Aiming to appease regulators and accelerate the closing of its $3.9 purchase of Tribune Media, Sinclair Broadcast Group says it will sell 23 TV stations in 18 markets to six different buyers. The spinoffs add seven new markets to the original 11 the company had earmarked for sale back in February.
Tribune Media CEO Peter Kern said Sinclair’s latest move was intended to “pave the way for regulatory approval” of the blockbuster deal.
The buyers include Cunningham Broadcasting, Standard Media Group, Howard Stirk Holdings, Meredith Corp, a company affiliated with the CEO of Maryland-based Atlantic Automotive Corp. and a sixth party that hasn’t been announced.
“After a very robust divestiture process, with strong interest from many parties, we have achieved healthy multiples on the stations we are divesting,” Sinclair president and CEO Chris Ripley said in a statement. “While we continue to believe that we had a strong and supportable r
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