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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 20, 2014
11:22 EDTSBGISinclair Broadcast agrees to swap TV stations with Media General
Sinclair Broadcast Group (SBGI ) announced that it has entered into a definitive agreement to purchase the broadcast assets of one television station in Providence, RI owned by Media General (MEG), two television stations in Green Bay, WI owned by LIN Media (LIN) and one television station in Savannah, GA owned by WTGS Television and operated by LIN through a shared services arrangement. The three markets represent 1.2% of U.S. television households. Simultaneously, Sinclair will sell Media General the broadcast assets of three stations in two markets upon the completion of the LIN/Media General merger. The company's previously announced sale of WHTM in Harrisburg is expected to close in September. The combination of all stations being sold to Media General represents 1.9% of U.S. television households.In addition and as part of the transactions, Sinclair will pay a net cash price of $31M for an additional $3.4M of cash flow being swapped. In addition, the company expects to generate an additional approximately $2M of synergies on the acquired stations.
August 10, 2014
18:36 EDTSBGITake profits in Gannett, Barron's says
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