By Jeremy Allen |
jallen42@mlive.com MLive.com
on November 26, 2013 at 12:00 PM, updated November 26, 2013 at 12:12 PM
FLINT, MI – The Baltimore, Md.-based Sinclair Broadcast Group closed on its acquisition of 18 television stations owned by Barrington Broadcasting Group, LLC, including Flint-area stations NBC Channel 25 and CW Channel 46, and WBSF in the Flint-Saginaw-Bay City-Midland markets.
The transaction, which was approved by the FCC, is worth $370 million and includes a total of 24 stations in 15 markets across Michigan, Ohio, South Carolina, New York, Texas, Iowa, Missouri, Georgia, Colorado and Illinois.
"(In late February), we launched our small market television group when we announced we would be acquiring certain COX Media television stations," said David Smith, president and CEO of Sinclair. "The Barrington stations are an important part of that strategy, providing meaningful scale to the group. … [W]e believe the Barrington stations can generate approximately $71.0 million of cash flow, on average."
Due to FCC ownership conflict rules, Sinclair also sold its station in Syracuse, NY, WSYT (FOX), and assigned its local marketing agreement and purchase option on WNYS (MNT) in Syracuse, NY. The company will also sell its station in Peoria, IL, WYZZ (FOX).
Calls to Sinclair were not immediately returned.