Sinclair Broadcast Group Plans $12M HQ Expansion If Tribune Acquisition Goes Through
The broadcasting conglomerate announced its intention to keep its international headquarters at 10706 Beaver Dam Road in Hunt Valley and spend $12M expanding it, noting that the Tribune acquisition would add 367 employees by 2024, the Baltimore Sun reports.
Founded in 1986 as the parent company of WBFF Fox 45 in Baltimore, Sinclair has grown to own 193 television stations in 89 markets. In May, it announced its intent to acquire Tribune Media, the former broadcasting arm of Tribune Co., for $3.9B. That would increase Sinclair's holdings to 233 stations.
In previous cases, Federal Communications Commission regulations would possibly require it to sell off some of those to prevent monopolies. But the FCC recently announced plans to relax such ownership rules and expand the amount of control single entities are allowed to have in individual media markets. Several groups, including cable providers, have argued against the decision, with some alluding to recent meetings held between FCC Chairman Ajit Pai and Sinclair executives as proof that the new policy was drafted specifically to benefit Sinclair, according to the Sun.
To facilitate Sinclair's expansion, Maryland Gov. Larry Hogan has promised a $1.3M loan through the Maryland Economic Development Assistance Authority and Fund, and Baltimore County will contribute a $130K loan of its own. The additional jobs would also qualify Sinclair for Job Creation Tax Credits.