In a deal that is expected to close in the first quarter of next year, Sinclair will acquire Las Vegas NBC affiliate KSNV from Intermountain West for $120 million, B&C reports.
The story notes that the sale price for Intermountain West’s flagship station represents a 4.9X multiple.
“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 and Pocatello,” the story reports. “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 acquisition requires regulatory approval.
Said Steve Pruett, co-chief operating officer of the Sinclair television group: “We are pleased to add KSNV to our portfolio. 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.”