Sinclair closes on TV affiliate acquisitions
Michelle Clancy | 04-12-2012
Sinclair Broadcast has closed on the previously announced acquisitions of a group of television stations and, in a new announcement, purchased WHAM-TV (ABC) in Rochester, NY, from Newport Television LLC.
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 this quarter. These and other recent deals will bring Sinclair's footprint to 82 stations in 47 markets.
Sinclair has now bought the following stations from Newport: WKRC (CBS) Cincinnati, Ohio; WOAI (NBC) San Antonio, Texas; WHP (CBS) Harrisburg/Lancaster/Lebanon/York, Penn.; WPMI (NBC) and WJTC (IND) Mobile, Ala.; KSAS (FOX) Wichita/Hutchinson, Kansas; and WHAM (ABC) Rochester, NY. Sinclair has purchased the non-license assets of WHAM-TV for $54 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 agreement.
Sinclair also acquired Newport's rights under the local marketing agreements with WLYH (CW) in Harrisburg and KMTW (MNT) in Wichita, as well as options to acquire the license assets.
Still further, Sinclair has sold Deerfield Media 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 agreements.