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)