Freedom Communications Announces Close of TV Sale
Irvine, CA, April 2, 2012 – Freedom Communications announced today that, with the preliminary final order secured from the Federal Communications Commission, the sale of its broadcast properties to Sinclair Broadcast Group, Inc. has closed. Completion of the sale leaves Freedom essentially debt free.
The final order from the FCC is expected by the end of the month.
Following announcement of the sale agreement last fall, Sinclair has provided television management services for the eight stations through a Local Marketing Agreement.
Moelis & Company acted as financial advisor to Freedom, and Skadden, Arps, Slate, Meagher & Flom LLP and Latham & Watkins LLP acted as legal advisors.
About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications and interactive businesses. The company’s print portfolio includes approximately 100 publications, including 24 daily newspapers, weekly newspapers, plus ancillary magazines and other specialty publications. The Company also operates news, information and entertainment websites, as well as mobile and tablet applications. For more information, visit www.freedom.com.