SBG Announces Agreement to Purchase Certain TTBG Stations
Contact: David Amy, EVP & CFO, Sinclair
Lucy Rutishauser, VP & Treasurer, Sinclair
SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO PURCHASE CERTAIN TTBG STATIONS
BALTIMORE (June 4, 2013) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company” or “Sinclair”) announced that it has entered into a definitive agreement to purchase the stock and broadcast assets of four television stations owned by TTBG LLC (“TTBG”) for an aggregate purchase price of $115.35 million. Sinclair also will assume TTBG agreements to provide sales and other services to two other stations. The TTBG stations are located in three markets and reach 1.0% of U.S. TV households. Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the Federal Communications Commission (“FCC”) and antitrust clearance, if required. The Company anticipates that the transaction will close and fund late in the third quarter /early in the fourth quarter of 2013, subject to the satisfaction of the closing conditions. The Company expects to fund the purchase price at closing, less the $11.5 million escrow deposit made at signing, through cash on hand and/or a previously committed delayed draw term loan A under Sinclair’s recently amended bank credit facility.
Upon completion of the transaction, Sinclair will continue to provide the sales and other services to KXVO in Omaha, NE and KMEG in Sioux City, IA that TTBG has historically provided.
The TTBG stations to be owned and operated, programmed or to which sales services will be provided are:
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