An asset purchase agreement filed with the Federal Communications Commission outlines Sinclair Television Group’s plan to sell five of its stations to Rincon Broadcasting Group for $29.4 million. According to the agreement dated March 7, Springfield-based stations WICS/WICD will be included in the sale, along with KHQA in Quincy; KTVO in Ottumwa, Iowa; and WVTV in Milwaukee, Wisconsin.
In May 2024, CNBC reported that Sinclair planned to sell more than 30% of its 185 owned or operated broadcast stations and that the company had hired Moelis as an investment banker to assess possible asset sales. Sinclair, which is headquartered in Maryland, is the second-largest TV station operator in the U.S., covering 40% of households nationwide.
The purchase agreement lists Todd Parkin as the individual representing Rincon Broadcasting Group. In January, Maryland-based Think Consulting announced that Parkin had been hired as managing director of media and vice president of growth. Parkin previously held senior leadership roles at Bally’s Sports Networks and also worked at MGM studios. He served as CEO of PBC Broadcasting from 2009-2013.
The 97-page purchase agreement outlines numerous conditions for the sale and allows either the buyer or seller to terminate the contract if the closing does not occur on or before March 7, 2026..
