The broadcaster has purchased 30 TV stations in mid-sized markets over the past 18 months.
"We believe there are many more opportunities to acquire quality assets and to unlock hidden value, including in the smaller markets, such as where the [Cox] stations operate," said Sinclair CEO and President David Smith in a statement. "We believe our platform size and leadership position allow us to bring meaningful purchasing power and negotiating leverage to these stations."
Sinclair plans to finance the purchase price, less a $5 million deposit and $4.3 million in working capital adjustments, through a bank loan and by accessing the capital markets. The transaction requires
The Cox stations include two Fox affiliates, in El Paso, Tex., and in Reno, Nev., two
Sinclair's stock was up 22 cents at $14.07 a share at midday.