Sinclair will acquire KSNV Las Vegas from Intermountain West for $120 million. The price represents a 4.9X multiple, according to Sinclair.
Intermountain West chief Jim Rogers died June 14. He had long vowed to not sell KSNV despite selling off other properties in recent years, including stations in Helena and Great Falls, Montana, along with Yuma, Arizona and Pocatello, Idaho. But prior to his death, he arranged for the sale of the station to fund an educational foundation.
Sinclair acquired Intermountain-owned KRNV Reno’s non-license assets for $26 million last November, and agreed to operate and provide services to the station.
The deal is subject to regulatory approval and is expected to close in the first quarter of 2015.
Sinclair currently owns KVCW (CW) and KVMY (MyNetworkTV) in Vegas, and plans to sell the licenses and related assets, but not the programming, to one of the stations. Sinclair intends to then air the channel as a multicast.
KSNV is one of the more prolific providers of local news in the nation, particularly for a traditional Big Three affiliate.
“We are pleased to add KSNV to our portfolio,” said Steve Pruett, co-chief operating officer of Sinclair’s television group. “With the addition of the station, our news footprint will cover all the major cities in the state of Nevada, allowing us to be a leading provider of local and regional news."