New York, July 25 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service Sinclair Broadcast Group (NASDAQ: SBGI) has announced its agreement to purchase the broadcast assets of six television and the rights for two LMA’s collectively owned or operated by Newport Television for worth $412.5 billion. The outlook on the ratings remains stable.
In a research note published yesterday, the analysts state that the transaction has been subject to FCC approval and antitrust clearance and expected to close by the end of 4th quarter of 2012 or the beginning of 1st quarter of 2013.
The purchase price indicates an estimated 9.75x of EBITDA multiple for Newport and a preliminary 7.2x buyer EBITDA multiple for Sinclair incorporating planned operating synergies.
Also, SBGI had signed an agreement to purchase the assets of Bay Television Inc, which owns WTTA-TV in the Tampa/St. Petersbug, FL market for worth $40 million or less than a 7x buyer multiple.
SBGI has its headquarters in Hunt Valley, MD which was founded in 1986 and is a television broadcaster, which currently operates in 74 stations in 45 markets mainly through Sinclair Television Group Inc, the analysts say.
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