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2014

Sinclair Announces Conversion and Settlement of 3.0% Notes

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BALTIMORE, Sept. 23, 2013 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) announced that the Company has received a conversion notice with respect to its 3.0% Convertible Senior Notes due 2027 (CUSIP No. 829226AW9) (the "Notes").  The Notes have an outstanding aggregate principal balance of $5.4 million.  Per the terms of the indenture governing the Notes (the "Indenture"), the Company intends to settle the conversion of the Notes, including any "Residual Amount" (as defined in the Indenture), entirely in cash.  The amount of the cash settlement will be determined at the end of the 20-trading-day measurement period that begins on September 24, 2013 and is expected to end on October 21, 2013.  The settlement is expected to occur on October 24, 2013.

(Logo: http://photos.prnewswire.com/prnh/20100119/PH39783LOGO )

On a pro forma basis assuming consummation of all previously announced acquisitions, Sinclair Broadcast Group, Inc., the largest and one of the most diversified television broadcasting companies in the U.S., will own and operate, program or provide sales services to 156 television stations in 76 markets.  Sinclair's television group will reach approximately 38.2% (24.0% for purposes of the 39% FCC ownership cap) of U.S. television households and will be affiliated with all major networks.  Sinclair's television portfolio will include 37 FOX, 29 ABC, 26 CBS, 23 CW, 20 MNT, 14 NBC, 5 Univision, one Azteca and one independent station.  Sinclair owns equity interests in various non-broadcast related companies.  The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net

Forward-Looking Statements: 
The matters discussed in this press release include forward-looking statements regarding, among other things, future operating results.  When used, the words "outlook," "intends to," believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements and information.  Such forward-looking information is subject to a number of risks and uncertainties.  Actual results in the future could differ materially and adversely from those set forth in the forward-looking information as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the ability of Sinclair Television Group, Inc., the Company's wholly-owned subsidiary, to obtain the necessary approvals to close on pending acquisitions, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our indebtedness as its comes due, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission.  There can be no assurance that the assumptions and other factors referred to will occur.  The Company undertakes no obligation to update such forward-looking information in the future except as required by law.

SOURCE Sinclair Broadcast Group, Inc.



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http://www.sbgi.net

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