Acquisition

9 Months Ended

Sep. 30, 2011

Acquisition [Abstract]

ACQUISITION

16. ACQUISITION

On October 3, 2011, we reached a definitive agreement to acquire the television station group now owned by McGraw-Hill Broadcasting, Inc., for $212 million in cash. We have secured a committed term bank loan in the amount of $212 million to fund the acquisition. We are currently in the process of syndicating both the $212 million term loan and a $100 million revolving credit facility (“New Financing”) among a group of banks. The existing Revolving Credit Agreement will be terminated upon closing of the New Financing. We expect to complete the transaction, which is subject to pending regulatory and other approvals, no later than the first half of 2012.