Sinclair decides to sell WHP, keep WHTM
Sinclair Broadcasting Group Inc. has decided to end a possible FCC entanglement by selling WHP-TV (CBS21) and keeping WHTM-TV (ABC27).
In its quarterly earnings report, Sinclair announced it made the decision about the Harrisburg stations in March. It has engaged New York City-based financial services company Moellis & Co. to sell the station.
The station is one of three nationwide Sinclair intends to sell to satisfy FCC regulations, according to the earnings report.
Sinclair also said the buyer of WHP will receive the rights under an existing local marketing agreement to provide services to local station WLYH-TV (CW15).
The problem came up last year when Sinclair bought Allbritton TV stations for $987 million. WHTM was part of the deal.
Sinclair acquired WHP in 2012.
For the quarter, Sinclair said revenue rose 47.8 percent from $252.9 million in 2013 to $373.9 million in 2014. That helped diluted earnings per share rise from 21 cents in 2013’s first quarter to 27 cents in the most recent quarter.
According to Yahoo Finance, analysts had predicted 22 cents in earnings.
Sinclair trades on the Nasdaq under the ticker symbol SBGI.