Twenty-First Century Fox to buy seven television stations from Sinclair for $910 mn
10 May 2018
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Twenty-First Century Fox Inc, run by Rupert Murdoch, yesterday said that it is buying seven television stations from Sinclair Broadcast Group Inc and Tribune Media Company for about $910 million.
Sinclair is selling some stations to meet regulatory approval for its pending $3.9-billion acquisition of Tribune Media, while Disney is planning to acquire most of Fox for $52 billion although Rupert Murdoch’s family will retain the TV stations under a new Fox company.
Both Sinclair deals are contingent on the acquisition of Tribune Media closing succesfully.
Twenty-First Century Fox said that the proposed acquisition will expand Fox Television Stations' (FTS) coverage to nearly half of all US households, and its market presence to 19 of the top 20 DMAs, including the addition of key markets that align with Fox's sports rights.
Fox said the deal will let allow it compete in 19 of the top 20 markets, with a larger presence in the West.
Fox Television Stations is one of the largest owned-and-operated network broadcast groups in the US, comprising 28 stations in 18 markets and covering nearly 37.35 per cent of US television homes.
This includes six duopolies in the top 10 markets: New York, Los Angeles, Chicago, Dallas, Washington, D.C. and Houston; as well as duopolies in Minneapolis, Phoenix, Orlando and Charlotte.
Jack Abernethy, CEO of Fox Television Stations, said, "This transaction illustrates Fox's commitment to local broadcasting and we are pleased to add these stations to our existing portfolio.”
“With this acquisition, we will now compete in 19 of the top 20 markets and have a significantly larger presence in the west, which will enhance our already strong platform,” he added.
The stations being acquired by 21st Century Fox are:
