Baltimore-based Sinclair Broadcast Group Inc. said yesterday that it still plans to acquire Heritage Media Corp., despite yesterday's announcement that U.S. Department of Justice officials will challenge News Corp. Ltd.'s acquisition of Heritage because of potential antitrust implications.
The Justice Department's antitrust field office in San Francisco informed Dallas-based Heritage and Australian media giant News Corp. Ltd. of its decision after the close of the market.
The companies have agreed to give the regulators more time either to challenge the transaction or to allow it to close.
News Corp. recently agreed to buy Heritage for $1.35 billion, and agreed to sell Heritage's six television and 24 radio stations to Sinclair for $630 million in cash after the transaction.
Patrick Talamantes, director of corporate finance for Sinclair, said the company still wants Heritage, but he didn't know when the acquisition would be completed.
"We have to see how fast this gets resolved first," he said.
Shares of Sinclair fell $3.75 yesterday to close at $33.25.
Pub Date: 7/29/97