Sinclsir Broadcst Group completed its $385 million acquisition of eight Freedom Communications stations.
Sinclair Closes Freedom Stations Purchase
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)