BALTIMORE, Sept. 3, 2014 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the "Company" or "Sinclair") announced that it has entered into a definitive agreement to acquire KSNV (NBC) in Las Vegas, Nevada from Intermountain West for $120.0 million. The purchase price represents a 4.9x multiple of the average 2012-2013 cash flow, including synergies. Subject to receipt of necessary regulatory approvals and the satisfaction of standard closing conditions, the transaction is expected to close in the first quarter of 2015.
Sinclair currently owns two other stations in Las Vegas, KVCW (CW) and KVMY (MyNet). In order to comply with regulatory requirements, the Company intends to sell the FCC license and related assets (but not the programming) of one of the three stations in Las Vegas. Sinclair will use the multicast capabilities of the remaining two stations in order to continue to bring the viewing public all of the NBC, CW and MyNet network programming, which currently airs on the three stations.
"We are pleased to add KSNV to our portfolio," commented Steve Pruett, Co-Chief Operating Officer of Sinclair's television group. "With the addition of the station, our news footprint will cover all the major cities in the state of Nevada, allowing us to be a leading provider of local and regional news."
Sinclair Broadcast Group, Inc. is one of the largest and most diversified broadcasting companies in the country. Sinclair's television group will reach approximately 38.2% of U.S. television households, after pending transactions, and is affiliated with all major networks. Sinclair is a producer of original local news and sports content, and owns equity interests in broadcast transmission-related companies and various non-broadcast 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.