BALTIMORE, June 24 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group,
Inc. (Nasdaq: SBGI) announced today that it has agreed to buy the assets of
WTVR-TV (CBS 6) in the Richmond-Petersburg, Virginia market from Raycom
Media, Inc. for $85.0 million and simultaneously sell the license assets of
WRLH-TV (FOX 35) to Carma Broadcasting, LLC. Following the sale of WRLH,
Sinclair will continue to provide sales and other non-programming related
services to WRLH. The transactions are subject to the Federal
Communications Commission's (FCC) approval and are expected to close late
in the third quarter 2008.
Sinclair Broadcast Group, Inc., one of the largest and most diversified
television broadcasting companies, will own and operate, program or provide
sales services to 58 television stations (59 stations after the announced
purchase) in 35 markets after the sale. Sinclair's television group reaches
approximately 22% of U.S. television households and is affiliated with all
major networks.
Forward-Looking Statements:
The matters discussed in this press release include forward-looking
statements regarding, among other things, future results and future
valuations of stations. When used in this press release, the words
"believes," "expects," and similar expressions are intended to identify
forward-looking statements. Such statements are subject to a number of
risks and uncertainties. Actual results in the future could differ
materially and adversely from those described in the forward-looking
statements as a result of various important factors, including changes in
broadcast regulations, court rulings, valuations of broadcast properties,
and the other risk factors set forth in the Company's most recent reports
on Forms 10-K and 10-Q filed with the Securities and Exchange Commission.
There can be no assurances that the assumptions and other factors referred
to in this release will occur. The Company undertakes no obligation to
publicly release the result of any revisions to these forward-looking
statements.
SOURCE Sinclair Broadcast Group, Inc.
 back to top
Related links:
http://www.sbgi.net
http://www.prnewswire.com/comp/110203.html /
CONTACT:
David Amy, EVP & CFO, or Lucy Rutishauser,
Treasurer, +1-410-568-1500, both of Sinclair Broadcast Group,
Inc.
|
