Sinclair Broadcast Group, Inc.
SBGI (the "Company" or "Sinclair") announced that it has entered
into a definitive agreement to purchase the stock and broadcast assets of four
television stations owned by COX Media Group ("CMG") for $99.0 million less
$4.3 million of working capital adjustments and entered into an agreement to
provide sales services to one other station. The five stations are located in
four markets and reach 0.9% of the U.S. TV households. The transaction is
subject to approval by the Federal Communications Commission ("FCC"), and
antitrust clearance. The Company anticipates the transaction will close and
fund in the second quarter of 2013, subject to closing conditions. The Company
expects to finance the purchase price, less $5.0 million in deposits, through
a bank loan and/or by accessing the capital markets.
Due to FCC ownership restrictions, Sinclair will continue providing the
services to KAME in Reno, NV that CMG has historically provided. The license
assets of KAME will be purchased by Deerfield Media, Inc.
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