SFX Broadcast Inc., a New York-based operator of radio stations, said yesterday that it will buy three Nashville, Tenn., radio stations for $35 million from Baltimore-based Sinclair Broadcasting Group, Inc.
The stations are WJZC-FM, WLAC-FM, and WLAC-AM.
Upon completion of the sale, Sinclair will own 31 radio stations. It also has agreements to buy 24 others.
Patrick Talamantes, Sinclair's director of corporate finance, declined to say why the company decided to sell the Nashville stations.
Sinclair Broadcast Group, which operates 29 TV stations, announced last week that it plans to raise $290 million from stock offerings to finance an expansion that includes the purchase of Heritage Media Group's television and radio stations.
SFX already operates two other radio stations in Nashville.
Publicly held SFX is the eighth largest radio broadcasting company in the United States. The deal brings the number of stations it owns to 74. Most of them are in the Southeast.
SFX is being acquired by Hicks Muse Tate & Furst Inc., a Dallas-based buyout firm, for $2.1 billion.
Pub Date: 8/29/97
