The $115.35 million deal, first reported in March, adds three Fox, two CW and one CBS affiliates in California, Nebraska and Iowa to Sinclair’s portfolio.
Sinclair Broadcast Group announced Monday that it has entered into a definitive agreement to purchase the stock and broadcast assets of four television stations owned by Titan Television Broadcast Group (TTBG) $115.35 million. TVNewsCheck first reported on the sale on March 29. Sinclair also will assume TTBG agreements to provide sales and other services to two other stations. The TTBG stations are located in three markets and reach 1% of U.S. TV households. Completion of the transaction is subject to the customary closing conditions, including FCC approval and antitrust clearance.
Sinclair said it anticipates that the transaction will close and fund late in the third quarter/early in the fourth quarter of 2013. The company said it expects to fund the purchase price at closing, less the $11.5 million escrow deposit made at signing, through cash on hand and/or a previously committed delayed draw term loan A under Sinclair’s recently amended bank credit facility.
Upon completion of the transaction, Sinclair will continue to provide the sales and other services to KXVO Omaha, Neb., and KMEG Sioux City, Iowa, that TTBG has historically provided.
The TTBG stations to be owned and operated, programmed or to which sales services will be provided, are:
- KMPH Fresno, Calif. (Fox) DMA 55
- KFRE Fresno, Calif. (CW) DMA 55
- KPTM Omaha, Neb. (Fox) DMA 75
- KXVO Omaha, Neb. (CW) DMA 75
- KMEG Sioux City, Iowa (CBS) DMA 147
- KPTH Sioux City, Iowa (Fox) DMA 147
Commenting on the transaction, David Smith, Sinclair president-CEO of Sinclair, stated: “We are pleased to bring the TTBG stations into the Sinclair portfolio. They will complement the California properties we are acquiring from Fisher, as well as add to our Iowa presence and give us our first stations in Nebraska. We welcome all of them to the Sinclair group.”