Sinclair Broadcast Group (NASDAQ:SBGI) is up 3.8% today, following last night's publication of a new list of station divestitures it plans in order to secure approval for its $3.9B bid for Tribune Media (NYSE:TRCO), itself up 1.9%.
Aside from clearing its deal, the company could generate $1.5B-$2B in proceeds from selling the stations.
That's a "much-needed public sign of progress," says Benchmarks' Daniel Kurnos. He doubts Sinclair would publish such a specific list without implicit approval from the Justice Dept., and says seeing Standard Media among buyers is a welcome surprise considering worries about private-equity interest in the stations. (h/t Bloomberg)
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