SBG Closes on Acquisition of Barrington Stations
Contact: David Amy, EVP & CFO, Sinclair
Lucy Rutishauser, VP & Treasurer, Sinclair
SINCLAIR BROADCAST GROUP CLOSES ON ACQUISITION OF BARRINGTON STATIONS
BALTIMORE (November 25, 2013) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company” or “Sinclair”) announced today that it closed on its previously announced acquisition of 18 television stations owned by Barrington Broadcasting Group, LLC (“Barrington”) for $370.0 million and entered into agreements to operate or provide sales services to another six stations. The 24 stations are located in 15 markets and reach 3.4% of the U.S. TV households. The acquisition was funded through cash on hand.
As previously discussed, due to FCC ownership conflict rules, Sinclair sold its station in Syracuse, NY, WSYT (FOX), and assigned its local marketing agreement (“LMA”) and purchase option on WNYS (MNT) in Syracuse, NY to Bristlecone Broadcasting. The Company also sold its station in Peoria, IL, WYZZ (FOX) to Cunningham Broadcasting Corporation (“CBC”). In addition, the license assets of three stations were purchased by CBC (WBSF in Flint, MI and WGTU/WGTQ in Traverse City/Cadillac, MI) and the license assets of two stations were purchase by Howard Stirk Holdings (WEYI in Flint, MI and WWMB in Myrtle Beach, SC) to which Sinclair will provide services pursuant to shared services and joint sales agreements. Following its acquisition by Sinclair, WSTM (NBC) in Syracuse, NY, will continue to provide services to WTVH (CBS), which is owned by Granite Broadcasting, and receive services on WHOI in Peoria, IL from Granite Broadcasting. Sinclair has, however, notified Granite Broadcasting that it does not intend to renew these agreements in these two markets when they expire in March of 2017.
The Barrington stations covered by the transaction are:
Read more.. Barrington_SBG_Closes