Cerberus Capital Management’s Four Points Media and Sinclair Broadcast Group have announced that the transaction moving television stations in four markets, a mixed group of full- and low-power facilities, is complete. It had been filed with the FCC 9/16/11.
The $200M deal included the following stations:
* KUTV (CBS 2) Salt Lake City, Utah (DMA 32)
* KMYU (MNT 9) Salt Lake City, Utah (DMA 32)
* KEYE (CBS 42) Austin, Texas (DMA 44)
* WTVX (CW 34) West Palm Beach/Fort Pierce, Florida (DMA 38)
* WTCN-CA (MNT 50) West Palm Beach/Fort Pierce, Florida (DMA 38)
* WWHB-CA (AZTECA 48) West Palm Beach/Fort Pierce, Florida (DMA 38)
* WLWC (CW 28) Providence, Rhode Island/New Bedford, Massachusetts (DMA 53)
At the time of the deal’s initial announcement, Sinclair’s David Smith said, “We are very excited about the acquisition of the Four Points television stations and welcome their employees into Sinclair. The stations, which are in prime middle-markets, are a perfect complement to our portfolio of assets and TV footprint. As we have discussed publicly, one of our bigger challenges has been how best to use our balance sheet to maximize shareholder returns, and grow and strengthen our portfolio of stations in an accretive manner. The Four Points acquisition will allow us to capitalize on operating synergies, including adding these stations under certain existing contracts, leading to both additional earnings and free cash flow next year. We estimate that on a pro forma basis with these synergies this transaction will grow cash flow by an incremental low teen percentage rate in 2012.”
