Sinclair Broadcast Group (SBGI) - Get Sinclair Broadcast Group, Inc. Class A Report today agreed to purchase Bonten Media Group's, an operator of leading local television stations across the U.S. television stations. 

The deal is for $240 million and is expected to be, on average, approximately $25 million accretive to Sinclair's free cash flow on an annualized basis.

Sinclair anticipates the deal closing in the third quarter of 2017.

"We look forward to welcoming the Bonten employees into the Sinclair family and are pleased to be growing our regional presence in several states where we already operate," CEO of Sinclair Chris Ripley said.

TheStreet Recommends

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click hereto listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)