Published: Wed, April 25, 2018
Entertaiment | By Paul Elliott

Sinclair To Sell TV Stations Related To Closing Tribune Media Acquisition

Sinclair To Sell TV Stations Related To Closing Tribune Media Acquisition

If approved, FOX 17 is one of nine stations that would be sold to Standard Media, LCC, which is owned by Standard General, a hedge fund based in NY.

In a further attempt to secure regulatory approval for its proposed acquisition of Tribune Media, Sinclair Broadcast Group announced Tuesday that it has deals lined up to sell 23 TV stations to several buyers.

Another significant buyer on Sinclair's list is Standard Media, which is acquiring nine TV stations in markets including Oklahoma City, Grand Rapids, Michigan, Harrisburg, Pennsylvania, Richmond, Virginia, and Des Moines, Iowa.

Sinclair and Tribune have been negotiating a sale of up to 10 stations to 21st Century Fox, and those talks are still proceeding.

As proposed in May the deal would leave Sinclair reaching more than 70 percent of USA homes, exceeding an ostensible national limit of 39 percent. The company is seeking approval from the FCC as well as antitrust regulators at the Justice Department.

"After a very robust divestiture process, with strong interest from many parties, we have achieved healthy multiples on the stations we are divesting", said Chris Ripley CEO of Sinclair, in a statement.

CW affiliates KDAF-TV (CW 33)/DALLAS and KIAH-TV (HOUSTON'S CW)/HOUSTON are now on the spinoff list, but are going to CUNNINGHAM BROADCASTING CORP., a shell company owned by trusts for family members of SINCLAIR principals, and will be operated by SINCLAIR.

Moelis & Co. served as Sinclair's financial adviser on the TV station deals.

The agreements include selling KPLR-TV to Meredith, which also owns KMOV-TV in St. Louis.

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