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In a market paying a premium for media companies, Baltimore's Sinclair Broadcasting yesterday raised $105 million in its initial public offering.
The deal, which was priced last night by investment bankers at New York-based Smith Barney, raised roughly $15 million more than the company predicted in its original application with securities regulators. Last night the underwriters, including Baltimore's Alex. Brown & Sons and Chase Securities Inc., agreed to sell 5 million shares at $21 each.
In it's initial prospectus, the company forecasted that it would sell no more than 4.31 million shares.
The well-timed deal gives Sinclair, which owns WBFF-Ch.45 and provides programming to WNUV-Ch.54 in Baltimore,...