News Broadcasting
Sinclair Broadcast buys Bonten Media in US$ 240m deal
MUMBAI: Sinclair Broadcast Group has announced that it has entered into a definitive agreement to purchase the stock of Bonten Media Group Holdings, and Cunningham Broadcasting Corporation has entered into a definitive agreement to purchase the membership interest of Esteem Broadcasting for an aggregate purchase price of $240.0 million.
Sinclair, pro forma for all pending transactions, the company will own, operate and/or provide services to 191 television stations in 89 markets, broadcasting 551 channels.
Bonten owns 14 television stations in eight markets which reach approximately 1% of the U.S. TV households and provides services to four stations pursuant to joint sales agreements with Esteem Broadcasting. Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the Federal Communications Commission (“FCC”) and antitrust clearance, as applicable.
The Company anticipates that the transaction will close and fund with cash on hand in the third quarter of 2017, subject to the satisfaction of the closing conditions.
“We look forward to welcoming the Bonten employees into the Sinclair family and are pleased to be growing our regional presence in several states where we already operate,” commented Sinclair president and CEO of Chris Ripley. “We believe our economies of scale help us bring improvements to small market stations, including investments in news, other quality local programming, and multicast opportunities with our emerging networks of Comet, Charge! And TBD.”
Including the Bonten station acquisitions, all previously announced acquisitions, and pro forma for expected synergies, the Company’s 2015 and 2016 media revenues would have been $2.236 billion and $2.620 billion, respectively. The $240.0 million purchase price represents a 6.7x multiple and is expected to be on average approximately $25 million accretive to our free cash flow on an annualised basis.
News Broadcasting
Mihir Bhatt appointed as chief content officer at News18 Studios
The media veteran brings two decades of experience across television, digital and radio to one of India’s biggest broadcast networks, Disney+ Hotstar, Discovery+
NEW DELHI: Network18 has a new strategist in the building. Mihir Bhatt, one of Indian media’s more versatile operators, has joined News18 Studios as chief content officer, stepping into a role that will see him shape content strategy, build multi-platform properties and drive brand partnerships across the network.
Bhatt brings more than two decades of experience spanning television, digital and radio, with a track record of doing something rare in Indian media: combining editorial ambition with hard commercial results. At Times Network, where he served as managing editor and chief business officer of Times Influence, he built one of the industry’s more respected content studios, launching marquee properties such as the India Economic Conclave, the Times Now Summit and Leaders of Tomorrow. He also pushed the network into premium OTT territory through tie-ups with Disney+ Hotstar and Discovery+.
His resume stretches well beyond the studio. Bhatt has led Global Investor Summits for multiple state governments, worked alongside the World Economic Forum and played a pivotal role in launching the Indian Pickleball League. Earlier, as editor of Zee Business, he pioneered investor education initiatives that are still cited as industry benchmarks.
At News18 Studios, Bhatt will report to chief executive S Shivakumar and will oversee the studios execution vertical alongside revenue verticals covering emerging markets and campaigns. Sidharth Saini, Hemanth Kumar and Nimar Sarkaria will work under him.
Rahul Joshi, managing director and editor-in-chief of Network18 Group, made the announcement in an internal communication. “Mihir’s ability to build enduring brands, foster strategic partnerships and navigate a rapidly evolving media landscape will be instrumental as we continue to strengthen our position and explore new avenues of growth in the Studios business,” Joshi said.
In a media industry lurching between disruption and reinvention, Network18 has bet on a man who has spent two decades thriving in exactly that chaos. Whether he can do it again, at greater scale, is the question worth watching.
