BALTIMORE — Sinclair Broadcast Group announced Wednesday morning that Fox Broadcasting Company is a purchaser of KSTU Fox 13 as well as several other television stations.
Sinclair’s divestiture of the television stations is part of the Federal Communications Commission’s regulatory approval process to clear the way for Sinclair to buy the majority of TV stations owned by Tribune Media Company based in Chicago, Illinois.
The FCC required Sinclair to divest of stations in markets where it already owns one or more television stations. In Salt Lake City, Sinclair owns television station KUTV.
The move is expected to allow the regulatory review process to move forward, and the FCC is expected to open up a public comment period which will likely last for 6 weeks.
The other television stations to be sold to Fox include KCPQ in Seattle, Washington; KDVR in Denver, Colorado; KSWB in San Diego, California; KTXL in Sacramento, California; WSFL in Miami, Florida and WJW in Cleveland, Ohio.
In a news release, Sinclair said the divested stations are being sold for a combined $1.5 billion of gross sales proceeds plus another approximately $100 million in retained working capital that will convert to cash after the deal is closed.
Once the overall purchase of Tribune television stations is complete, Sinclair will own, operate or provide services to 215 television stations in 102 markets, making it one of the largest television broadcasting companies in the country.