- A controversial plan by Sinclair Broadcast Group (SBGI -1.8%) to sell (but still run) stations in New York and Chicago to clear ownership-limit hurdles to its takeover of Tribune Media (TRCO -0.4%) is moving forward.
- In revised FCC filings, Sinclair says it's executed sales deals for WPIX in New York -- for $15M to a company controlled by the estate of the mother of Executive Chairman David Smith. And WGN in Chicago is set to go for $60M to a Maryland executive whose car dealership is controlled by Smith.
- Sinclair would also retain a buyback option in the deals.
- The company's also sought temporary authority to hold leading stations in Greensboro, N.C., and Indianapolis as it waits to hear whether it can keep them.
- Sinclair has 193 stations and would get an additional 42 stations in the Tribune deal; Nexstar (NXST -1.5%) has 170 stations, and Gray Television (GTN -1.8%) more than 100.
- Previously: Sinclair Broadcast to sell (but keep running) NY, Chicago stations (Feb. 22 2018)
- Now read: 5 Stocks For A Late-Stage Bull Market
Original article