The owners of local TV stations such as CBS Corp. and Sinclair Broadcast Group Inc. may see more advertising money flowing in during this year’s election season, thanks to a ruling from the nation’s highest court yesterday.
A U.S. regulator whose vote is needed to change television-station ownership rules that may force Sinclair Broadcast Group Inc. to sell assets is pushing to ensure smaller companies can win exceptions.
Sinclair Broadcast Group Inc., one of the largest U.S. television-station owners, would be forced to give up some properties it controls under a proposal by Federal Communications Commission Chairman Tom Wheeler, agency officials said.
The top U.S. communications regulator is considering restrictions on television-station owners controlling more than one property in a market, a strategy that’s helped fuel an $11 billion station buying spree.
The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.
Sinclair Broadcast Group Inc., continuing its acquisition spree, agreed to buy TV stations owned by the Allbritton family for $985 million, gaining ABC affiliates and a 24-hour news network serving Washington, D.C.
Sinclair Broadcast Group Inc. shares rose 8.5 percent after the company agreed to buy Fisher Communications Inc., continuing a TV-station acquisition spree that’s designed to boost cash flow and capture key markets.