KDSM to be sold as part of Sinclair's acquisition of Tribune Media

Joann Johnston
April 25, 2018

A sign on the Sinclair Broadcast building is seen in a buisness district October 12, 2004 in Hunt Valley, Maryland.

The previous plan to spin off TRIBUNE CW affiliates WPIX (TV) (PIX11)/NEW YORK and WGN-TV/CHICAGO to new shell companies and continue to operate them has been partially changed, with the CHICAGO station being sold to shell company "WGN-TV LLC" but operated and sold under joint sales and shared services agreements. Meredith Corp. would buy one.

Potential buyers for the remaining 14 other stations have not been finalized. At the time, President Donald Trump tweeted his support of the network.

It would also do so for the Sinclair-owned KUNS station in No. 2 Seattle market, as well as KMYU in Salt Lake City and Tribune's KAUT-TV in Oklahoma City - all of which would be sold to Howard Stirk. The company is seeking approval from the FCC as well as antitrust regulators at the Justice Department.

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Last year's earnings per share was $1.66, while now analysts expect change of 6.02 % up from current $1.76 earnings per share. Greenlight Capital reported 1.11% stake. (NYSE:TWX). 13,091 were accumulated by Chesley Taft Associates Limited Liability.

Sinclair anticipates closing near the end of the second quarter of 2018, pending customary closing conditions, including approval by the Federal Communications Commission and antitrust clearance, as applicable. The company has had to increase the level of divestitures in order to push the transaction through.

Sinclair owns 193 stations across the country.

WPIX is not listed among the stations being sold by Sinclair. Moelis & Company served as exclusive financial advisor to Sinclair on these transactions. In a move related to the Sinclair-Tribune acquisition, Meredith Corp. of Des Moines has announced that it will purchase KPLR of St. Louis.

Fox declined to comment.

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