Fox Broadcasting Co. will buy some of the 23 Sinclair Broadcast Group television stations that the broadcaster will sell in its bid to win federal approval of its proposed $3.9 billion takeover of Tribune Media.
Fox is buying seven stations for $1.5 billion, plus another $100 million in working capital, Hunt Valley-based Sinclair said Wednesday. The deal with Fox does not involve stations where Sinclair will continue to provide services after the deal closes.
The news sent Sinclair shares soaring, with shares closing up 9.3 percent Wednesday at $29.85 each.
Fox joins other