Sinclair to Sell KOKH-TV to Sullivan; Sale Contingent on News Corporation-Heritage Merger
BALTIMORE, Aug. 6 /PRNewswire/ -- Sinclair Broadcast Group The Sinclair Broadcast Group (SBG) NASDAQ: SBGI is the operator of the largest number of local television stations in the United States with a total of 59 stations across the country in 38 primarily small and medium markets, many of which are located in the South and , Inc. (Nasdaq: SBGI) announced that it has signed a letter of intent to sell the assets of KOKH-TV, Oklahoma City, to Sullivan Broadcasting for $60 million in cash. KOKH-TV is currently owned by Heritage Media Corporation (NYSE NYSE
See: New York Stock Exchange : HTG HTG
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The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), and Sinclair is required to divest KOKH-TV pursuant to the terms of Sinclair's agreement to purchase the television and radio stations of Heritage Media. Sinclair's acquisition of the television and radio stations of Heritage Media is contingent on News Corporation's (NYSE: NWS) acquisition of Heritage Media. Each of these transactions is subject to FCC and Justice Department approval.
Sinclair Broadcast Group, Inc. is one of the nation's largest broadcast groups. Sinclair owns and/or provides programming services to 29 television stations in 21 separate markets, and owns, provides sales and programming services to, or has options to acquire, 34 radio stations in 8 separate markets. The television group reaches approximately 15% of U.S. television households and includes ABC, CBS, FOX, WB, and UPN affiliates. The radio group is one of the twenty largest groups in the United States.
SOURCE Sinclair Broadcast Group, Inc.
/CONTACT: David Amy, Chief Financial Officer, or Patrick Talamantes, Dir. of Corporate Finance, of Sinclair Broadcast, 410-467-5005/
/Sinclair Broadcast Group, Inc. press releases available through Company News On-Call by fax, 800-758-5804, ext. 110203, or at http://www.prnewswire.com/
(SBGI HTG NWS)
CO: Sinclair Broadcast Group, Inc.; Sullivan Broadcasting; Heritage Media
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LB-ZS -- PHW023 -- 3745 08/06/97 13:18 EDT http://www.prnewswire.com