Sinclair buys Freedom stations for $385 mil

The cost suits Sinclair Broadcast Group to obtain back to station acquisition mode. The organization on Wednesday revealed an offer to purchase eight mid-sized market Tv producers from Irvine-based Freedom Communications for $385 million. Sinclair's pact with Freedom occurs the heels of their $200 million deal inked recently to purchase seven stations from Four Points Media, a joint venture partner of non-public equity giant Cerberus Capital Management. The Liberty and Four Points purchases were appealing to Sinclair since the station were offered at a comparatively low cost and they'll raise the company's share of the market by providing it multiple stations in marketplaces including Palm Beach Gardens, Fla., and Albany, N.Y., based on Sinclair chief financial officer David Amy. Although local stations in small- and mid-sized marketplaces happen to be via a rough couple of years among larger economic turmoil, Sinclair remains bullish on broadcast -- they can be expected from among the nation's biggest station proprietors. Amy stated the additions from the Freedom and Four Points stations would drive 40% development in the business's free income. Sinclair is renowned for its skill at compressing top income from its stations, particularly in marketplaces where it is the owner of several. Baltimore-based Sinclair remained totally on the sidelines about 5 years ago when private equity finance gamers like Cerberus started nipping up Tv producers at much greater multiples than Sinclair is having to pay now. "It did not seem sensible for all of us to get out there and compete from the private equity finance men. We stated at that time, 'Wait 5 years, you will see us obtaining again.' " Freedom's purchase of their broadcast qualities have been expected after the organization completed its personal bankruptcy reorg this past year. Freedom is the owner of 27 daily newspapers, such as the Oc Register, among other print and digital guides. Another Freedom marketplaces are Knoxville, Tenn., Medford, Ore., Beaumont, Texas and Grand Rapids and Lansing, Mich. Contact Cynthia Littleton at cynthia.littleton@variety.com