Sinclair Broadcast Group Inc. said yesterday that it has agreed to sell seven radio stations in Portland, Ore., and Rochester, N.Y., to Entertainment Communications Inc. for $126.5 million in cash.
The seven are part of a package of six television and 24 radio stations Sinclair has agreed to buy from Heritage Media Corp. for million.
Sinclair has agreed to sell some of the Heritage stations, such as a television station in Oklahoma City, because of federal concentration-of-media regulations. Chief Financial Officer David Amy said Sinclair did not have to sell the stations, but "we didn't think they were strategic assets."
The transaction is expected to close in the second quarter and is subject to Justice Department and Federal Communications Commission approval, Sinclair said.
Closely held Entertainment Communications is based in Bala Cynwyd, Pa.
Including pending transactions, Sinclair has agreements to acquire 45 television stations in 31 U.S. markets, covering 20 percent of the nation's television viewers. The company also owns or has agreed to buy 58 radio stations in 11 markets.
Pub Date: 1/28/98