Subjects: TNM, PER
Standard Media Group LLC acquires 9 television stations from Sinclair Broadcast Group, Inc.
NEW YORK, April 24, 2018 /PRNewswire/ -- Standard Media Group LLC ("Standard Media"), an affiliate of Standard General L.P. (together with its affiliates, "Standard General"), announced today that it has entered into a definitive agreement with Sinclair Broadcast Group, Inc. ("Sinclair") to purchase nine television stations in seven markets for $441.7 million in cash (the "Transaction"). The sale is part of Sinclair's broader plan to divest stations in connection with the closing of its merger with Tribune Media Company ("Tribune"). Pursuant to the Transaction, Standard Media will acquire the following stations:
|
DMA Rank(1) |
City of License |
Station |
Affiliation |
|
41 |
Oklahoma City, OK |
KOKH-TV |
FOX |
|
43 |
Grand Rapids-Kalamazoo-Battle Creek, MI |
WXMI |
FOX |
|
45 |
Harrisburg-Lancaster-Lebanon-York, PA |
WPMT |
FOX |
|
48 |
Greensboro-High Point-Winston Salem, NC |
WXLV-TV |
ABC |
|
55 |
Richmond-Petersburg, VA |
WRLH-TV |
FOX |
|
57 |
Wilkes Barre-Hazelton-Scranton, PA |
WOLF-TV(2) WSWB(2) WQMY(2) |
FOX CW MY |
|
68 |
Des Moines-Ames, IA |
KDSM-TV |
FOX |
|
(1) |
Represents television designated market areas ("DMAs") according to the Nielsen Company. The numbers in the column represent the ranking in terms of size of the DMA out of the 210 generally recognized DMAs in the United States. |
|
(2) |
Sinclair is not the licensee of these stations and will only be selling the assets of such stations that Sinclair owns, together with its right to purchase the licenses of the stations. |
After closing the Transaction, Standard Media will own stations in strong geographically diverse markets, including four state capitals. These acquisitions advance Standard Media's goal of swiftly building a substantial broadcast television group with a strong and diverse voice.
Standard General is pleased that industry veteran Deb McDermott has agreed to lead the Company as CEO. She brings over twenty years of experience leading broadcast groups, most recently as Chief Operating Officer of Media General and the Chief Executive Officer and President of Young Broadcasting. This experience includes successfully acquiring and integrating more than 90 stations in her career. During her tenure at Young Broadcasting, she guided that Company through a series of successful mergers, including transformative transactions with Media General and Lin Media, and finally a sale to Nexstar Broadcasting. Ms. McDermott is also a member of the Broadcasting & Cable Hall of Fame and has served as Chair of the National Association of Television Program Executives (NATPE), Chair of the ABC Affiliate Board of Governors, and as a member of the Boards of the National Association of Broadcasters (NAB) and the Television Bureau of Advertising (TVB).
"The stations we are acquiring in this transaction have tremendous potential in excellent markets. We are excited to work with the talented station teams established by Sinclair and Tribune and grow the business for years to come. Following this transaction, Standard Media will be well positioned to make further accretive acquisitions and we believe there is a compelling market opportunity to create another large player in the consolidating broadcast TV industry," said Ms. McDermott.
The Transaction is subject to regulatory approval, the closing of the Sinclair / Tribune merger and other customary closing conditions. The transaction is expected to be completed in conjunction with the closing of the Sinclair / Tribune merger.
RBC Capital Markets acted as exclusive financial advisor and Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Standard Media in connection with this transaction. RBC Capital Markets is sole lead arranger on the committed debt financing in support of the Transaction.
About Standard General
Standard General was founded in 2007 and has been a SEC-registered Investment Adviser since 2009. The firm primarily manages capital for public and private pension plans, endowments, foundations, and high net worth individuals.
Contact:
Standard General L.P.
Jennifer Pape
[email protected]
(212) 257-4701
SOURCE Standard Media Group LLC
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