrupt |url=https://www.blackenterprise.com/granite-broadcasting-goes-bankrupt/ |accessdate=July 9, 2020 |work=[[Black Enterprise]] |date=May 1, 2007}}</ref> It emerged from restructuring in June 2007 under the majority ownership of private-equity firm [[Silver Point Capital]], previously one of its creditors.<ref name="Rock On">{{cite news |last1=Malone |first1=Michael |title=Granite Hopes to Rock On |url=https://www.nexttv.com/news/granite-hopes-rock-84082 |accessdate=July 9, 2020 |work=[[Broadcasting & Cable]] |date=December 15, 2007}}</ref><ref>{{cite news |title=Granite Broadcasting Reorg Plan Disclosed |url=https://www.tvtechnology.com/news/granite-broadcasting-reorg-plan-disclosed |accessdate=July 9, 2020 |work=TV Technology |date=June 8, 2007}}</ref><ref>{{cite news |title=Granite Broadcasting Files Reorganization Plan |url=https://www.tvweek.com/in-depth/2007/06/granite-broadcasting-files-reo/ |accessdate=July 9, 2020 |work=TV Week |date=June 6, 2007}}</ref>


Cornwell retooled Granite by increasing its digitalization and technological innovations,<ref name="Rock On"/> and by relaunching and revitalizing station websites in partnership with Broadcast Interactive Media, including adding YouNews platforms which allowed local viewers to submit video footage for station usage.<ref name="Rock On"/> He also renegotiated [[retransmission consent]] fees.<ref name="Rock On"/><ref>https://www.multichannel.com/news/time-warner-closes-retrans-deals-granite-comcorp-330372</ref>
Cornwell retooled Granite by increasing its digitalization and technological innovations,<ref name="Rock On"/> and by relaunching and revitalizing station websites in partnership with Broadcast Interactive Media, including adding YouNews platforms which allowed local viewers to submit video footage for station usage.<ref name="Rock On"/> He also renegotiated [[retransmission consent]] fees.<ref name="Rock On"/><ref>{{cite news |last1=Moss |first1=Linda |title=Time Warner Closes Retrans Deals With Granite, ComCorp |url=https://www.multichannel.com/news/time-warner-closes-retrans-deals-granite-comcorp-330372 |accessdate=July 9, 2020 |work=[[Multichannel News]] |date=December 16, 2008}}</ref>


In August 2009, Cornwell retired as Chairman and CEO of Granite,<ref name="Cornwell And Deushane Stepping Down">{{cite news |last1=Tanklefsky |first1=David |title=Cornwell And Deushane Stepping Down At Granite Broadcasting |url=https://www.nexttv.com/news/cornwell-and-deushane-stepping-down-granite-broadcasting-41853 |accessdate=July 7, 2020 |work=[[Broadcasting & Cable]] |date=August 11, 2009}}</ref><ref name="Cornwell steps down">{{cite news |last1=Bachman |first1=Katy |title=Granite founder Cornwell steps down |url=https://www.hollywoodreporter.com/news/granite-founder-cornwell-steps-87560 |accessdate=July 7, 2020 |work=[[The Hollywood Reporter]] |date=August 11, 2009}}</ref> staying on as Vice Chairman through December 2009.<ref name="Reuters">{{cite web |title=Cornwell, Wyllie Don |url=https://in.reuters.com/finance/stocks/officer-profile/AIG.N/1585723 |website=[[Reuters]] |accessdate=July 7, 2020}}</ref>
In August 2009, Cornwell retired as Chairman and CEO of Granite,<ref name="Cornwell And Deushane Stepping Down">{{cite news |last1=Tanklefsky |first1=David |title=Cornwell And Deushane Stepping Down At Granite Broadcasting |url=https://www.nexttv.com/news/cornwell-and-deushane-stepping-down-granite-broadcasting-41853 |accessdate=July 7, 2020 |work=[[Broadcasting & Cable]] |date=August 11, 2009}}</ref><ref name="Cornwell steps down">{{cite news |last1=Bachman |first1=Katy |title=Granite founder Cornwell steps down |url=https://www.hollywoodreporter.com/news/granite-founder-cornwell-steps-87560 |accessdate=July 7, 2020 |work=[[The Hollywood Reporter]] |date=August 11, 2009}}</ref> staying on as Vice Chairman through December 2009.<ref name="Reuters">{{cite web |title=Cornwell, Wyllie Don |url=https://in.reuters.com/finance/stocks/officer-profile/AIG.N/1585723 |website=[[Reuters]] |accessdate=July 7, 2020}}</ref>

Revision as of 06:31, 9 July 2020

W. Don Cornwell (born January 17, 1948)[1] is a retired investment banker and broadcast media executive. He was the founder, CEO, and Chairman of Granite Broadcasting from 1988 to his retirement in 2009. Prior to founding Granite Broadcasting, he was at Goldman Sachs for 17 years.

He currently serves on the boards of Pfizer, AIG, and Natura & Co (formerly Avon).

Early life and education

Cornwell was born in 1948 in Cushing, Oklahoma.[1] He later moved with his family to Tacoma, Washington, attending Stadium High School.[1]

He received a BA in political science from Occidental College in Los Angeles in 1969.[1] He received an MBA from Harvard University in 1971.[1][2]

Career

Goldman Sachs

After receiving his MBA in 1971, Cornwell worked on Wall Street at Goldman Sachs.[3][2][4] He was a vice president of the investment banking division at Goldman Sachs from 1976 to 1988.[5] From 1980 to 1988 he was Chief Operating Officer of its corporate finance department.[5][6]

Granite Broadcasting

Cornwell founded Granite Broadcasting in 1988 with the purchase of stations in Duluth and Peoria, and it developed from an entrepreneurial idea into a diverse station group which operates and provides services to 23 channels in 9 markets, reaching more than six percent of U.S. television households. The Company owns or manages affiliates of NBC (4), ABC (3), CBS (3), one major market My Network TV (MNTV) affiliate and one major marketindependent station. In many markets, Granite broadcasts additional programming content including MNTV, The CW Network (CW), Spanish language programming such as TvAzteca and LATV, and 24/7 local news over the digital spectrum of its stations.

Granite grew through operating performance and the acquisition of more than 15 television stations to become, at one time, one of the 25 largest television station groups as measured by Broadcasting and Cable Magazine and the largest television broadcast company in America controlled by an African American. Black Enterprise Magazine named Granite as its Company of the Year in 1995. From 1991 through 2006, Granite was publicly owned with common stock listed on NASDAQ and several issues of debt registered with the SEC.

Granite Broadcasting filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in December 2006.[7][8][9] It emerged from restructuring in June 2007 under the majority ownership of private-equity firm Silver Point Capital, previously one of its creditors.[10][11][12]

Cornwell retooled Granite by increasing its digitalization and technological innovations,[10] and by relaunching and revitalizing station websites in partnership with Broadcast Interactive Media, including adding YouNews platforms which allowed local viewers to submit video footage for station usage.[10] He also renegotiated retransmission consent fees.[10][13]

In August 2009, Cornwell retired as Chairman and CEO of Granite,[14][15] staying on as Vice Chairman through December 2009.[5]

As of 2020, Cornwell is on the boards of directors of Pfizer,[16] AIG,[17] and Natura & Co (formerly Avon).[18][19] He is also on the board of trustees of Big Brothers Big Sisters of New York City.[20]

Personal life

Cornwell married New York attorney Saundra Clarke Williams in 1983.[21] Saundra Cornwell was partner at the law firm Bower & Gardner from 1984 until it dissolved in 1994.[22] They live in New York City and have two adult children.[23]

References

  1. ^ a b c d e "Don Cornwell". The History Makers. May 17, 2012. Retrieved July 4, 2020.
  2. ^ a b Williams, Dennis A. (October 1980). "Hot Shots on Wall Street". Black Enterprise. pp. 45–47.
  3. ^ Bell, Gregory S. (2002). In the Black: A History of African Americans on Wall Street. John Wiley & Sons. p. 145.
  4. ^ "Under 30 & Moving Up". Black Enterprise. August 1975. p. 18.
  5. ^ a b c "Cornwell, Wyllie Don". Reuters. Retrieved July 7, 2020.
  6. ^ "Schedule 14A Information". AIG.GCS-web.com. U.S. Securities and Exchange Commission. March 27, 2018. Retrieved July 9, 2020.
  7. ^ Eggerton, John (December 12, 2006). "Granite Files Chapter 11". Broadcasting & Cable. Retrieved July 9, 2020.
  8. ^ "Granite Broadcasting Voluntarily Files Petition for Reorganization". PR Newswire. December 11, 2006. Archived from the original on September 29, 2007.
  9. ^ Townes, Glenn (May 1, 2007). "Granite Broadcasting Goes Bankrupt". Black Enterprise. Retrieved July 9, 2020.
  10. ^ a b c d Malone, Michael (December 15, 2007). "Granite Hopes to Rock On". Broadcasting & Cable. Retrieved July 9, 2020.
  11. ^ "Granite Broadcasting Reorg Plan Disclosed". TV Technology. June 8, 2007. Retrieved July 9, 2020.
  12. ^ "Granite Broadcasting Files Reorganization Plan". TV Week. June 6, 2007. Retrieved July 9, 2020.
  13. ^ Moss, Linda (December 16, 2008). "Time Warner Closes Retrans Deals With Granite, ComCorp". Multichannel News. Retrieved July 9, 2020.
  14. ^ Tanklefsky, David (August 11, 2009). "Cornwell And Deushane Stepping Down At Granite Broadcasting". Broadcasting & Cable. Retrieved July 7, 2020.
  15. ^ Bachman, Katy (August 11, 2009). "Granite founder Cornwell steps down". The Hollywood Reporter. Retrieved July 7, 2020.
  16. ^ "Board member". Pfizer. Retrieved July 6, 2020.
  17. ^ "Board of Directors". AIG. Retrieved July 6, 2020.
  18. ^ "Avon Products Inc: Form 8-K". Market Screener. January 3, 2020. Retrieved July 6, 2020.
  19. ^ "Natura & Co. Holding S.A.: W. Don Cornwell". Wall Street Journal. Retrieved July 6, 2020.
  20. ^ "Board of Trustees". Big Brothers Big Sisters of New York City. Retrieved July 6, 2020.
  21. ^ "Saundra Williams Marries a Banker". New York Times. May 15, 1983. Retrieved July 7, 2020.
  22. ^ Lat, David (April 17, 2014). "Lawyerly Lairs: A $16 Million Brooklyn Brownstone". Above the Law. Retrieved July 7, 2020.
  23. ^ "Telecommunications Development Fund: Don Cornwell". The History Makers. Retrieved July 7, 2020.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=W._Don_Cornwell&oldid=966789759"