Fox confirms it will buy seven TV stations from Sinclair

Fox confirms it will buy seven TV stations from Sinclair

Fox confirms it will buy seven TV stations from Sinclair

And the company expects another 14% hike in the second quarter.

In connection with trying to get regulatory approval - and to rebuff anti-competitive concerns in merging with $4.6 billion Tribune Media - Sinclair now has agreements to sell 23 TV stations to Standard Media Group LLC, 21st Century Fox, Meredith Corp., Howard Stirk and Cunningham Broadcasting Corp. This is horrifying given the fact according to the Pew Research Center, 82 percent of Americans trust their local news stations more than national news broadcasts.

It was announced today, Wednesday, May 9, that, as expected, Cleveland's WJW Channel 8 is among the seven stations the Sinclair Broadcast Group and Tribune Media will sell to 21st Century Fox.

Fox said the deal will let it compete in 19 of the top 20 markets, with a larger presence in the West. This expansion will further enrich our valuable alignments with the NFL, including our new Thursday Night Football rights, Major League Baseball and college sports assets. "We are also happy to add many talented Tribune employees to our group, some of whom we know well".

Two of the Sinclair stations are in California, and the rest are in Colorado, Florida, Ohio, Utah and Washington. Now Fox has emerged as that buyer.

The timing was ideal, as Sinclair's Q1 results weren't so terrific.

In Q1, net income fell to $43.1 million (42 cents per share), from $57.2 million (61 cents).

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