Sinclair to Sell Burlington/Plattsburgh TV Stations; Also Completes Purchase of Certain Heritage TV Stations
David Smith, President of Sinclair, said, "The stations in Burlington-Plattsburgh are outside of our strategic focus. We will attempt to use the acquisition capacity freed up by this sale to pursue additional acquisition opportunities that are consistent with that focus."
Sinclair also announced that it had completed the acquisitions of WEAR-TV and an LMA for WFGX-TV in Mobile, Alabama-Pensacola, Florida as well as the acquisition of WCHS-TV in Charleston-Huntington, West Virginia, from Heritage. Sinclair anticipates the closing of the remaining Heritage stations to occur as the FCC grants the related license applications.
Separately, Sinclair announced that it had purchased an option from Sullivan Broadcasting to acquire KOKH-TV in Oklahoma City at an exercise price of $60 million. Sullivan acquired KOKH-TV from Heritage last week. Concurrently with Sinclair's purchase of the KOKH-TV option, Sullivan purchased an option from Sinclair to acquire WCHS-TV at an exercise price of $30 million. The options have exercise periods of fifteen-years and become exercisable in the event that FCC regulations change to permit ownership of two stations in one market. Currently, Sinclair owns KOCB-TV in Oklahoma City and Sullivan owns WVAH-TV in Charleston-Huntington. Sinclair made a net payment to Sullivan of $30 million in connection with the options.
Sinclair Broadcast Group, Inc. is one of the nation's largest broadcast groups. Sinclair owns and/or provides programming services or has agreements to acquire 42 television stations in 30 separate markets, and owns, provides sales and programming services to, or has agreements or options to acquire, 58 radio stations in 11 separate markets. Sinclair's television group will reach approximately 19.2% of U.S. television households upon the closing of pending acquisitions and includes ABC, CBS, FOX, NBC, WB, and UPN affiliates. Sinclair's radio group is one of the top ten groups in the United States.
SOURCE Sinclair Broadcast Group, Inc.
/CONTACT: David Amy, Chief Financial Officer, or Patrick Talamantes, Director of Corporate Finance, 410-467-5005, both of Sinclair/
/Company News On-Call: http://www.prnewswire.com or fax, 800-758-5804, ext. 110203/
CO: Sinclair Broadcast Group, Inc.; STC Broadcasting ST: Maryland IN: ENT SU:
KH -- NYW076 -- 1592 02/04/98 08:02 EST http://www.prnewswire.com