This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Media General To Acquire WHTM TV Of Harrisburg PA From Sinclair Broadcast Group

Media General, Inc. (NYSE:MEG) announced today a definitive agreement with Sinclair Broadcast Group, Inc. (Nasdaq:SBGI) under terms of which Media General will purchase WHTM TV, Channel 10, an ABC affiliate in Harrisburg, Pennsylvania, currently owned by Allbritton Communications, for $83.4 million in cash. Sinclair previously announced that it would seek to divest the station in connection with its pending acquisition of Allbritton’s broadcasting properties.

“WHTM TV is a marquee station in an attractive, capital-city market. It has a demonstrated, winning commitment to high-quality local news and programming and to its community. It fits perfectly with our Company,” said George L. Mahoney, President and Chief Executive Officer of Media General. “We look forward to welcoming WHTM to Media General and to building further on its many accomplishments.”

WHTM is the number-2 ranked television station in the 43rd-largest DMA in the country.

The transaction is subject to the closing of the Sinclair-Allbritton transaction, to typical regulatory clearances, and to customary closing conditions for a transaction of this nature.

About Media General

Media General, Inc. is a leading local television broadcasting and digital media company, providing top-rated news, information and entertainment in high quality broadcast markets across the U.S. The company owns or operates 31 network-affiliated broadcast television stations and their associated digital media and mobile platforms, in 28 markets. These stations reach 16.5 million, or 14%, of U.S. TV households. Sixteen of the 31 stations are located in the top 75 designated market areas. Media General first entered the local television business in 1955 when it launched WFLA in Tampa, Florida as an NBC affiliate.



Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs