Sinclair Broadcast Group has closed on its acquisition of Freedom Communications’ broadcast stations. The deal includes WWMT (Channel 3) in Kalamazoo and WLAJ (Channel 53) in Lansing.
Sinclair Broadcast Group announced Monday that it has closed on its acquisition of the Freedom Communications broadcast assets for $385 million. The deal was announced last November.
Sinclair financed the acquisition and a portion of the closing costs with a draw under a recently raised $157.5 million incremental Term Loan A and a $192.5 million incremental Term B Loan commitment under its amended Bank Credit Facility, plus a $38.5 million cash escrow previously paid in November 2011.