Sinclair Broadcast Group has struck a deal to buy the radio and TV holdings of Virginia-based Max Media for $255 million in cash.
The transaction, subject to federal approvals, is expected to close by next June.
The deal covers Max Media’s nine TV stations, which include the NBC affil in Dayton, Ohio, and the Fox affil in Syracuse, N.Y., and eight radio stations. Sinclair will have to get a waiver from the Federal Communications Commission to buy the Dayton station, however, because the company already owns stations in the overlapping markets of Cincinnati and Columbus.
At present, the Baltimore-based Sinclair owns, or is in the process of purchasing, 45 TV stations and 66 radio stations. With the addition of the Max Media properties, Sinclair’s TV stations will cover nearly 20% of U.S. TV households, making it one of the nation’s largest broadcast groups.