Sinclair goes auto shopping
By BroadCasting & Cable Staff -- Broadcasting & Cable, 12/26/2002 8:12:00 AM
Sinclair Broadcast Group Inc. said Tuesday that it will make a $20 million cash investment in Summa Holdings Ltd., a mid-Atlantic holding company controlled by Sinclair president and CEO David Smith that owns automobile dealerships, retail tire franchises and a car-leasing company.
The investment will represent a 17.5 percent equity interest and will give Sinclair another board seat in addition to Smith's.
Sinclair said Summa will use the proceeds solely to acquire automobile dealerships, and it will commit to advertising with Sinclair's Baltimore stations, WBFF-TV and WNUV-TV.
"Because the automobile industry represents the largest category of advertisers for television stations, and because Summa is a profitable and well-run company, we believe the Summa investment is an attractive one for Sinclair," said Martin R. Leader, a member of Sinclair's board and chairman of the special committee.
No related content found.
-
No Top Articles
Featured Company
-
CD Networks
CDNetworks is a top tier, full-service, global content delivery network providing technology and services that enable fast, efficient, reliable delivery of content anywhere in the world. With more than 90 points of presence across 6 continents, CDNetworks provides true global cov..more
VIEW ALL GALLERIES
