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these markets. Granite supported diverse programming in terms of gender, ethnicity, religion, and racial background, and the company placed a heavy emphasis on local programming, particularly news programming, and on reflecting the flavor and diversity of an individual station's community. Granite also gave leeway to local television station managers, who were allowed to make market-specific programming decisions.
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Cornwell retooled
Granite by increasing its digitalization and technological innovations, 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. He
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Cornwell led
Granite to specialize in developing and operating small to middle-market television broadcast stations. Its business strategy was to provide high quality local news and sports for each market, and its goal was to become the leading provider of news, weather, and sports information in
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After acquiring key stations in
Detroit and San Francisco, by 1998 Granite had 10 network affiliates across the United States; it was the seventh-largest black-owned business in the U.S., and the largest minority-owned media company in New York. Under Cornwell's leadership, by the mid-2000s, via
154:" agreement to pay $ 362 million for an NBC affiliation in San Francisco, an advertising recession, and the end of federal tax incentives for minority-owned broadcasting stations. Additionally, the company sustained heavy losses from 2003 to 2005. Following the demise of
109:, a broadcasting holding company, with co-founder Stuart Beck, a New York attorney. Cornwell became chairman and CEO of the company, and Beck became president. With initial capitalization from Minority Enterprise Small Business Investment Companies (MESBICs),
208:
Cornwell married New York attorney
Saundra Clarke Williams in 1983. Saundra Cornwell was partner at the law firm Bower & Gardner from 1984 until it dissolved in 1994. They live in New York City and have two adult children.
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Following the acquisition of more stations, buying them below market value and turning them around, by 1995 Granite's stock had surged and it was the top performing media company in the U.S. In 1995 Granite was
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26:, which at the time was the largest television broadcast company controlled by an African American, from 1988 to his retirement in 2009. Prior to founding Granite Broadcasting, he was at
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97:. He was a vice president of the investment banking division at Goldman Sachs from 1976 to 1988. From 1980 to 1988 he was Chief Operating Officer of its corporate finance department.
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acquisitions
Granite owned and operated or provided programming, sales, and other services to 23 channels in 11 markets. Its channel group included affiliates of NBC, CBS, ABC,
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of the U.S. Bankruptcy Code in
December 2006. It emerged from restructuring in June 2007 under the majority ownership of private-equity firm
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Cornwell took the company public via an IPO in early 1992, and it traded on the NASDAQ. Cornwell and Beck retained control of all
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22:(born January 17, 1948) is a retired investment banker and broadcast media executive. He was the founder, CEO, and Chairman of
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In August 2009, Cornwell retired as chairman and CEO of
Granite, staying on as Vice Chairman through December 2009.
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869:"New World of TV: Testing Granite's Mettle: Reshaping Broadcast TV's Boundaries Has a Price"
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In the 2000s
Granite's stock plunged, attributed to three factors: the company's 2000 "
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924:"Measuring the Media Moguls - Granite Broadcasting: Don Cornwell, Chairman & CEO"
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network, Granite
Broadcasting filed for voluntary reorganization under
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1073:"Granite Broadcasting Voluntarily Files Petition for Reorganization"
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After receiving his MBA in 1971, Cornwell worked on Wall Street at
689:"Countdown to the 21st Century: Architects of the Next Millennium"
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The United States Life
Insurance Company in the City of New York
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747:"Cornwell And Deushane Stepping Down At Granite Broadcasting"
460:"Item 10. Directors and Executive Officers of the Registrant"
294:
In the Black: A History of African Americans on Wall Street
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Plunkett's Entertainment & Media Industry Almanac 2008
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1150:"Time Warner Closes Retrans Deals With Granite, ComCorp"
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National Union Fire Insurance Company of Pittsburgh, PA
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As of 2020, Cornwell is on the boards of directors of
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1340:"Lawyerly Lairs: A $ 16 Million Brooklyn Brownstone"
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The Variable Annuity Life Insurance Company (VALIC)
1367:"Telecommunications Development Fund: Don Cornwell"
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120:, with Cornwell holding 55% and Beck holding 45%.
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1257:"Natura & Co. Holding S.A.: W. Don Cornwell"
1123:"Granite Broadcasting Files Reorganization Plan"
604:"B.E. 100s Company of the Year: Solid as a Rock"
76:in Los Angeles in 1969. He received an MBA from
1678:American chief executives in the media industry
540:Scott, Matthew S.; Williams, Terry (May 1992).
516:Scott, Matthew S.; Williams, Terry (May 1992).
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1097:"Granite Broadcasting Reorg Plan Disclosed"
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72:He received a BA in political science from
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196:). He is also on the board of trustees of
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839:McCllellan, Steve (December 18, 2000).
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721:U.S. Securities and Exchange Commission
542:"Black Businesses Woo Hungry Investors"
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518:"Black Businesses Woo Hungry Investors"
495:U.S. Securities and Exchange Commission
466:. Busse Broadcasting. December 29, 1996
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389:U.S. Securities and Exchange Commission
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1553:Fuji Fire and Marine Insurance Company
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894:"Granite gets time to pay the Peacock"
804:McClellan, Steve (February 12, 2000).
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419:"B.E. 100s: The Freshman Class of '90"
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1673:American chairpersons of corporations
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1016:Malone, Michael (December 15, 2007).
778:"Granite founder Cornwell steps down"
745:Tanklefsky, David (August 11, 2009).
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33:He currently serves on the boards of
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1044:Eggerton, John (December 12, 2006).
981:"Granite Broadcasting Goes Bankrupt"
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270:Williams, Dennis A. (October 1980).
61:. He later moved with his family to
1683:American International Group people
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1311:"Saundra Williams Marries a Banker"
1081:. December 11, 2006. Archived from
867:Mermigas, Diane (August 11, 2009).
322:Earl g. Graves, Ltd (August 1975).
166:, previously one of its creditors.
13:
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1148:Moss, Linda (December 16, 2008).
776:Bachman, Katy (August 11, 2009).
417:Earl g. Graves, Ltd (June 1990).
1479:(current non-executive chairman)
712:Granite Broadcasting Corporation
438:Earl g. Graves, Ltd (May 1995).
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1338:Lat, David (April 17, 2014).
1231:"Avon Products Inc: Form 8-K"
979:Townes, Glenn (May 1, 2007).
841:"Granite stock in a tailspin"
628:Lowery, Mark (June 1, 1995).
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57:Cornwell was born in 1948 in
1426:American International Group
7:
1558:Lexington Insurance Company
1471:(current president and CEO)
570:"Granite Broadcasting Corp"
490:"Form 10-K - Annual Report"
10:
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1693:Stadium High School alumni
1046:"Granite Files Chapter 11"
1018:"Granite Hopes to Rock On"
928:Television Business Report
602:Lowery, Mark (June 1995).
576:. Plunkett Research, Ltd.
568:Plunkett, Jack W. (2008).
381:"Schedule 14A Information"
324:"Under 30 & Moving Up"
272:"Hot Shots on Wall Street"
1658:Occidental College alumni
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665:Crain's New York Business
486:Granite Broadcasting Corp
291:Bell, Gregory S. (2002).
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1599:American General Finance
1051:Broadcasting & Cable
1023:Broadcasting & Cable
846:Broadcasting & Cable
814:Broadcasting & Cable
752:Broadcasting & Cable
135:s Company of the Year.
53:Early life and education
955:San Francisco Chronicle
1615:PineBridge Investments
1440:Cornelius Vander Starr
1085:on September 29, 2007.
783:The Hollywood Reporter
349:"Cornwell, Wyllie Don"
172:retransmission consent
1527:Ronald A. Rittenmeyer
806:"Reversal of fortune"
299:John Wiley & Sons
1631:Corebridge Financial
1536:Current subsidiaries
1517:Suzanne Nora Johnson
1448:Maurice R. Greenberg
1204:"Board of Directors"
164:Silver Point Capital
152:reverse compensation
107:Granite Broadcasting
101:Granite Broadcasting
24:Granite Broadcasting
16:American businessman
1582:Former subsidiaries
1507:John H. Fitzpatrick
1463:Robert H. Benmosche
1284:"Board of Trustees"
1262:Wall Street Journal
612:. pp. 122–132.
427:. pp. 138–142.
67:Stadium High School
1489:Board of directors
1453:Martin J. Sullivan
1372:The History Makers
714:(August 1, 2006).
488:(March 31, 2006).
245:The History Makers
170:also renegotiated
78:Harvard University
74:Occidental College
63:Tacoma, Washington
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1589:Chartis Insurance
1522:Douglas Steenland
1497:Brian Duperreault
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1476:Douglas Steenland
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1468:Brian Duperreault
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1237:. January 3, 2020
1155:Multichannel News
660:"W. Don Cornwell"
630:"Solid as a Rock"
550:. pp. 56–57.
280:. pp. 45–47.
59:Cushing, Oklahoma
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248:. May 17, 2012
240:"Don Cornwell"
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