Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) plans to buy 18 television stations around the country currently owned by Barrington Broadcasting Group, LLC, including several in Syracuse.
The $370 million deal is expected to close in the second quarter. In addition to the purchase, Sinclair also reached agreements to operate or provide sales services to six other Barrington stations.
All together, the 24 stations reach 15 markets and 3.4 percent of U.S. television households, according to Sinclair.
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The Syracuse stations involved in the deal are WSTM, the local NBC affiliate, WTVH, the local CBS affiliate, and WSTQ, the CW. Sinclair will sell a station it currently owns in Syracuse, local Fox affiliate WYST, and assign its local marketing agreement and purchase option on another, WNYS, to comply with Federal Communications Commission ownership rules.
“This week, we launched our small market television group when we announced we would be acquiring certain of the COX Media television stations,” Sinclair President and CEO David Smith said in a news release. “The Barrington stations are an important part of that strategy, providing meaningful scale to the group. Including synergies, we believe the Barrington stations can generate approximately $71 million of cash flow, on average.
“When combined with the COX stations, we expect our expertise and resources to create approximately $29 million in synergistic, incremental cash flow, equating to approximately $232 million of added equity value or $2.85 per share.”
Once the COX and Barrington deals close, Sinclair will own and operate, program, or provide sales services to 112 stations in 61 markets.
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