Sinclair Broadcast Group Closes on Acquisition of KRNV-TV in Reno, Nevada
BALTIMORE, Nov. 22, 2013 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the "Company" or "Sinclair") announced that it closed on the acquisition of the non-license assets of KRNV (NBC 7) in Reno, Nevada from Intermountain West for $26.0 million and entered into an agreement to operate or provide sales services to the station. The purchase price represents a 5.2x multiple of the average 2012-2013 cash flow including synergies. We expect to drop our San Francisco news share on our FOX station and replace it with a local Reno newscast.
On a pro forma basis assuming consummation of all announced transactions, Sinclair Broadcast Group, Inc., the largest and one of the most diversified television broadcasting companies, will own and operate, program or provide sales services to 164 television stations in 77 markets. Sinclair's television group will reach approximately 38.7% of U.S. television households (24.3% based on the FCC's calculation with the UHF discount) and will be affiliated with all major networks. Sinclair's television portfolio will include 39 FOX, 29 ABC, 26 CBS, 25 CW, 22 MNT, 15 NBC, 5 Univision, one Azteca and one independent station. Sinclair owns equity interests in broadcast transmission-related companies and 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.
SOURCE Sinclair Broadcast Group, Inc.