Sinclair was to buy the station and then sell the Fox affiliate it owned there, although it would have continued to manage that station's sales and other operations. The purchase price for the CBS outlet from Raycom was $85 million. Sinclair was then going to sell the Fox station's license to Carma Broadcasting.
Sinclair said in statement that it "believes that this proposed transaction would not have violated the anti-trust laws." Sinclair said it is "continuing to explore its rights under its asset purchase agreement with Raycom."
Raycom had an agreement with the DOJ, allowing the government to turn down any proposed sale of the CBS affiliate. That agreement grew out of its April purchase of the NBC station in Richmond from Lincoln Financial.
Raycom essentially was looking to swap affiliates in Richmond--taking on NBC and then dropping CBS, which it already owned. The deal with Lincoln included two other stations elsewhere.