The U.S. Federal Communications Commission on Thursday approved the $985 million deal between Sinclair Broadcast Group Inc and Allbritton Communications Co with divestitures and other conditions.The FCC's Media Bureau said Sinclair will divest the TV station in Harrisburg, Pennsylvania, and give up the licenses of Allbritton stations in Birmingham, Alabama, and Charleston, South Carolina, delivering programming there through so-called multi-casting on the signal of stations Sinclair already owns.Sinclair will also terminate a sharing arrangement in Charleston, South Carolina, the FCC said. Also, the originally proposed sidecar arrangements with Howard Stirk Holdings and Deerfield will not be included in the transaction, the regulators said.Sinclair had proposed such concessions in March in its deal with the Allbritton family, which publishes Politico, as the regulators began planning a crack down on TV stations that share advertising sales staff.
Sinclair Broadcast Group, Inc. is diversified television broadcasting company. Shares of SBGI fell by 1.32% or $-0.45/share to $33.53. In the past year, the shares have traded as low as $23.28 and as high as $37.50. On average, 1513040 shares of SBGI exchange hands on a given day and today's volume is recorded at 673084.
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