SBG to Acquire New Age Media Stations
Contact: David Amy, EVP & CFO, Sinclair
Lucy Rutishauser, VP & Treasurer, Sinclair
SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO PURCHASE NEW AGE MEDIA TV STATIONS
BALTIMORE (September 25, 2013) — 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 8 television stations owned by New Age Media (“New Age”), or to which New Age provides services, for an aggregate purchase price of $90.0 million. The 8 stations are located in 3 markets and reach 0.8% of the 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, as applicable. The Company anticipates that the transaction will close and fund late in the fourth quarter of 2013 or first quarter of 2014, subject to the satisfaction of the closing conditions. The Company expects to fund the purchase price at closing through cash on hand or a delayed draw under its bank credit agreement.
The New Age stations covered by the transaction are:
Read more.. New Age – Press Release