Sinclair to Buy Pappas Stations for $31.25 Million

BALTIMORE and LINCOLN, NE.—Sinclair Broadcast Group has purchased the Pappas stations in Nebraska, according to the transaction broker, Kalil & Co., of Tuscon, Ariz. The transaction was valued at $31.25 million. Pappas filed for bankruptcy in 2008.

According to Kalil, “a contract has been signed and an application has been filed with the FCC. David Stapleton, Trustee, Pappas Liquidating Trust, Sole Shareholder, for Pappas Telecasting of Central Nebraska, Lincoln Broadcasting, LLC, and Pappas Telecasting of Lincoln, and Sinclair Television Group, Inc., have signed a contract and filed with the FCC for the transfer of KHGI-TV, Kearney, KWNB-TV, Hayes Center, KHGI-CD, North Platte, KHGI-LD, O’Neil, KWNB-LD, McCook, and KFXL-TV, Lincoln, all located in the state of Nebraska and serving the Lincoln-Hastings-Kearney DMA and North Platte DMA.

“The Delaware Bankruptcy Court approval has been granted and the closing of this transaction is contingent upon FCC approval.

“The Pappas Liquidating Trust also owns television stations KCWI/KDMI, Des Moines, Iowa and WLGA-TV, Opelika, Alabama.

“Sinclair owns, operates, programs and/or provides sales services to 164 television stations in 79 markets. Sinclair’s television group includes affiliations with ABC, CBS, CW, FOX, MyTV, NBC, Azteca, Telemundo, and Univision. Sinclair Broadcast Group, Inc. is traded on the NASDAQ Global Select Market under the ticker symbol SBGI. KHGI-TV, Ch. 13, KWNB-TV, Ch. 6, KHGI-CD, Ch. 27, KHGI-LD, Ch. 27, and KWNB-LD, Ch. 29, are ABC affiliates.

“KFXL-TV, Ch. 15, is a Fox affiliate.

“Kalil & Co. is the exclusive broker for this transaction.”