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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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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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