Sinclair Broadcast Group Inc. of Baltimore announced yesterday that it has agreed to sell all or part of three small television stations in New England and upstate New York to STC Broadcasting Inc. for $72 million.
Sinclair Chief Financial Officer David Amy said his company is selling WPTZ of Plattsburgh, N.Y., and WNNE of Hartford, Vt., and is turning over to STC the management of WFFF of Burlington, Vt.
The three stations were part of a package of six television and 24 radio stations Sinclair agreed to buy from Heritage Media Group for $630 million, a deal announced in July.
Amy said that Sinclair is focusing on medium-sized markets, and that the three stations are too small. "They don't meet our strategic profile," he said.
Roy Winnick, a spokesman for St. Petersburg, Fla.-based STC, said, "We've been looking for the opportunity to build a portfolio of middle-market and smaller-market TV stations."
The sale is expected to close by the end of this spring and is subject to federal regulatory approval.
Sinclair shares closed at $46.50 on the Nasdaq market yesterday, down 62.5 cents.
Pub Date: 2/05/98
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