Cox Media Group agreed to sell five TV stations in...
Cox Media Group agreed to sell five TV stations in four markets to Sinclair and Deerfield Media. Sinclair will buy KFOX-TV El Paso, Texas, WJAC-TV Johnstown, Pa., KRXI-TV, Reno, Nevada, and WTOV-TV Steubenville, Ohio. Deerfield will buy KAME-TV Reno but…
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Sinclair will operate it. Citi will be Cox’s financial adviser and Dow Lohnes its transaction and regulatory counsel, Cox said. Sinclair said it agreed to pay $99 million less a $4.3 million working capital adjustment. Sinclair said it set up a new subsidiary, Chesapeake TV through which it will buy small-market TV stations. Sinclair said it expects the transactions to close before July.