Register Parent Strikes Deal to Sell TV StationsWednesday, November 2, 2011
Irvine-based Freedom Communications Inc. has agreed to sell its eight television stations to Hunt Valley, Maryland-based Sinclair Broadcast Group Inc. for $385 million.
Freedom also owns about 100 newspapers, magazines and other publications, including its flagship Orange County Register in Santa Ana.
The sale of the TV stations requires approval from Freedom shareholders and the Federal Communications Commission.
Freedom shareholder approval must come by Nov. 8, according to terms of the sale agreement.
The deal is expected to close by the end second quarter of next year.
Freedom placed itself on the sales block earlier this year, inviting offers to buy either all or parts of the company.
Freedom has been in on-and-off talks with Denver-based MediaNews Group Inc. to sell the Register and the rest of the company’s portfolio of publications.