Media General, Inc. announced yesterday that it has completed its previously announced acquisition of WHTM-TV in Harrisburg, PA, from Sinclair Broadcast Group, effective September 1, 2014, for approximately $83.4 million in cash. Media General funded the acquisition with an incremental term loan of $75 million.
"This is an attractive acquisition for us, with a buyer’s multiple of less than 8x. It also is immediately accretive to free cash flow,” said George L. Mahoney, president and chief executive officer of Media General. “We’re delighted to welcome WHTM and its employees to Media General. WHTM is a top-rated station in Pennsylvania’s capital city. The station will benefit from political spending in the upcoming elections, especially the contested gubernatorial race in Pennsylvania. WHTM provides an excellent news product and it’s a terrific fit with Media General. We look forward to building further on its many accomplishments."
WHTM-TV is an ABC affiliate and the number two ranked local news station in the Harrisburg-Lancaster-Lebanon-York DMA, the 43rd largest in the country according to Nielsen Media Research.
