• by David Goetzl  @dgoetzl, April 12, 2013

Sinclair Broadcasting has offered an extraordinary endorsement of the local station business over the last year, reaching deals to acquire properties for nearing $2 billion. Its arrangements cover stations in markets like Seattle and Cincinnati and much smaller ones like Idaho Falls and Amarillo.
 
This week, the company said it would purchase the Fisher group for $373 million, which includes three radio stations. A Wells Fargo analyst suggested its acquisition binge may not stop, writing that “there is still plenty more” the company might do.

Sinclair has considerable room to go before its assets reach 39% of the country, the ceiling mandated by the FCC.
 
The figure is a bit murky, as Wells Fargo’s Marci Ryvicker points out Sinclair’s properties are likely to reach 34% of U.S. homes, but under permutations in the FCC rules involving UHF stations, its reach stands at 18%.
 
With the emergence of retrans consent revenues, the entire landscape of the station business has changed from a financial perspective.
 
Separately, Ryvicker wrote that on a national level, expectations about the health of the upfront market are “muted,” with broadcast volume expected to be flat and cable up in the low-single-digit range. She expressed bullishness on CBS and the News Corp. cable properties, which include FX.