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February 26, 2013

Sinclair Broadcast Group inks deal to purchase WJAC-TV

One of the nation’s largest local TV broadcasting companies has inked a deal to purchase WJAC-TV and four other stations.

The Maryland-based Sinclair Broadcast Group, which owns, operates or is affiliated with 87 stations in 47 markets, announced Monday they have entered into a deal with WJAC parent company Cox Media Group to buy five stations’ stock and broadcast assets for $99 million, less $4.3 million in working capital adjustments.

Cox Media said in a press release that the move was one step in an ongoing effort to focus on fewer and larger media markets.

Sinclair (Nasdaq: SBGI) anticipates to close the deal in the second quarter of this year.

The deal must be approved by the Federal Communications Commission before becoming final.

Other stations involved in the deal include: KRXI and KAME, both in Reno, Nev., KFOX, based in El Paso, Texas, and WTOV, Wheeling, W.Va./Steubenville, Ohio.

 

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