Sinclair Broadcasting this morning unveiled third-quarter revenue of $180.8 million, which is down 3% from a year ago but beat Wall Street estimates, and the company used its sold earnings report to announce it has acquired eight TV stations from Freedom Communications for $385 million. The deal marks the second buy for Sinclair in two months after it purchased seven Four Point Media stations in September for $200 million. “It is our intent to continue evaluating television station transactions which are accretive and where we can use our expertise and presence to improve profitability and competitive position,” said Sinclair CEO David Smith. He also predicted that the fourth quarter will see low-teen percent growth in automotive spending as well as an upswing in political advertising revenue as the presidential elections ramp up. The company saw growth in automotive, retail, and schools during the third quarter, while services, media spending, telecommunications, and grocery were down the most. Year-over-year, Sinclair’s income was $19.2 million, or 24 cents a share, compared with $14.3 million, or 18 cents a share. It also today announced a cash dividend of $0.12 per share on the Company’s Class A and Class B common stock.
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This article was printed from http://www.deadline.com/2011/11/sinclair-to-buy-freedom-stations-for-385m/