July 29 Sinclair Broadcast Group Inc
said it will acquire eight television stations from the
Allbritton family for $985 million, the latest deal in a flurry
of activity to purchase local broadcasters.
Allbritton, which is also the publisher of Politico, has 9
ABC affiliated broadcast TV stations in markets throughout the
United States, including Birmingham, Alabama and Tulsa,
Oklahoma. It also operates a 24-hour cable news network in
Washington, D.C., considered the jewel of the portfolio.
The transaction, announced on Monday, follows Tribune's
acquisition of Local TV and Gannett Co's
purchase of Belo Corp.
Sinclair's stock rose 1.3 percent to $30.16.
"To buy a full-blown news operation in our nation's capital
and an infrastructure that allows us to be connected to our
branches of government and be at the pulse of national issues is
a once-in-a lifetime event," Sinclair President David Smith said
in a statement.
Baltimore-based Sinclair is the largest U.S. TV broadcasting
group, with stations in Minneapolis, Salt Lake City and Austin,
Texas, according to the company.
Including the Allbritton deal, Sinclair's net revenue would
have been $1.8 billion in 2012.
Moelis & Co served as financial adviser to Allbritton.