Sinclair Broadcast Group announced today that it has entered into a definitive agreement to purchase the broadcast assets of 18 television stations owned by Barrington Broadcasting Group for $370.0 million and entered into agreements to operate or provide sales services to another six stations.
The 24 stations are located in 15 markets and reach 3.4% 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 $20.0 million in deposits, through a bank loan and/or by accessing the capital markets.
"This week, we launched our small market television group when we announced we would be acquiring certain of the COX Media television stations," commented David Smith, President and CEO of Sinclair. "The Barrington stations are an important part of that strategy, providing meaningful scale to the group."
Here's a list of the stations: