Sinclair Broadcast Group Closes TV Station Acquisitions
BALTIMORE, Dec. 3, 2012
BALTIMORE, Dec. 3, 2012 /PRNewswire/ -- Sinclair Broadcast Group, Inc.
(Nasdaq: SBGI), the "Company" or "Sinclair," announced that it has closed on
the previously announced acquisitions of certain television stations and, in a
new announcement, purchased WHAM-TV (ABC) in Rochester, NY from Newport
Television LLC ("Newport").
(Logo: http://photos.prnewswire.com/prnh/20100119/PH39783LOGO )
The stations acquired in the transactions that have closed, effective December
1, 2012, are:
WTTA (MNT) Tampa, Florida previously operated by Sinclair pursuant to a local
KBTV (FOX) Beaumont/Port Arthur, Texas market previously owned by Nexstar
The following stations from Newport:
WKRC (CBS) Cincinnati, Ohio
WOAI (NBC) San Antonio, Texas
WHP (CBS) Harrisburg/Lancaster/Lebanon/York, Pennsylvania
WPMI (NBC) and WJTC (IND) Mobile, Alabama
KSAS (FOX) Wichita/Hutchinson, Kansas
WHAM (ABC) Rochester, New York
Sinclair also acquired Newport's rights under the local marketing agreements
with WLYH (CW) in Harrisburg, PA and KMTW (MNT) in Wichita, KS, as well as
options to acquire the license assets.
The Company also closed on agreements with Deerfield Media, Inc.
("Deerfield"), selling Deerfield the license assets of Sinclair's station in
San Antonio (KMYS CW), and Sinclair's station in Cincinnati (WSTR MY), as well
as the license assets of WPMI and WJTC in the Mobile/Pensacola market and KBTV
in Beaumont. Sinclair will provide sales and other non-programming services
to each of these five stations pursuant to shared services and joint sales
In a new announcement, Sinclair purchased the non-license assets of Newport's
station, WHAM-TV (ABC) in Rochester, New York for $54.0 million plus the
option for the license assets. Sinclair will provide sales and other
non-programming services pursuant to a shared service and joint sales
The acquisitions add two new markets and additional stations in four markets
where Sinclair already has a presence. The net amount paid at closing, net of
any previously paid deposits and sale proceeds, was $459.7 million, which was
funded by the issuance of $500 million of 6.125% senior notes due 2022 earlier
Sinclair Broadcast Group, Inc., one of the largest and most diversified,
independent television broadcasting companies, owns and operates, programs or
provides sales services to 84 television stations in 46 markets. Sinclair's
television group reaches approximately 27% of U.S. television households and
is affiliated with all major networks. Sinclair's television portfolio
includes 22 FOX, 20 MNT, 15 CW, 11 ABC, 11 CBS, 3 NBC, 1 independent and 1
Azteca station. Sinclair owns equity interests in various non-broadcast
related companies. The Company regularly uses its website as a key source of
Company information and can be accessed at www.sbgi.net.
The matters discussed in this news release, include forward-looking statements
regarding, among other things, future operating results. When used in this
news release, the words "outlook," "intends to," "believes," "anticipates,"
"expects," "achieves," and similar expressions are intended to identify
forward-looking statements. Such statements are subject to a number of risks
and uncertainties. Actual results in the future could differ materially and
adversely from those described in the forward-looking statements as a result
of various important factors, including and in addition to the assumptions
identified in this release, but not limited to our ability to maximize our
operating synergies in connection with the acquisitions, the impact of changes
in national and regional economies, the volatility in the U.S. and global
economies and financial credit markets, successful execution of outsourcing
agreements, pricing and demand fluctuations in local and national advertising,
volatility in programming costs, the market acceptance of new programming, the
CW Television Network and MyNetworkTV programming, our news share strategy,
our local sales initiatives, the execution of retransmission consent
agreements, our ability to identify and consummate investments in attractive
non-television assets and to achieve anticipated returns on those investments
once consummated, and any other risk factors set forth in the Company's most
recent reports on Form 10-Q, Form 10-K and Form 8-K, as filed with the
Securities and Exchange Commission. There can be no assurances that the
assumptions and other factors referred to in this release will occur. The
Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements except as required by law.
SOURCE Sinclair Broadcast Group, Inc.
Contact: David Amy, EVP & CFO, Sinclair, or Lucy Rutishauser, VP & Treasurer,
Press spacebar to pause and continue. Press esc to stop.