Sinclair To Pay $370M For 18 TV Stations, And Sell Outlets To Armstrong Williams

Sinclair Broadcast Group‘s shares are up about 1.6% in after-market trading after it announced its second major station deal this week — part of an effort to boost its presence in small markets — and a side pact to sell stations to a new firm owned by conservative commentator Armstrong Williams. The latest acquisition includes 18 stations owned by Barrington Broadcasting, with an additional agreement to either operate or provide services to six other stations. The 24 stations reach 3.4% of the country and include affiliates for all of the major networks including NBC outlets in Flint, Mich.; Toledo, Ohio; and Syracuse, NY. Sinclair says it expects the deal to close in Q2, following FCC and antitrust approval. It will take out bank loans or access capital markets to pay for the stations. On Tuesday, Sinclair agreed to pay $95M for four outlets owned by Cox Media. (more…)

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