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SOURCE Sinclair Broadcast Group, Inc.
BALTIMORE, June 23, 2014 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced today that it has entered into an agreement to sell the assets of WHTM-TV (ABC) in Harrisburg, PA to Media General. The Company also announced that it entered into an agreement to sell the non-license assets of WTAT-TV (FOX) in Charleston, SC to Cunningham Communications, which owns the license assets. The stations are being sold for a combined $97.4 million sale price, representing an approximate 9.1x multiple of the stations' 2-year average cash flow. The sales are part of Sinclair's larger acquisition of the Allbritton Communications television stations in order to comply with regulatory rules in an effort to obtain approval of the Allbritton transaction by July 27, 2014. Sinclair has no option on the stations and will not guarantee the debt of or provide sales services for these stations. Sinclair anticipates it will be able to close on the Allbritton transaction in the third quarter of 2014, pending customary approvals and a waiver from the FCC.
Moelis & Company LLC served as Sinclair's exclusive financial advisor in connection with the sale of WHTM-TV.
Sinclair Broadcast Group, Inc. is headquartered in Hunt Valley, Maryland, north of Baltimore, Maryland, and has other executive offices in Tampa, Florida, Chicago, Illinois and Seattle, Washington. Sinclair is one of the largest and most diversified television broadcasting companies, having affiliations with all of the major networks. For more information, please visit Sinclair's website at www.sbgi.net.
The matters discussed in this release, include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," 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 and in addition to the assumptions identified in this release, but not limited to, the ability to satisfy the closing conditions for the Allbritton station acquisitions and potential dispositions discussed in this release, Sinclair's previously announced acquisitions, and any required license asset third party transactions, including obtaining required governmental and shareholder approvals, Sinclair's ability to obtain financing for the Allbritton station acquisitions and Sinclair's previously announced acquisitions, Sinclair's ability to successfully integrate the Allbritton stations, and the stations from its previously announced acquisitions and to maximize Sinclair's operating synergies in connection therewith, successful execution of Sinclair's small market strategy, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial markets, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television Network and MyNetworkTV programming, Sinclair's news share strategy, its local sales initiatives, the execution of retransmission consent agreements, its ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any other risk factors set forth in the Sinclair's most recent reports on Form 10-Q, Form 10-K and Form 8-K, as 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. Sinclair undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
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