Sinclair closes acquisition of Reno's NBC affiliate
Michelle Clancy | 25-11-2013
Sinclair Broadcast Group has closed on the acquisition of the non-licence assets of KRNV (NBC 7) in Reno, Nevada.
Sinclair bought the station from Intermountain West for $26 million and entered into an agreement to operate or provide sales services to the station. The purchase price represents a 5.2-time multiple of the average 2012-2013 cash flow including synergies.
"We expect to drop our San Francisco news share on our FOX station and replace it with a local Reno newscast," Sinclair said.
On a pro forma basis, assuming consummation of all announced transactions, Sinclair will own and operate, programme or provide sales services to 164 television stations in 77 markets. Sinclair's television group will reach approximately 38.7% of US television households (24.3% based on the FCC's calculation with the UHF discount) and will be affiliated with all major networks.