Sinclair to sell ABC, FOX TV affiliates
| 24 June 2014
Sinclair Broadcast Group has entered into an agreement to sell the assets of WHTM-TV (ABC) in Harrisburg to Media General, along with the non-licence assets of WTAT-TV (FOX) in Charleston, to Cunningham Communications, which owns the licence assets.
The stations are being sold for a combined $97.4 million, representing approximately 9.1 times the stations' two-year average cash flow.
The sales are part of Sinclair's larger acquisition of the Allbritton Communications television stations — the divestiture was necessary in order to comply with regulatory rules, in an effort to obtain approval of the Allbritton transaction by 27 July. Sinclair has no option on the stations and will not guarantee the debt of or provide sales services for them, it said.