KRCG TV is getting new ownership. Sinclair Broadcast Group, Inc. has purchased KRCG and 17 others in the Barrington Broadcasting Group for $370 million. The sale needs FCC approval, but allows Sinclair to enter the arena of small market TV in a competitive environment.
In addition to the Barrington stations, Sinclair entered into agreements to operate or provide sales services to another six stations. The 24 stations are located in 15 markets and reach 3.4% of the U.S. TV households.
The new acquisitions will be held under a new subsidiary called Chesapeake TV. Chief Operating Officer Steve Pruett says â?? Chesapeake TV represents a tremendous opportunity to build scale and efficiency and to strengthen competitive positioning in small markets by applying Sinclair's resources, discipline and management systems, which in my observation are world class. Our vision is big, and with the backing of Sinclair, we have what it takes to execute it.â??
The sale is expected to be complete in the second quarter of 2013.
Sinclair Broadcast Group, Inc., one of the largest and one of the most diversified television broadcasting companies, will own and operate, program or provide sales services to 112 television stations in 61 markets. Sinclair's television group will reach approximately 29.8% of U.S. television households and is affiliated with all major networks. Sinclair s television portfolio will include 27 FOX, 20 MNT, 20 CW, 17 ABC, 15 CBS, 11 NBC, one independent and one Azteca station. Sinclair also owns equity interests in various non-broadcast related companies.