Freedom Communications sells television division

Freedom Communications, owner of The Orange County Register, has agreed to sell its television division to Maryland-based Sinclair Broadcast Group in a $385 million deal that will leave the company and its newspapers free of debt, Freedom revealed on Wednesday, TheTelegraph.com reports.

The sale of Freedom's eight television stations, all of which are outside California, is expected to close in four to six months, subject to Freedom shareholder, Federal Communications Commission and antitrust approval.

“We are very excited about this sale and believe it is an excellent transaction for both parties,” KTVL quotes Mitchell Stern, president and CEO of Freedom Communications, as saying.

“After the sale is completed, Freedom Communications will be essentially debt-free, and our broadcast properties will be part of a company whose primary focus is broadcasting.”

According to The Sacramento Bee, following receipt of antitrust approval of the transaction, which is expected to occur within 30 days, and prior to closing of the acquisition, Sinclair will operate the stations pursuant to a Local Marketing Agreement.

The companies anticipate closing and funding of the acquisition to occur late in the first quarter/early in the second quarter of 2012.