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Sinclair Broadcast buying eight stations for nearly $1B

Sinclair Broadcast Group Inc.'s buying spree continued Monday when the Hunt Valley broadcaster announced its largest deal to date at nearly $1 billion.

Sinclair plans to buy eight larger-market television stations, including NewsChannel 8 and the ABC affiliate in Washington for $985 million.

It is buying the stations from Allbritton Communications, the Arlington, Va.-based parent of the Politico website, which plans to focus on its Internet-based media business.

The deal, which Sinclair will pay for either with a bank loan or by tapping the capital markets, is expected to close in the fourth quarter.

If the acquisition is approved by the Federal Communication...