Sinclair Broadcast Group Announces Agreement To Swap Television Stations With Gray Television
Contact: Chris Ripley, Chief Financial Officer
Lucy Rutishauser, SVP-Corporate Finance & Treasurer
SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO SWAP TELEVISION STATIONS WITH GRAY TELEVISION
BALTIMORE (October 1, 2015) — 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 WSBT (CBS) in South Bend-Elkhart, Indiana (DMA(1) 96) owned by Schurz Communications, Inc., and to sell the broadcast assets of WLUC (NBC and FOX) in Marquette, Michigan (DMA 180) to Gray Television, Inc. (“Gray”). After completion of the swap, Sinclair’s television group will reach 37.6% of U.S. television households. The South Bend-Elkhart DMA is approximately 4 times larger than the Marquette DMA in terms of television households. The transaction is expected to be accretive to average annual cash flows by approximately $1.0 million after synergies.
Read more…Gray Swaps Press Release