Sinclair May Sell TV Stations for Up to $1 Billion to Satisfy FCC
- Preliminary bids for up to 10 TV stations submitted last week
- Asset sales could help clinch FCC approval of Tribune deal
A man holds a television remote control unit for a Virgin Media set top box in this arranged photograph at the company's store on Oxford Street in London, U.K., on Wednesday, Feb. 6, 2013. Billionaire John Malone's Liberty Global Inc. agreed to acquire Virgin Media, Britain's second-largest pay-TV provider, in a $16 billion cash-and-stock transaction announced in the U.S. yesterday.
Photographer: Chris Ratcliffe/BloombergSinclair Broadcast Group Inc. received bids for as many as 10 television stations that could fetch up to $1 billion as it takes steps to win approval of its proposed merger with Tribune Media Co., people familiar with the matter said.
Preliminary bids for the stations were submitted last week, said one of the people, who asked not to be identified because the process wasn’t public. Sinclair may sell some or all of the outlets, all in different markets, the people said.