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.
Shares in Sinclair Broadcast Group Inc., owner of stations reaching more than a third of U.S. television households, fell in New York trading after announcing a stock offering to raise money, diluting investors’ stakes.