Sinclair finishes first phase of River City acquisition

Maryland Watch

June 04, 1996

Sinclair Broadcast Group Inc. has finished the first phase of its acquisition of St. Louis' River City Broadcasting, a deal that will make it the seventh-largest broadcasting company in the nation.

Baltimore-based Sinclair completed its acquisition of the "nonlicense assets" of River City on Friday. The assets include office space and television and radio equipment, said Pat Talamantes of River City, who has been named head of investor relations for Sinclair.

"In terms of the acquisition, this is by far the biggest piece of it," Talamantes said.

Sinclair will own or operate 28 television stations and 34 radio stations in 27 separate markets. The television group will reach 14.82 percent of the country and will include affiliates of ABC, CBS, NBC, Fox and UPN. The radio assets make up one of the top 10 radio groups in the country in number of stations owned or managed.

Talamantes said the transaction, which is valued at $1.2 billion, will be completed in phases.

Sinclair also has issued over 500,000 shares of stock options to approximately 175 employees of the combined companies.

Pub Date: 6/04/96

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