Sinclair Broadcast Group announced Monday that it has entered into a definitive agreement to purchase the stock and broadcast assets of four television stations owned by Titan Television Broadcast Group (TTBG) $115.35 million. TVNewsCheck first reported on the sale on March 29. Sinclair also will assume TTBG agreements to provide sales and other services to two other stations. The TTBG stations are located in three markets and reach 1% of U.S. TV households. Completion of the transaction is subject to the customary closing conditions, including FCC approval and antitrust clearance.
Sinclair said it anticipates that the transaction will close and fund late in the third quarter/early in the fourth quarter of 2013. The company said it expects to fund the purchase price at closing, less the $11.5 million escrow deposit made at signing, through cash on hand and/or a previously committed delayed draw term loan A under Sinclair's recently amended bank credit facility.
Upon completion of the transaction, Sinclair will continue to provide the sales and other services to KXVO Omaha, Neb., and KMEG Sioux City, Iowa, that TTBG has historically provided.
The TTBG stations to be owned and operated, programmed or to which sales services will be provided, are:
Commenting on the transaction, David Smith, Sinclair president-CEO of Sinclair, stated: "We are pleased to bring the TTBG stations into the Sinclair portfolio. They will complement the California properties we are acquiring from Fisher, as well as add to our Iowa presence and give us our first stations in Nebraska. We welcome all of them to the Sinclair group."
Siouxland News on KMEG 14 and FOX 44 services the Sioux City Designated Television Market with four news casts each week day, Sioulxand News at Sunrise on KMEG 14, Siouxland News at Five on KMEG 14, Siouxland News at Nine on FOX 44, and Siouxland News at Ten on KMEG 14. KMEG 14 has been Sioux City's CBS affiliate since 1967, and provides network programs such as 60 Minutes, NCIS, The Mentalist, CSI, Two and a Half Men, and the Big Bang Theory, as well as Jeopardy and Wheel of Fortune in syndication. FOX 44 has been Sioux City's FOX affiliate since 1999 and provides network shows like The X Factor, American Idol, The New Girl, The Simpsons, and Family Guy. FOX 44 runs The Big Bang Theory, 30 Rock, The Office, Two and a Half Men, and more in syndication.
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