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Stock Market & Financial Investment News

News Breaks
February 28, 2013
16:48 EDTSBGISinclair Broadcast announces agreement to purchase Barrington TV stations
Sinclair Broadcast announced that it has entered into a definitive agreement to purchase the broadcast assets of 18 television stations owned by Barrington Broadcasting Group for $370M 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 and antitrust clearance. The company anticipates the transaction will close and fund in Q2, subject to closing conditions. The company expects to finance the purchase price, less $20M in deposits, through a bank loan and/or by accessing the capital markets. "The Barrington stations are an important part of that strategy, providing meaningful scale to the group. Including synergies, we believe the Barrington stations can generate approximately $71M of cash flow, on average. When combined with the COX stations, we expect our expertise and resources to create approximately $29M in synergistic, incremental cash flow, equating to approximately $232M of added equity value or $2.85 per share," said Sinclair CEO David Smith.
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August 26, 2015
18:47 EDTSBGIDISH, Sinclair Broadcast reach agreement, form basis for long-term deal
DISH Network (DISH) announced that it and Sinclair Broadcast Group (SBGI) have reached an agreement in principle "that will form the basis of a long-term retransmission consent agreement" for carriage of Sinclair's local channels in 79 markets nationwide. Restoration of Sinclair signals to DISH's system is underway. "We are grateful for the FCC's work on behalf of consumers to actively broker a productive path forward," said DISH, adding that it is asking the Federal Communications Commission to stay action on DISH's verified amended and restated retransmission complaint and request for preliminary injunctive relief as the long-term agreement is being finalized. Terms of the agreement were not disclosed.
18:24 EDTSBGISinclair Broadcast, DISH reach retransmission consent pact in principal
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12:47 EDTSBGIOn The Fly: Top stock stories at midday
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12:44 EDTSBGIFCC Chairman Wheeler says to convene emergency meeting with DISH, Sinclair
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05:30 EDTSBGIDISH renews formal complaint with FCC against Sinclair Broadcast
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05:17 EDTSBGIDISH says Sinclair Broadcast chooses to initiate channel blackout
Despite reaching an agreement on rates and all other terms for the carriage of the Sinclair local stations, DISH (DISH) said that this afternoon Sinclair Broadcast Group (SBGI) chose to begin the largest local channel blackout in the history of television, blocking DISH customers' access to 129 local channels in 79 markets across 36 states and the District of Columbia, and intentionally harming and exploiting millions of innocent consumers to gain negotiating leverage for carriage of an unrelated cable channel that it hopes to acquire but does not own today. Warren Schlichting, DISH senior vice president of programming, said, "Sinclair rejected our extension offer and has chosen to use innocent consumers as pawns to gain leverage for the economic benefit of Sinclair, while causing substantial harm and disruption to the lives of consumers." DISH and Sinclair had been making steady progress in their recent negotiations, and DISH was hopeful that they would come to a mutual agreement to renew carriage of the Sinclair local stations. In that spirit, DISH offered another short-term contract extension to Sinclair that would include a retroactive "true-up" when new rates were agreed upon, and would preserve the ability of DISH customers to access the Sinclair local stations while our negotiations continued. The "true-up" would ensure that Sinclair was made whole at the new rates for the period of any contract extension. Rather than accept DISH's good faith offer, Sinclair Broadcast Group chose to begin the largest local channel blackout in the history of television, blocking DISH customers' access to 129 local channels in 79 markets, and intentionally harming and exploiting millions of innocent consumers to gain negotiating leverage for carriage of an unrelated cable channel that it hopes to acquire but does not own today.
August 17, 2015
16:15 EDTSBGIGlenhill Advisors reports 5.6% passive stake in Sinclair Broadcast
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August 16, 2015
14:24 EDTSBGIDISH, Sinclair reach short term contract extension, ask for stay on FCC action
DISH Network (DISH) and Sinclair Broadcast Group (SBGI) announced they have agreed to a short term contract extension as they continue to negotiate a new retransmission agreement. The current agreement was set to expire Saturday night. "The extension preserves DISH customer access to 153 local channels in 79 markets nationwide," said DISH. DISH is asking the Federal Communications Commission to stay action on its verified retransmission complaint and request for preliminary injunctive relief as the two parties continue to negotiate.
14:19 EDTSBGIDISH files FCC complaint against Sinclair ahead of potential channel blackout
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