Editor | 30-07-2013
Leading US diversified TV firm Sinclair Broadcast Group has entered into a definitive agreement to buy the Allbritton-owned Charleston TV assets in a deal worth $985.0 million.
The Allbritton stations comprise seven ABC Network affiliates, covering 4.9% of the US TV households, and NewsChannel 8, a 24-hour cable/satellite news network covering the Washington D.C. metropolitan area. As is the norm for such transactions, completion is subject to the approval of the Federal Communications Commission (FCC).
For its part, Sinclair Broadcast already owns and operates, programmes or provides sales services to 140 television stations in 72 markets, after pending transactions. Sinclair claims that its TV group reaches just over a third (35%) of US television households and includes FOX, ABC, MyTV, CW, CBS, NBC, and Azteca affiliates.
Showing what the new acquisition will do for its balance sheet, when including the Allbritton station acquisitions, all previously announced acquisitions, and pro forma for expected synergies, Sinclair’s net broadcast revenues for 2011 and 2012 would have been $1.609 billion and $1.865 billion, respectively.
“We are thrilled to add the Allbritton properties to our growing portfolio and national footprint,” said David Smith, President and CEO of Sinclair commenting on the deal.
“To buy a full-blown news operation in our nation’s capital and an infrastructure that allows us to be connected to our branches of government and be at the pulse of national issues is a once-in-a lifetime event. We are especially excited to acquire the NewsChannel 8 local news channel, not only for the content it can provide our existing news stations, but moreover because their regional cable presence provides the perfect platform should we decide to expand it into other markets, especially given the amount of local news we produce across our entire portfolio.”