Sinclair Broadcast Group Inc. (NasdaqGS:SBGI) seeks acquisitions. Sinclair Broadcast Group Inc. announced 18 million shares offering of Class A stock at $27.25 per share for gross proceeds of $490.5 million. The offering eill be used for pending and future acquisitions. The transaction is expected to close May 7, 2013.

Sinclair Broadcast Group Inc., Q1 2013 Earnings Call, Apr 29, 2013

Sinclair Broadcast Group Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company announced total revenues of $282,618,000 compared to $222,374,000 for the same period a year ago. Operating income was $63,656,000 compared to $59,894,000 for the same period a year ago. Income from continuing operations before income taxes was $25,364,000 compared to $33,919,000 for the same period a year ago. Income from continuing operations was $16,515,000 or $0.20 per basic and diluted share compared to $29,125,000 or $0.36 per basic and diluted share for the same period a year ago. Net income was $16,870,000 compared to $29,074,000 for the same period a year ago. Net income attributable to the company was $16,997,000 or $0.21 per basic and diluted share compared to $29,359,000 or $0.36 per basic and diluted share for the same period a year ago. Net cash flow from operating activities was $49,702,000. Capital expenditures in the first quarter 2013 were $7.5 million. Free cash flow was $47.6 million. The company provided earnings guidance for the second quarter and full year of fiscal 2013. The company expects program contract amortization expense to be approximately $19.0 million in the second quarter. The company expects depreciation on property and equipment to be approximately $15.0 million in the second quarter. The company expects amortization of acquired intangibles to be approximately $14.7 million in the second quarter. The company expects net interest expense to be approximately $48.6 million in the second quarter, assuming no changes in the current interest rate yield curve, the 5.375% notes issued in April 2013, the refinancing of the BCA in April 2013, and changes in debt levels based on the assumptions. The company expects a current tax provision from continuing operations of approximately $2.2 million. The company expects the effective tax rate to be approximately 38.3% for the second quarter. The company expects to spend approximately $13.2 million in capital expenditures in the second quarter. EBITDA to be approximately $106.3 million to $108.6 million or 15.6% to 18.1% of growth. On a same station basis, EBITDA is expected to be down 5.2% to 7.7%. Based on guidance, free cash flow in the quarter is expected to be in the mid to high $40 million range. The company expects program contract amortization expense to be approximately $82.0 million for 2013. The 2013 estimates assume $2.2 million and $11.6 million for the quarter and year respectively, related to the acquisitions. The company expects depreciation on property and equipment to be approximately $66.8 million for 2013. The company expects amortization of acquired intangibles to be approximately $63.2 million. The company expects net interest expense to be approximately $177.6 million (approximately $167.2 million on a cash basis) for 2013. The company expects a current tax provision from continuing operations of approximately $26.4 million for the full year 2013. The company expects the effective tax rate to be approximately 36.5% for 2013. The company expects to pay cash taxes of $27.2 million for 2013. The company expects to spend approximately $48.0 million in capital expenditures for 2013. The 2013 estimate assumes $12.8 million related to the acquisitions.