Television station owner Sinclair Broadcast Group Inc. rallied in Friday trading on news it will avoid a potential bankruptcy.
The Hunt Valley-based company, whose 58 TV stations include the Baltimore Fox affiliate, announced a tentative agreement with a group representing creditors to refinance $437.8 million in debt. The deal is contingent on a number of requirements, including a majority of creditors accepting the offer.
Sinclair said in July it might consider filing for bankruptcy protection under the weight of debt coming due.
As with many media companies, falling advertising revenue has taken its toll on Sinclair. The company’s broadcasting revenues from continuing operations fell 18.8 percent to $133 million last quarter. Local advertising fell 21 percent. National advertising declined 31.4 percent.
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