Sinclair Broadcast Group Inc. announced yesterday that it was selling three New Orleans radio stations to Centennial Broadcasting LLC for $16 million. The sale is subject to approval by the Federal Communications Commission and the Department of Justice, and is expected to close within four months.
David Amy, chief financial officer for Baltimore-based Sinclair, said the company is selling the stations "just to comply with regulations," including FCC rules on how many stations one broadcaster can hold in a single market.
The stations being sold are WRNO-FM, KMEZ-FM and WBYU-AM. Of these, Sinclair currently owns only KMEZ. It is still awaiting federal approval to complete its acquisition of WRNO and WBYU, which it bought from Heritage Media Group last July as part of a $630 million multi-station package.