NEW YORK (TheStreet) -- Sinclair Broadcasting Group (SBGI) shares are climbing today after the company announced that it has extended its affiliation agreements with News Corporation's (NWSA) Fox Networks through Dec. 31, 2012.
The company's previous outsourcing agreement had been due to expire on March 31, 2012.
The programming licensing agreement with Fox allows Sinclair to enter into retransmission consent agreements with distributors.
Sinclair operates of 20 Fox-affiliated TV stations across the nation while its entire television group reaches approximately 22% of U.S. television households.Meanwhile, Sinclair and Time Warner Cable (TWC) still remain in a retransmission deal stalemate. The companies avoided a blackout on Jan. 1 by extending their agreement by two weeks. Negotiations continue under the deal extension which ends on Jan. 14. If Sinclair pulls its stations, it would impact about 4 million Time Warner customers, the Associated Press said. Sinclair shares are gaining more than 1.8% today to $8.30. -- Written by Theresa McCabe in Boston.
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