NEWS RELEASE
July 16, 1997 Contact: David B. Amy, Chief Financial Officer
Baltimore, MD Patrick Talamantes, Dir. of Corporate Finance
Sinclair Broadcast Group, Inc. (410) 467-5005
Reed Nolte, VP-Investor Relations
News Corporation, (212) 852-7092
SINCLAIR TO ACQUIRE HERITAGE MEDIA STATIONS
DEAL TO ADD 6 TV STATIONS AND 24 RADIO STATIONS
Sinclair Broadcast Group, Inc. today announced that it has entered into an
asset purchase agreement to acquire the radio and television stations of
Heritage Media Group for $630 million in cash upon the closing of Heritage's
merger agreement with The News Corporation Limited, which remains subject to
regulatory approval. The acquisition is expected to occur in the first quarter
of 1998. The stations and their markets are as follows:
Television Stations:
Market Market Rank Station Affiliation
- -------------------------------- ----------- ---------------------------- -----------
Oklahoma City, Ok 43 KOKH-TV (Ch.25) FOX
Charleston-Huntington, WV 56 WCHS-TV (Ch. 8) ABC
Mobile, Al-Pensacola, FL 61 WEAR-TV (Ch. 3) ABC
WFGX-TV (Ch. 35) (LMA) WB
Burlington, VT-Plattsburgh, NY 91 WPTZ-TV (Ch. 5) NBC
WNNE-TV (Ch. 31) (simulcast) NBC
WFFF-TV (Ch. 44) (LMA) FOX
Radio Stations:
Market Market Station Format
- ------------------- ------- ------- ---------------------
St. Louis, MO 17 WRTH-AM Adult Standards
WIL-FM Country
KIHT-FM 70s Rock
Portland, OR 24 KKSN-AM Adult Standards
KKSN-FM 60s Oldies
KKRH-FM 70s Rock
Kansas City, MO 26 KCAZ-AM Children's
KCFX-FM 70s Rock
KQRC-FM Active Rock
KCIY-FM Smooth Jazz
KXTR-FM Classical
Milwaukee, WI 28 WEMP-AM 60s Oldies
WMYX-FM Adult Contemporary
WAMG-FM Rhythmic Contemporary
Norfolk, VA 33 WGH-AM Sports Talk
WGH-FM Country
WVCL-FM 60s Oldies
New Orleans, LA 38 WBYU-AM Adult Standards
WEZB-FM Adult Contemporary
WRNO-FM 70s Rock
Rochester, NY 45 WBBF-AM Adult Standards
WBEE-FM Country
WKLX-FM 60s Oldies
WQRV-FM Classic Hits
The transaction is expected to be financed entirely with bank borrowings.
Under the terms of the agreement, Sinclair is required to divest KOKH-TV,
Oklahoma City, prior to closing. The transaction is subject to FCC and Justice
Department approval.
Sinclair Broadcast Group, Inc. is one of the nation's largest broadcast
groups, owning and/or providing programming services to 29 television stations
in 21 separate markets, and owning, providing sales and programming services to,
or having options to acquire, 34 radio stations in 8 separate markets. The
television group reaches approximately 15% of U.S. television households and
includes ABC, CBS, FOX, WB, and UPN affliliates. The radio group is one of the
twenty largest groups in the United States.
Sinclair Broadcast Group's Class A common stock is traded on the NASDAQ
National Market System under the ticker symbol "SBGI."
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