Cooke Media Buys Back $70 Million in Junk Bonds

Cooke Media Group Inc. said it bought back more than $70 million of its “junk bonds” from the Resolution Trust Corp., which had obtained the bonds through its seizure of several failed savings and loan associations.

Cooke Media, a Woodland Hills-based concern that publishes the Daily News and several cable-television systems, did not disclose terms of the repurchases but said it had bought back all of the remaining Cooke Media junk bonds held by the RTC. Cooke Media is owned by financier Jack Kent Cooke.

The high-risk, high-yield junk bonds issued by Cooke Media had accounted for the largest percentage of the junk bonds held by the RTC, the federal agency that’s been overseeing the seizure of troubled thrifts.