Sinclair Broadcast Group (SBGI) announced after the bell Thursday that it entered into a definitive agreement to purchase the broadcast assets of 18 television stations owned by Barrington Broadcasting Group LLC for $370.0 million and entered into agreements to operate or provide sales services to another six stations.
The Company also reached an agreement with DirecTV on a new retransmission consent agreement and has entered into a short-term extension of its existing agreement in order to allow the parties to enter into a formal agreement.
Sinclair Broadcast Group gapped up Friday and has risen sharply in early trade. Shares are now up 1.30 at $15.38 on above average volume. The stock has broken out to a new high for the year.
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