This is the biggest of Sinclair’s recent deals to bulk up its TV station portfolio — and it’s one that also will make it a prominent player in Washington. When completed, expected by year end, Sinclair will pick up seven ABC affiliates including Washington DC’s WJLA, and DC’s NewsChannel 8 cable news service. ”To buy a full-blown news operation in our nation’s capital and an infrastructure that allows us to be connected to our branches of government and be at the pulse of national issues is a once-in-a lifetime event,” Sinclair CEO David Smith says. He adds that NewsChannel 8 could also provide a “perfect platform should we decide to expand it into other markets, especially given the amount of local news we produce across our entire portfolio.” If he follows through by creating cable channels in his markets that blend local and national news, then it would create a network that’s “the first of its kind and likely to bring significant synergies,” says Wells Fargo Securities’ Marci Ryvicker. She adds that after the deal, Sinclair stations will reach about 22% of U.S. households. Allbritton Communications CEO Robert Allbritton said in May that he planned to unload the stations to help him build his political news site Politico and “place additional bets on media companies that meet my definition of successful journalistic and business enterprises. Politico continues to carry no debt, funds all investment with operating income and will still turn a profit, again, in 2013. That is the textbook definition of a thriving, sustainable new media company.” Sinclair made it clear that it sees a bright future for broadcasting with acquisitions this year of Fisher Communications and Barrington Broadcasting. Sinclair shares are up 2% in early trading, and are +197% over the last 12 months. Here’s the release about today’s TV station deal with financial details:
David Chalian has been named VP of video programming at Politico, the site reported today. Chalian was fired as Yahoo News Washington Bureau Chief during the Republican National Convention after he was caught on open mic over a …
Ari Emanuel and Charlize Theron will be among the Hollywood A-listers joining Barack Obama and the political elite at this year’s White House Correspondent’s dinner Saturday night. Politico announced today that the WME CEO and Oscar-winning actress are coming to the WHCA as their guests. Also invited are Desperate Housewives’ Eva Longoria, a longtime Obama supporter; Hollywood stylist and Bravo star Rachel Zoe; Apprentice judge Ivanka Trump; and MPAA chairman Chris Dodd. Former Michigan governor and Current TV host Jennifer Granholm and FCC chairman Julius Genachowski also are invited. Of course, they all might be overshadowed by Lindsay Lohan, who is expected to be a guest of Fox News’ Greta Van Susteran.
(June 27, 2011)— The Random House Publishing Group, a division of Random House Inc., the largest English-language trade book publisher, announced today a new joint venture with POLITICO, the leading source for political news, to publish a series of four instant digital books on the 2012 Presidential Election. The books, which will be available exclusively in electronic form, to be published starting this fall, will give readers an unprecedented look behind the scenes of the election in real time, providing detail, color, in-depth analysis beyond the hourly headlines and commentary, and ultimately a look at the final results, and how and why it all happened.
The as-yet-untitled series will be reported and written by Mike Allen, POLITICO’s chief White House Correspondent and author of the renowned daily tip-sheet, Playbook, and Evan Thomas, award-winning writer and author. Each book will include exclusive reporting from the campaign trail and will chronicle the campaign as it unfolds.
The New York Times and Politico report that the Washington Post Co will sell Newsweek to Dr. Sidney Harman, a 91-year old stereo equipment magnate, philanthropist, and husband of U.S. Rep Jane Harman (D-Calif.). The NYT reports that Harman began selling FM radios in the 1950s. Now, he’ll have to prove that a print newsweekly isn’t the equivalent of the phonograph. He’ll do it without longtime editor Jon Meacham, who’s going to leave. Harman is paying $1, and absorbing Newsweek‘s “considerable financial liabilities”. Newsweek, which has been redesigned as it switched from hard news to trends and analysis, lost nearly $30 million last year alone,