SBG Announces Agreement to Swap Stations with Media General
Contact: Chris Ripley, Chief Financial Officer
Lucy Rutishauser, SVP-Corporate Finance & Treasurer
SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO SWAP TELEVISION STATIONS WITH MEDIA GENERAL
BALTIMORE (August 20, 2014) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company” or “Sinclair”) announced that it has entered into a definitive agreement to purchase the broadcast assets of one television station in Providence, RI owned by Media General, Inc. (“Media General”), two television stations in Green Bay, WI owned by LIN Media, LLC (“LIN”) and one television station in Savannah, GA owned by WTGS Television, LLC and operated by LIN through a shared services arrangement. The three markets represent 1.2% of U.S. television households. Simultaneously, Sinclair will sell Media General the broadcast assets of three stations in two markets upon the completion of the LIN/Media General merger. The Company’s previously announced sale of WHTM in Harrisburg is expected to close in September 2014. The combination of all stations being sold to Media General represents 1.9% of U.S. television households. In addition and as part of the transactions, Sinclair will pay a net cash price of $31.0 million for an additional $3.4 million of cash flow being swapped. In addition, the Company expects to generate an additional approximately $2.0 million of synergies on the acquired stations.
The stations that Sinclair will acquire are: