In 1987, Cincinnati financier (and future Cincinnati Reds owner) Carl Lindner acquired a majority of Taft's shares in a hostile takeover, renaming the company Great American Broadcasting, a subsidiary of his Great American Insurance Company. The manner in which the takeover was structured led the FCC to deem it to be an ownership change. As a result, WTVN-TV lost its grandfathered protection and could not be retained by Great American. A group of former Taft Broadcasting shareholders, led by Texas millionaire Robert Bass (who also participated in the hostile takeover), purchased WTVN-TV for their new company, called Anchor Media. The sale closed on August 31, 1987, and the new owners renamed the station WSYX that same day. The change was required as FCC rules at the time prohibited TV and radio stations with separate ownership in the same market from retaining the same base callsign. WTVN and WLVQ-FM remained owned by Great American for several years.