By Lorraine Mirabella, The Baltimore Sun
6:08 PM EDT, May 2, 2013
Hunt Valley-based Sinclair Broadcast Group Inc. said Thursday it has closed on the planned purchase of four television stations owned by Cox Media Group for $99 million in cash.
The broadcaster also priced its previously announced offering of Class A stock at $27.25 per share and said it is offering 18 million shares. The offering, to raise money for pending and future potential acquisitions, is expected to close May 7.
The Cox deal is one of three acquisitions the television station owner and operator announced in the past two months. The additions would make Sinclair the largest owner/operator of television stations in the United States, with 134 stations in 69 markets that would reach more than a third of all U.S. homes with televisions.
The Cox deal included an agreement to provide sales service to a fifth station. The properties include two FOX affiliates, in El Paso, Texas, and in Reno, Nevada; two NBC affiliates, in Johnstown/Altoona, Pa., and in Wheeling, W. Va./Steubenville, Ohio; and an MNT station in Reno, Nevada.
Copyright © 2013, The Baltimore Sun