The transaction between Sinclair and New Age Media will move eight stations in three Nielsen DMAs – involving a significant but not huge amount of broadcast real estate. But it ultimately involves not two but five companies.
“We are excited to be adding the New Age stations to our portfolio, growing our presence in Pennsylvania and Florida, and further diversifying our affiliation mix,” said Sinclair President/CEO David at the time of the deal announcement. “Through each acquisition we continue to capture operating efficiencies and scale, as well as increase our cash flow for ongoing opportunities.”
Three stations are owned by Eugene Brown’s MPS Media and have been operated by John Parente’s New Age in LMA arrangements. Technically, they will be transferred to New Age and dealt to Sinclair as part of the overall package.
But as far as the FCC applications forms go, two are being sold by MPS to Cunningham Broadcasting and one other is being sold by MPS to Deerfield Media. Additionally, one application has a station going directly from New Age to Cunningham.
Cunningham is headed by Michael Anderson; Deerfield by Stephen Mumblow.
Here is how it all breaks down:
Overall deal from New Age to Sinclair
Wilkes-Barre-Scranton
WOLF-TV Fox Hazleton
WQMY-TV MNT Williamsport
WSWB-TV CW Scranton PA
Sinclair already owns NBC WTWC-TV in this market
Tallahassee FL
WTLH-TV Fox Bainbridge GA
WTLF-TV CW Tallahassee
Gainesville FL
WGFL-TV CBS High Springs
WNBW-DT NBC Gainesville
WMYG-LP MNT Lake City
Tallahassee FL sub- deal #1
WLTH-TV is going from New Age to Sinclair, and Sinclair is assigning the purchase rights to Cunningham for $4.184M. The ensuing JSA will utilize the traditional 70/30 split in favor of Cunningham, and Cunningham will pay an initial $272K monthly service fee. If ever permitted, Sinclair has an option to acquire the station for the same $4.184M.
Tallahassee sub-deal #2
WLTF is going from MPS to Deerfield for $840K. There will be a 70/30 JSA, a monthly service fee of a modest $8,635 and Sinclair will have the option to purchase for $472K.
Wilkes Barre sub-deal
Cunningham is getting WSWB-DT from MPS for $890K, and will enter into a 70/30 JSA, pay a monthly $58,540 service fee. The option purchase price will be $1.09M.
Gainesville sub- deal
WNBW-DT goes to Cunningham from MPS for $620K. It calls for the usual 70/30 JSA, a service fee of $78.6K per month and a $448K purchase option price.
