Sinclair to buy stake in Acrodyne

November 24, 1998|By BLOOMBERG NEWS

NEW YORK -- Sinclair Broadcast Group Inc. agreed yesterday to buy about 32 percent of Acrodyne Communications Inc., maker of TV transmitters, for $7.1 million.

Sinclair, the Baltimore-based owner of radio and television stations in mostly midsize U.S. markets, will pay $4.3 million for 1.4 million shares of newly issued Acrodyne common stock and warrants to buy up to 8.7 million shares over seven years at prices ranging from $3 to $6 a share.

In addition, Sinclair will acquire about 800,000 shares currently held by Scorpion/Newlight investment group for about $2.8 million. Blue Bell, Pa.-based Acrodyne said it will use the money to retire debt and develop new products and for general operating expenses.

Pub Date: 11/24/98

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