As Sinclair Broadcast Group continues to streamline its portfolio of local TV stations ahead of federal regulatory approval of its acquisition of Tribune Media, it has sold seven station to 21st Century Fox for $910 million. The deal had long been rumored as “New Fox” (what will remain after most of the company is sold to Disney or Comcast) repositions itself around broadcast TV, sports and local news.

The stations include KCPQ in Seattle; WSFL in Miami; KDVR in Denver; WJW in Cleveland; KTXL in Sacramento; KSWB in San Diego and KSTU in Salt Lake City. After the purchase, Fox Television Stations will reach nearly half of all U.S. households, with presence in 19 of the top 20 DMAs. Many of the markets line up with Fox’s sports rights.

Sinclair Broadcast Group; Tribune Media

In a separate announcement, Sinclair said it has finalized plans to sell $1.5 billion worth of station assets and in its newly downsized form will reach 62% of U.S. households, but 37.4% according to FCC rules limiting station ownership. CEO Chris Ripley and other executives will provide updates on the transaction during a conference call with Wall Street analysts to discuss quarterly results.

21st Century Fox has also entered into new network affiliation agreements with Sinclair (and licensees of certain stations to which Sinclair provides services), and will grant Sinclair options to acquire two of its stations, the CW-affiliate WPWR in Chicago, IL, where FTS currently has a duopoly, and FOX-affiliate KTBC in Austin, TX for potential proceeds of approximately $15 million and $160 million, respectively.

“This transaction illustrates Fox’s commitment to local broadcasting and we are pleased to add these stations to our existing portfolio,” said Jack Abernethy, CEO of Fox Television Stations. “With this acquisition, we will now compete in 19 of the top 20 markets and have a significantly larger presence in the west, which will enhance our already strong platform. This expansion will further enrich our valuable alignments with the NFL, including our new Thursday Night Football rights, MLB and college sports assets. We are also happy to add many talented Tribune employees to our group, some of whom we know well.”

In an email to Tribune employees, interim CEO Peter Kern wrote, “Fox has long been an important partner for Tribune Media. We are the largest Fox-affiliated station group in the country, so there is already great familiarity between our companies and our people, and I expect our stations will enjoy tremendous success as part of the Fox family. Importantly for all of us, this announcement should set the stage for the FCC’s regulatory review to move forward.”

The station transfer from Sinclair to Fox is expected to close in the second half of 2018 and will be reviewed by regulators scrutinizing the $4.6 billion Sinclair-Tribune deal.</s>The news of the purchase of stations in key NFL markets, such as Denver, Miami and Seattle, comes after Fox's $52.4 billion December mega-deal to sell large parts to Walt Disney.

21st Century Fox has struck a deal to acquire seven TV stations from Sinclair Broadcast Group for $910 million.

The news of the purchase of stations in key NFL markets, such as Denver, Miami and Seattle, comes after Fox's $52.4 billion December mega-deal to sell large parts to Walt Disney.

The acquisition of the stations in deal with Sinclair and Tribune Media, will strengthen so-called New Fox, which after the Disney deal will consist of the Fox broadcast network, TV stations, Fox News and Fox Sports. Fox, led by CEO James Murdoch and executive co-chairmen Rupert and Lachlan Murdoch, currently owns 28 stations in 17 markets, including New York, Los Angeles, Chicago, Dallas, San Francisco, Washington, D.C., and Houston.

Jack Abernethy, CEO of Fox Television Stations, said: "This transaction illustrates Fox's commitment to local broadcasting and we are pleased to add these stations to our existing portfolio. With this acquisition, we will now compete in 19 of the top 20 markets and have a significantly larger presence in the west, which will enhance our already strong platform. This expansion will further enrich our valuable alignments with the NFL, including our new Thursday Night Football rights, MLB and college sports assets. We are also happy to add many talented Tribune employees to our group, some of whom we know well."

For Sinclair, the station sale could help get regulators' approval for its proposed $3.9 billion acquisition of Tribune Media, which would make it the largest U.S. TV station owner. The Fox deal covers key markets where Sinclair would own two so-called full power stations after the Tribune transaction, which current Federal Communications Commission rules don't allow. The FCC has been reviewing the Sinclair-Tribune and has been looking for divestitures.

Fox also entered a new network affiliation agreements with Sinclair (and licensees of certain stations to which Sinclair provides services) and is granting Sinclair options to acquire two of its stations, the CW affiliate WPWR in Chicago and Fox-affiliate KTBC in Austin for potential proceeds of approximately $15 million and $160 million, respectively.

The completion of the seven-station deal is anticipated for the second half of the calendar year.

B. Riley FBR analyst Barton Crockett previously said that any Fox-Sinclair deal for stations would "pretty much wipe out lingering fears of a corrosive split between Fox and Sinclair." After all, there had been talk that Fox could split with Sinclair and buy Ion to compete with it. "But if that were happening, we don’t think there’s any way Sinclair would sell its stations to Fox, as there clearly could be other buyers," Crockett said. "A potential sale also suggests an okay resolution of reverse compensation talks [between the two companies]."</s>Sinclair Broadcast Group — seeking government approval to acquire Tribune Media and its 42 television stations — has agreed to sell seven of those Tribune-owned stations to 21st Century Fox’s TV ownership group, the companies announced Wednesday.

Fox agreed to pay $910 million for the stations, five of which are in markets with NFL teams. Fox recently expanded its rights deal with NFL to carry Thursday night prime-time games.

Fox is depending on live sports to be the centerpiece of its broadcast TV operations after it sells its entertainment production studios and cable networks. It has agreed to make that sale to Walt Disney Co. for $52.4 billion, although Comcast has been exploring a bid that would eclipse Disney’s offer, according to two people close to the situation who were not authorized to comment.

Sinclair, based in Maryland, is awaiting government approval for its $3.9-billion deal to acquire Tribune Media. But the purchase would cause Sinclair to own stations that reach more than 39% of U.S. households — putting it over the government’s limit. So it has to arrange to sell some.

“This announcement should set the stage for [the Federal Communications Commission’s] regulatory review to move forward,” Tribune Media’s interim chief executive, Peter Kern, said in a memo to his staff.

The stations in the deal are KSWB in San Diego, KTXL in Sacramento, KCPQ in Seattle, KDVR in Denver, KSTU in Salt Lake City, WJW in Cleveland and WSFL in Miami.

The deal also gives Sinclair the option to buy Fox-owned stations in Chicago and in Austin, Texas. Sinclair also has renewed its affiliate agreements to carry the Fox network on 34 of its stations.

Last month, Sinclair agreed to sell 23 stations to bring the Tribune deal in compliance with FCC ownership rules on TV stations.

Both proposed sales would occur after the close of Sinclair’s acquisition of Tribune Media. The deal would give Sinclair ownership or operational control of 215 TV stations in 102 markets.</s>REUTERS: Twenty-First Century Fox Inc said on Wednesday it agreed to buy seven television stations from Sinclair Broadcast Group Inc for about US$910 million.

The company said the deal would grow Fox Television Stations' coverage to nearly half of all U.S. households, and its market presence to 19 of the top 20, including the addition of key markets that align with Fox's sports rights.

The channels being acquired will allow Fox to gain access to important U.S. National Football League markets, including Seattle and Denver.

The sales are to allow Sinclair to gain the regulatory approval it needs to seal its purchase of Tribune Media .</s>21st Century Fox has cut a deal with Sinclair Broadcast Group and Tribune Media to buy seven major-market Fox affiliate stations for $910 million.

The deal had been expected. Sinclair needs to divest a number of stations as part of its pending acquisition of Tribune Media. Fox had long eyed the stations, most of which are in lucrative NFL markets. Local TV will be even more crucial to the financial performance of Fox once it completes the $52.4 billion sale of its studio and key cable assets to Disney.

The markets involved in the deal are: Seattle, Miami, Denver, Cleveland, San Diego, Sacramento, and Salt Lake City.

Jack Abernethy, CEO of Fox Television Stations, said: “This transaction illustrates Fox’s commitment to local broadcasting and we are pleased to add these stations to our existing portfolio. With this acquisition, we will now compete in 19 of the top 20 markets and have a significantly larger presence in the west, which will enhance our already strong platform. This expansion will further enrich our valuable alignments with the NFL, including our new Thursday Night Football rights, MLB and college sports assets. We are also happy to add many talented Tribune employees to our group, some of whom we know well.”</s>Sinclair Broadcast Group (NASDAQ:SBGI) confirms it's reached a deal with Fox Broadcasting (FOX , FOXA ) to sell it seven TV stations for about $910M, a move made to secure approval for Sinclair's $4.6B acquisition of Tribune Media (NYSE:TRCO).

Reports late last month had pegged Fox as the likely buyer of the seven stations, part of a bigger divestiture listing of 23 Sinclair/Tribune stations to be unloaded to satisfy regulators.

Sinclair is still arranging to provide services to some of those stations (an arrangement drawing criticism over whether that really reduces its influence); excluding those, the divested stations are being sold for a combined $1.5B in gross sales proceeds and another $100M in retained working capital.</s>NEW YORK (AP) - Media company Twenty-First Century Fox is buying seven TV stations from Sinclair Broadcast Group for $910 million.

The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. Meanwhile, Disney is pursuing a $52 billion takeover of much of Fox, though TV stations will stay with Rupert Murdoch's family under a new Fox company.

Two of the stations are in California. The others are in Colorado, Florida, Ohio, Utah and Washington.

FILE - In thisOct. 12, 2004, file photo, Sinclair Broadcast Group, Inc.'s headquarters stands in Hunt Valley, Md. Media company Twenty-First Century Fox is buying seven TV stations from Sinclair Broadcast Group for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. (AP Photo/Steve Ruark, File)

Fox says the deal will let it compete in 19 of the top 20 markets, with a larger presence in the West.

In April, Sinclair sold off nine TV stations to Standard Media Group for $441.7 million.

Both of the sales are contingent on the acquisition of Tribune Media closing.

This story has been corrected to state that Fox TV stations will remain with Murdoch family.</s>(AP Photo/Steve Ruark, File). FILE - In thisOct. 12, 2004, file photo, Sinclair Broadcast Group, Inc.'s headquarters stands in Hunt Valley, Md. Media company Twenty-First Century Fox is buying seven TV stations from Sinclair Broadcast Group for $910 m...

NEW YORK (AP) - Media company Twenty-First Century Fox has agreed to buy seven TV stations from Sinclair Broadcast Group for $910 million.

The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. Meanwhile, Disney is pursuing a $52 billion takeover of much of Fox, though TV stations will stay with Rupert Murdoch's family under a new Fox company.

Two of the Sinclair stations are in California, and the rest are in Colorado, Florida, Ohio, Utah and Washington.

Fox said the deal will let it compete in 19 of the top 20 markets, with a larger presence in the West.

In April, Sinclair agreed to sell nine TV stations to Standard Media Group for $442 million.

Both Sinclair deals are contingent on the acquisition of Tribune Media closing. The Fox deal is expected to close in the second half of the year.

Sinclair received widespread attention after news reports in April showed dozens of Sinclair news anchors reading an identical script expressing concern about "one-sided news stories plaguing the country." At the time, President Donald Trump tweeted his support of the network.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.</s>NEW YORK — Media company Twenty-First Century Fox is buying seven TV stations from Sinclair Broadcast Group for $910 million.

The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. Meanwhile, Disney is pursuing a $52 billion takeover of much of Fox, though TV stations will stay with Rupert Murdoch’s family under a new Fox company.

Two of the stations are in California. The others are in Colorado, Florida, Ohio, Utah and Washington.

Fox says the deal will let it compete in 19 of the top 20 markets, with a larger presence in the West.

In April, Sinclair sold off nine TV stations to Standard Media Group for $441.7 million.

Both of the sales are contingent on the acquisition of Tribune Media closing.

This story has been corrected to state that Fox TV stations will remain with Murdoch family.</s>Jack Abernethy, CEO of Fox Television Stations, said "This transaction illustrates Fox's commitment to local broadcasting and we are pleased to add these stations to our existing portfolio. With this acquisition, we will now compete in 19 of the top 20 markets and have a significantly larger presence in the west, which will enhance our already strong platform. This expansion will further enrich our valuable alignments with the NFL, including our new Thursday Night Football rights, MLB and college sports assets. We are also happy to add many talented Tribune employees to our group, some of whom we know well."

21st Century Fox has also entered into new network affiliation agreements with Sinclair (and licensees of certain stations to which Sinclair provides services), and will grant Sinclair options to acquire two of its stations, the CW-affiliate WPWR in Chicago, IL, where FTS currently has a duopoly, and FOX-affiliate KTBC in Austin, TX for potential proceeds of approximately $15 million and $160 million, respectively.

Completion of the stations acquisition by 21st Century Fox is anticipated for the second half of this calendar year, subject to the satisfaction of customary closing conditions, including regulatory approvals, and is expected to be coordinated with the closing of Sinclair's proposed acquisition of Tribune.

About Fox Television Stations

FOX Television Stations is one of the nation's largest owned-and-operated network broadcast groups, comprising 28 stations in 18 markets and covering nearly 37.35 % of U.S. television homes. This includes six duopolies in the top 10 markets: New York, Los Angeles, Chicago, Dallas, Washington, D.C. and Houston; as well as duopolies in Minneapolis, Phoenix, Orlando and Charlotte.

About 21st Century Fox

21st Century Fox is one of the world's leading portfolios of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching more than 1.8 billion subscribers in approximately 50 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, FOX Sports, Fox Sports Network, National Geographic Channels, Star India, 28 local television stations in the U.S. and more than 350 international channels; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and a 50 per cent ownership interest in Endemol Shine Group. The Company also holds approximately 39.1 per cent of the issued shares of Sky, Europe's leading entertainment company, which serves nearly 23 million households across five countries. For more information about 21st Century Fox, please visit www.21CF.com.
Fox buys seven TV stations from Sinclair Broadcast Group for US$910 million.