Sinclair Acquires KRNV Reno's Non-License Assets$26 million deal with Intermountain West for NBC affiliate 11/24/2013 01:52:54 PM Eastern
Sinclair Broadcast Group has acquired the non-license assets of KRNV Reno, the Intermountain West owned NBC affiliate, for $26 million. It has agreed to operate and provide services to the station.
The purchase price represents a 5.2x multiple of the average 2012-2013 cash flow, said Sinclair, including synergies.
Sinclair owns Fox affiliate KRXI in DMA No. 108. "We expect to drop our San Francisco news share on our Fox station and replace it with a local Reno newscast," said Sinclair in a statement.
Intermountain West owns KSNV Las Vegas and retains the license to KRNV. Intermountain principal Jim Rogers has agreed to sell KYMA Yuma (Ariz.) and Idaho's KPVI Pocatello and KXTF Twin Falls this year, but insisted to B&C in July that he had no plans in the near term to sell his remaining stations.