06.26.2008 05:46 PM
Sinclair To Buy Raycom Station for $85 Million...
Sinclair Broadcast Group (NASDAQ:SBGI) is buying the CBS station and selling its Fox station in the Richmond, Va., market. Sinclair agreed to buy WTVR-TV (CBS 6) from Raycom Media for $85 million, and simultaneously sell the license assets of WRLH-TV (Fox 35) to Carma Broadcasting for an undisclosed sum.
Raycom acquired WTVR last year when it bought the TV properties of Lincoln Financial Media, which ended up with the station when it bought the Jefferson-Pilot Corp. in March 2006. Raycom already owned the NBC affiliate in Richmond, DMA No. 59, and could not have a second top affiliate in the market under FCC ownership rules.
Sinclair will continue to provide sales and non-programming related services to WRLH following the sale.
The transactions are subject to FCC approval and are expected to close late in the third quarter.