Contact: Lucy Rutishauser, SVP Chief Financial Officer
SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO PURCHASE BONTEN MEDIA GROUP TV STATIONS
BALTIMORE (April 21, 2017) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company” or “Sinclair”) announced that it has entered into a definitive agreement to purchase the stock of Bonten Media Group Holdings, Inc. (“Bonten”) and Cunningham Broadcasting Corporation has entered into a definitive agreement to purchase the membership interest of Esteem Broadcasting (“Esteem”) for an aggregate purchase price of $240.0 million. Bonten owns 14 television stations in 8 markets which reach approximately 1% of the U.S. TV households and provides services to 4 stations pursuant to joint sales agreements with Esteem Broadcasting. Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the Federal Communications Commission (“FCC”) and antitrust clearance, as applicable. The Company anticipates that the transaction will close and fund with cash on hand in the third quarter of 2017, subject to the satisfaction of the closing conditions.
Read more…Bonten – Press Release CLEAN
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