W. Don Cornwell
W. Don Cornwell | |
|---|---|
| Born | January 17, 1948 Cushing, Oklahoma, U.S. |
| Occupation(s) | Investment banker, media executive |
| Years active | 1971–2009 |
| Known for | Founder, chairman and CEO of Granite Broadcasting |
W. Don Cornwell (born January 17, 1948) is a former investment banker and executive in the broadcast media sector. He established, led as CEO, and chaired Granite Broadcasting, which was the largest television broadcasting company under African American ownership from its inception in 1988 until his retirement in 2009. Prior to founding Granite, he dedicated 17 years to Goldman Sachs.
Currently, Cornwell holds board positions at Pfizer, AIG, and Natura & Co (previously known as Avon).
Early life and education
Born in 1948 in Cushing, Oklahoma, Cornwell later relocated to Tacoma, Washington, where he attended Stadium High School. He completed a Bachelor of Arts degree in political science at Occidental College in 1969 and earned his MBA from Harvard University in 1971.
Goldman Sachs
Following the completion of his MBA, Cornwell joined Goldman Sachs, where he served as vice president of investment banking between 1976 and 1988. From 1980 to 1988, he also held the position of Chief Operating Officer for the firm's corporate finance division.
Granite Broadcasting
In 1988, Cornwell departed from Goldman Sachs to co-establish Granite Broadcasting alongside attorney Stuart Beck. Cornwell assumed the roles of chairman and CEO, while Beck became president. The initial capital was sourced from Minority Enterprise Small Business Investment Companies (MESBICs), investor Oprah Winfrey, and Goldman Sachs. Granite’s earliest acquisitions included television stations located in Duluth and Peoria (1988), followed by additional purchases in Fort Wayne and San Jose during 1989–1990.
Granite went public through a NASDAQ IPO in early 1992, with Cornwell owning 55% of the voting shares and Beck holding 45%. The company concentrated on small- to mid-sized television stations, emphasizing quality local news, sports coverage, and diverse programming tailored to each community's needs. Local station managers were granted discretion over content specific to their markets.
By 1995, Granite’s stock price had significantly increased due to acquiring undervalued stations and successfully turning them around; that year it was recognized as the top-performing media company in the United States and awarded Black Enterprise's Company of the Year. By 1998, Granite possessed ten network-affiliated stations nationwide and ranked as the seventh-largest black-owned enterprise as well as the largest minority-owned media firm based in New York.
By the mid-2000s, Granite operated or provided services for 23 channels across 11 markets, including affiliates of NBC, CBS, ABC, The CW, and MyNetworkTV, reaching approximately six percent of U.S. television households.
During the 2000s, Granite’s stock value declined due to several factors: an expensive $362 million reverse compensation agreement securing an NBC affiliation in San Francisco (2000), an advertising downturn, and the elimination of federal minority broadcasting tax incentives. Substantial losses from 2003 through 2005 culminated in Granite filing for Chapter 11 bankruptcy protection in December 2006. The company reemerged in June 2007 under majority ownership by private equity firm Silver Point Capital.
Cornwell led Granite’s restructuring efforts by promoting digital transformation initiatives, enhancing station websites with platforms for viewer-generated content, and renegotiating retransmission consent fees.
He stepped down as chairman and CEO in August 2009 but continued as Vice Chairman until December of that year.
As of 2020, Cornwell serves on the boards of Pfizer, AIG, and Natura & Co. Additionally, he acts as a trustee for Big Brothers Big Sisters of New York City.
Personal life
In 1983, Cornwell wed Saundra Clarke Williams, an attorney based in New York. From 1984 until its closure in 1994, Saundra Cornwell held a partnership at the law firm Bower & Gardner. The couple lives in New York City and has two grown children.