Sinclair buys Freedom stations for $385 mil

The price suits Sinclair Broadcast Group to acquire to station acquisition mode. The business on Wednesday revealed a deal to buy eight mid-sized market Tv producers from Irvine-based Freedom Communications for $385 million. Sinclair's pact with Freedom happens the heels of the $200 million deal inked lately to buy seven stations from Four Points Media, a partnership partner of non-public equity giant Cerberus Capital Management. The Freedom and Four Points purchases were attractive to Sinclair because the station were offered by a somewhat inexpensive and they're going to enhance the company's business by supplying it multiple stations in areas including Palm Beach Gardens, Fla., and Albany, N.Y., according to Sinclair chief financial officer David Amy. Although local stations in small- and mid-sized areas are actually using a rough few years among bigger economic turmoil, Sinclair remains bullish on broadcast -- they may be expected from one of the nation's greatest station entrepreneurs. Amy mentioned the additions in the Freedom and Four Points stations would drive 40% rise in their free earnings. Sinclair is famous because of its skill at blending top earnings from the stations, specifically in areas where it has several. Baltimore-based Sinclair continued to be mainly on the sidelines about five years ago when private equity finance finance players like Cerberus began getting upset up Tv producers at much greater multiples than Sinclair is needing to pay now. "This didn't appear sensible for people to obtain available and compete in the private equity finance finance males. We mentioned in those days, 'Wait five years, you will notice us acquiring again.' " Freedom's acquisition of their broadcast characteristics happen to be expected following the organization completed its personal personal bankruptcy reorg a year ago. Freedom has 27 daily newspapers, like the Oc Register, among other print and digital guides. Another Freedom areas are Knoxville, Tenn., Medford, Ore., Beaumont, Texas and Grand Rapids and Lansing, Mich. Contact Cynthia Littleton at cynthia.littleton@variety.com