BALTIMORE—Sinclair Broadcast Group announced today that it has entered into an agreement to sell the assets of WHTM-TV, the ABC affiliate in Harrisburg, Pa., to Media General. The company also announced that it entered into an agreement to sell the non-license assets of Fox affiliate WTAT-TV in Charleston, S.C. to Cunningham Communications, which owns the license assets.
The stations are being sold for a combined $97.4 million sale price, representing an approximate 9.1x multiple of the stations’ 2-year average cash flow. The sales are part of Sinclair’s larger acquisition of the Allbritton Communications television stations in order to comply with regulatory rules in an effort to obtain approval of the Allbritton transaction by July 27, 2014. Sinclair has no option on the stations and will not guarantee the debt of or provide sales services for these stations. Sinclair anticipates it will be able to close on the Allbritton transaction in the third quarter of 2014, pending customary approvals and a waiver from the FCC.
Moelis & Company LLC served as Sinclair’s exclusive financial advisor in connection with the sale of WHTM-TV.
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