Sinclair Broadcast Group Inc. said yesterday that it is selling three radio stations in Norfolk, Va.,to Barnstable Broadcasting Inc. for $23.7 million in cash.
The Baltimore broadcasting company said it is shedding WFOG-FM and WGH-FM to comply with Federal Communications Commission rules that allow a company to have only four FM radio stations in a single market.
As a result of earlier acquisitions, Sinclair found itself with six FM stations in Norfolk. The company plans to keep its other four Norfolk FM stations.
Sinclair Treasurer Patrick J. Talamantes said WGH-AM was added to the sale "to sweeten the package."
Officials were unavailable for comment at Barnstable's headquarters in Newton, Mass.
The sale is subject to FCC and Justice Department approval. It is expected to close by early autumn. The three stations are being transferred to Barnstable through a temporary holding trust that Sinclair had established in deference to FCC station-ownership rules.
Pub Date: 4/08/99