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Industry: Email Alert RSS FeedCall it David Smith motors. (Breaking).(Sinclair Broadcast Group Inc. to invest in Summa Holdings)(Brief Article)
Broadcasting & Cable, December, 2002
BALTIMORE--Sinclair Broadcast Group, Inc., said Tuesday it will make a $20 million cash investment in Summa Holdings, a mid Atlantic states holding company, controlled by Sinclair President and CEO David Smith. Summa owns automobile dealerships, retail tire franchises and a car-leasing company.
The investment will represent a 17.5% equity interest and will give Sinclair another hoard seat on Summa, in addition to Smith's. Sinclair said Summa will use the proceeds solely to acquire automobile dealerships and will commit to advertising with Sinclair's Baltimore stations, WBFF(TV) and WNUV(TV). "Because the automobile industry represents the largest category of advertisers for television stations, and because Summa is a profitable and well-run company,...
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