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News Breaks
June 23, 2014
11:03 EDTMEG, SBGISinclair enters agreements to sell WHTM-TV, WTAT-TV to Media General
Sinclair Broadcast announced that it has entered into an agreement to sell the assets of WHTM-TV in Harrisburg, Pennsylvania to Media General (MG). The company also announced that it entered into an agreement to sell the non-license assets of WTAT-TV in Charleston, South Carolina to Cunningham Communications, which owns the license assets. The stations are being sold for a combined $97.4M sale price, representing an approximate 9.1x multiple of the stations' 2-year average cash flow. The sales are part of Sinclair's larger acquisition of the Allbritton Communications television stations in order to comply with regulatory rules in an effort to obtain approval of the Allbritton transaction by July 27. Sinclair has no option on the stations and will not guarantee the debt of or provide sales services for these stations. Sinclair anticipates it will be able to close on the Allbritton transaction in 3Q14, pending customary approvals and a waiver from the FCC.
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