Sinclair Paid $4.65 Million for Dielectric
Purchase price revealed as Baltimore-based television broadcaster reports Q2 earnings
August 8, 2013
That’s how much Sinclair Broadcast Group paid SPX Corp. for Dielectric. We had reported when the deal was announced in June the figure was rumored to be under $5 million. SPX originally said in May it would shut down Dielectric by June 29 to focus on its other businesses.
Now Sinclair has reported the exact purchase amount in its second quarter financial results.
Net broadcast revenues from continuing operations were $532.2 million for the six months ended June 30, a 30.3% increase versus $408.5 million, for the same period a year ago. In May, the broadcaster closed on a $99 million purchase of four television stations from Cox. In July, Sinclair announced an agreement to buy seven ABC affiliates in Washington, as well as local cable/satellite news outlet NewsChannel 8, from the Allbritton family for a deal valued at about $985 million.
Since April 1, the broadcaster has announced agreements to acquire 35 additional stations bringing the total number of acquired or announced stations in the past two years to 91.
Sinclair had characterized the Dielectric purchase as “a logical choice” given that it already owns Acrodyne Services, which installs and services transmitters and mobile DTV upgrades. The broadcaster describes Dielectric as the nation’s largest manufacturer of broadcast television, radio and wireless antennas, transmission lines, and RF systems.
Radio World reported earlier this month the Raymond, Maine-based Dielectric now has a new website and is sharing new contact information with customers.