Sinclair Broadcast Group, Inc. announced that it has entered into a definitive agreement to purchase the broadcast assets of WSBT (CBS) in South Bend-Elkhart, Indiana (DMA(1) 96) owned by Schurz Communications, Inc., and to sell the broadcast assets of WLUC (NBC and FOX) in Marquette, Michigan (DMA 180) to Gray Television, Inc. ("Gray"). After completion of the swap, Sinclair's television group will reach 37.6% of U.S. television households. The South Bend-Elkhart DMA is approximately 4 times larger than the Marquette DMA in terms of television households. The transaction is expected to be accretive to average annual cash flows by approximately $1.0 million after synergies.
Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the Federal Communications Commission ("FCC") and antitrust clearance, as applicable. The Company anticipates that the transaction will close at the end of 2015 or beginning of 2016, subject to the satisfaction of the closing conditions.