Bloomberg News reports Sinclair Broadcast Group is weighing more acquisitions after attempting to “steal Belo Corp. from the clutches of Gannett Co.” Gray Television, LIN Media and Raycom Media are seen as potential acquisition targets:
Sinclair twice tried to top Gannett’s offer for Belo in the days before the shareholder vote, said people familiar with the matter, who asked not to be named because the process was private. Sinclair first sought to assemble a deal with various Belo shareholders, and then attempted to put together an offer with private-equity firm CVC Capital Partners Ltd., the people said. Neither effort led to a bid, they said, and Belo shareholders approved Gannett’s $1.5 billion offer on Sept. 25.
After missing out on Belo’s 20 TV stations, Hunt Valley, Maryland-based Sinclair may have to settle for alternatives. Gray, Lin and Raycom Media Inc. may be potential targets, said Paul Sweeney, a Bloomberg Industries analyst. In two years, Sinclair has announced $2.8 billion of deals as stations negotiate higher fees from cable systems. U.S. TV and broadcast deals have reached $8.7 billion this year, the most since 2007, according to data compiled by Bloomberg.