The group has agreed to buy eight stations — one low power and seven full power — located in Pennsylvania and Florida. "Through each acquisition we continue to capture operating efficiencies and scale, as well as increase our cash flow for ongoing opportunities," says Sinclair CEO David Smith.
Sinclair To Buy 8 New Age Stations for $90M
Sinclair Broadcast Group continues to grow.
The group said Wednesday that it has entered into an agreement to purchase eight television stations — one low power and seven full power — owned by New Age Media for $90 million. The stations are located in three markets and reach .8% of the U.S. TV households.
The stations in DMA 54, Wilkes-Barre-Scranton, Penn., include:
• WOLF (Fox)
• WQMY (MyTV)
• WSWB (CW)
The stations in DMA 106, Tallahassee, Fla., include:
• WTLH (Fox)
• WTLF (CW)
And the stations in DMA 163, Gainesville, Fla., include:
• WGFL (CBS)
• WNBW (NBC)
• WMYG-LP (MyTV)
Completion of the transaction is subject to FCC approval.
In order to comply with FCC TV ownership rules, Sinclair will sell the license and related assets of WSWB, WTLH and WNBW to Cunningham Broadcasting Corp. and WTLF to Deerfield Media. New Age does not own the license assets of WSWB, WNBW and WTLH, but for many years, has provided services to these stations pursuant to existing shared services and joint sales agreements.
Sinclair will continue to provide sales and other non-programming support services to each of these stations, in addition to WTLH, pursuant to customary shared services and joint sales agreements.
David Smith, CEO of Sinclair, said he’s excited to add the stations to the group’s portfolio.
“Through each acquisition we continue to capture operating efficiencies and scale, as well as increase our cash flow for ongoing opportunities,” he said in a statement.