Fox Is Buying 7 Sinclair-Owned Television Stations for $910 Million

WJW Channel 8 Cleveland's news leader in many time slots including mornings with anchors Stefani Schaefer left and Wayne Dawson is being sold to 21st Century Fox

Sinclair Broadcast Group and Tribune Media have sold seven television stations to 21st Century Fox, including WJW Cleveland's Fox Channel 8.

"As expected and reflected in our first quarter guidance, advertising revenue was soft, largely due to the lack of Olympics and Super Bowl on many of our stations, with the auto category coming off its recent highs from past year". Sinclair needs to divest a number of stations as part of its pending acquisition of Tribune Media.

Once the overall purchase of Tribune television stations is complete, Sinclair will own, operate or provide services to 215 television stations in 102 markets, making it one of the largest television broadcasting companies in the country. "We are also happy to add many talented Tribune employees to our group, some of whom we know well", Jack Abernethy, CEO of Fox Television Stations, said in a statement. Now Fox has emerged as that buyer.

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"After the divestitures, we are now acquiring $4.6 billion of enterprise value, which includes $2.4 billion for the core TV and entertainment business, $0.5 billion for real estate held for sale and $1.7 billion for Television Food Network (TVFN)".

Four analysts surveyed by Zacks expected $660.3 million.

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

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The company did not disclose specific advertising revenue performance.

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

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