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Stock Market & Financial Investment News

News Breaks
June 23, 2014
11:03 EDTSBGI, MEGSinclair 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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September 29, 2014
13:33 EDTSBGISinclair Broadcast enters into long-term affiliation agreements with ABC
Sinclair Broadcast (SBGI) announced that it has entered into long-term agreements with Disney's (DIS) American Broadcasting Company for the renewal of the ABC affiliations in 13 Sinclair markets that come up for renewal during 2014 and 2015. Three of the new agreements will expire on August 31, 2019 and the other 11 will expire on August 31, 2020. The markets being renewed are listed below and include six of Sinclair's ten biggest ABC markets, including five of the top six ABC markets. The company's remaining ABC affiliation agreements do not expire for several years. The company said, "We are pleased to have reached this agreement with ABC to renew these affiliation agreements for 5-year terms including a number of agreements that were not set to expire until 2015."
11:48 EDTSBGISinclair Broadcast syndication agreements a positive, says Wells Fargo
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10:01 EDTSBGISinclair Broadcast unit enters syndication agreements for ASN initiative
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