Sinclair Closes Freedom Stations Purchase

Sinclsir Broadcst Group completed its $385 million acquisition of eight Freedom Communications stations.

Sinclair Broadcast Group announced Monday that it has closed on its acquisition of the Freedom Communications broadcast assets for $385 million. The deal was announced last November.

Sinclair financed the acquisition and a portion of the closing costs with a draw under a recently raised $157.5 million incremental Term Loan A and a $192.5 million incremental Term B Loan commitment under its amended Bank Credit Facility, plus a $38.5 million cash escrow previously paid in November 2011.

Sinclair had been operating the Freedom stations since Dec. 1, 2011, under a local marketing agreement, while it awaited FCC approval.

The Freedom Television stations acquired are:

  • WPEC (CBS) West Palm Beach, Fla. (DMA 38)
  • WWMT (CBS) Grand Rapids-Kalamazoo-Battle Creek, Mich. (DMA 42)
  • WRGB (CBS) Albany, N.Y. (DMA 58)
  • WCWN (CW) Albany, N.Y. (DMA 58)
  • WTVC (ABC) Chattanooga, Tenn. (DMA 86)
  • WLAJ (ABC) Lansing, Mich. (DMA 115)
  • KTVL (CBS) Medford-Klamath Falls, Ore. (DMA 140)
  • KFDM (CBS) Beaumont-Port Arthur-Orange, Texas (DMA 141)

Comments (1)

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Jay Miller says:

April 3, 2012 at 12:07 pm

Poor Freedom employees. Now they are going to see what working for amateurs is really like!!!

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