Sinclair Broadcast Group will purchase the eight-station Freedom Communications station group for $385 million, the company announced today. The deal will be reviewed by the FCC and is expected to cl0se early next year.
Sinclair announced the deal in conjunction with the company’s third-quarter earnings report, which included net broadcast revenues of $151.7 million. Compared to the same quarter last year, revenue dipped 4.5%, mostly due to lack of political advertising, according to Sinclair.
Until the deal closes, Sinclair will operate the stations under a local marketing agreement. In September, Sinclair announced the purchase of Four Points Media, a seven-station, $200 million purchase.