The Baltimore-based broadcast group has closed its private offering of $550 million worth of senior unsecured notes due in 2024 and will use that money, along with $400 million in loans, to buy Allbritton. The station group reportedly cleared the last hurdle blocking approval of the deal last week by agreeing to a settlement with the Department of Justice’s Antitrust Division.
Seeing the writing on the wall at the Federal Communications Commission, Sinclair Broadcast Group said late Thursday it would restructure its deal to buy Allbritton’s TV group. As part of the restructuring, Sinclair will no longer propose to enter into shared service and joint sales agreements in three markets where it is adding ABC affiliates from Allbritton.
Local newspapers and broadcasters today are seeking content management systems that are faster and more complex than ever before. And while vendors are constantly developing new products to keep up with evolving demands, the industry is facing contraction. “There are just too many players, and nobody is really big enough to have any control,” says Internet Broadcasting’s Elmer Baldwin. “There are some that just aren’t going to survive.” Part two of a three-part special report. Read part one here