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Sinclair to acquire 4 TV stations for $115.4M

BALTIMORE (AP) -- Sinclair Broadcast Group Inc. said Tuesday it reached a deal to buy the stock and broadcast assets of four television stations owned by TTBG LLC for about $115.4 million.

The stations are located in California, Nebraska and Iowa and reach 1 percent of U.S. TV households. Sinclair said it also will assume TTBG agreements to provide sales and other services to two additional stations in Nebraska and Iowa.

The deal, which remains subject to Federal Communications Commission and other approvals, is expected to close late in the third quarter or early in the fourth quarter.

Sinclair expects to fund the acquisition with a combination of cash and existing debt.

Sinclair President and CEO David Smith said the new stations will complement California properties that the company is in the process of acquiring, boost Sinclair's Iowa presence and give the company its first stations in Nebraska.

When all pending deals close, the Baltimore company will own or provide services to 140 stations in 72 markets.

Sinclair shares rose 39 cents to $26.39 in morning trading.