Sinclair Broadcast Group Announces a Strategic Initiative Creating a Small Market Television Subsidiary; Announces Agreement to

  Sinclair Broadcast Group Announces a Strategic Initiative Creating a Small
  Market Television Subsidiary; Announces Agreement to Purchase Certain COX
                                Media Stations

PR Newswire

BALTIMORE, Feb. 25, 2013

BALTIMORE, Feb. 25, 2013 /PRNewswire/ --Sinclair Broadcast Group, Inc.
(Nasdaq: 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. 

(Logo: http://photos.prnewswire.com/prnh/20100119/PH39783LOGO )

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.

"Over the past 18 months, we have led the industry's consolidation efforts in
the mid-sized markets, purchasing 30 TV stations and creating over $400
million of equity value," commented David Smith, President and CEO of
Sinclair. "We believe there are many more opportunities to acquire quality
assets and to unlock hidden value, including in the smaller markets, such as
where the CMG stations operate. We believe our platform size and leadership
position allow us to bring meaningful purchasing power and negotiating
leverage to these stations. Including synergies, we believe the CMG stations
can generate approximately $20 million of cash flow, on average."

Mr. Smith continued, "We have prided ourselves on being a forward-looking
company with a history of creating innovative ways to unlock value for our
shareholders. We have established Chesapeake TV as the primary operating
entity for the CMG stations and other small market stations we may acquire,
while STG will continue to be our primary operating entity for mid-sized
market stations. We believe a dual operating structure is critical to the
success of a small market strategy since the economics and competitive nature
can differ from those of the mid-sized markets.

The CMG stations to be owned and operated, programmed or provided sales
services to are:

Station Affil. Market                        DMA
KFOX    FOX    El Paso, TX                   91
WJAC    NBC    Johnstown/Altoona, PA         102
KRXI    FOX    Reno, NV                      108
KAME    MNT    Reno, NV                      108
WTOV    NBC    Wheeling, WV/Steubenville, OH 158

(1) Represents television designated market areas according to the Nielsen
Company ("Nielsen"). The numbers in the column represent the ranking in terms
of size of the DMA out of the 210 generally recognized DMAs in the United
States.

About Sinclair:
On a pro forma basis assuming consummation of the transaction described in
this press release, Sinclair Broadcast Group, Inc., one of the largest and one
of the most diversified television broadcasting companies, will own and
operate, program or provide sales services to 90 television stations in 49
markets.Sinclair's television group will reach approximately 27.4% of U.S.
television households and is affiliated with all major networks. Sinclair's
television portfolio will include 26 FOX, 20 MNT, 15 CW, 11 ABC, 11 CBS, 5
NBC, one independent and one 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 which can be accessed at
www.sbgi.net.

Forward-Looking Statements:
The matters discussed in this 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 satisfy the
closing conditions for the CMG acquisition discussed in this release and any
required license asset third party transactions, including obtaining required
governmental approvals, our ability to obtain financing to fund such
acquisition, our ability to maximize our operating synergies in connection
with the acquisition, successful execution of our small market strategy, the
impact of changes in national and regional economies, the volatility in the
U.S. and global economies and financial 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.

Website: http://www.sbgi.net
Contact: David Amy, EVP & CFO, Sinclair, +1-410-568-1500; or Lucy Rutishauser,
VP & Treasurer, Sinclair, +1-410-568-1500
 
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