Wrestling News for 11/02/11

— According to a report on PWInsider, the “Michael Cole Challenge” segment was removed from Monday night’s RAW due to the show being overbooked. The angle will instead air on next week’s episode.

— The Sinclair Broadcast Group sent out the following today…

SINCLAIR BROADCAST GROUP ANNOUNCES AGREEMENT TO PURCHASE FREEDOM COMMUNICATIONS TELEVISION STATIONS

BALTIMORE (November 2, 2011) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” announced today that it has entered into a definitive agreement to purchase the broadcast assets of Freedom Communications (“Freedom”) for $385.0 million. Freedom owns and operates eight stations in seven markets, reaching 2.63% of the U.S. TV households. The transaction is subject to Freedom’s shareholder approval which must be obtained by November 8, 2011, approval by the Federal Communications Commission (“FCC”), and customary antitrust clearance. Following receipt of antitrust approval of the transaction, which is expected to occur within thirty days, and prior to closing of the acquisition, Sinclair will operate the stations pursuant to a Local Marketing Agreement. The companies anticipate closing and funding of the acquisition to occur late in the first quarter/early in the second quarter of 2012. Upon closing, the Company expects to finance the $385.0 million purchase price, less a $38.5 million deposit payable upon Freedom’s shareholder approval, either through a bank loan or by accessing the capital markets.

“We are excited about bringing the Freedom stations into the Sinclair portfolio, particularly in light of our recent agreement to acquire seven television stations from Four Points Media,” commented David Smith, President and CEO of Sinclair. “Not only will this transaction, when coupled with the Four Points transaction, result in us owning two full power stations in compliance with FCC regulations in West Palm Beach, Freedom’s largest market, but it allows us to expand our middle market position and network diversification. We believe our expertise and presence will enable us to improve the stations’ competitive position and profitability. We look forward to welcoming the Freedom employees to the Sinclair family.”

“We believe this transaction will benefit both companies and our respective viewers, advertisers and the communities we serve,” commented Mitchell Stern, Freedom Communications’ Chief Executive Officer. “We anticipate a smooth transition for the Freedom stations as they become part of one of the leading U.S. broadcasting companies.”

The eight stations to be acquired are:

WPEC (CBS 12) West Palm Beach, Florida (DMA 38)

WWMT (CBS 3) Grand Rapids/Kalamazoo/Battle Creek, Michigan (DMA 42)

WRGB (CBS 6) Albany, New York (DMA 58)

WCWN (CW 45) Albany, New York (DMA 58)

WTVC (ABC 9) Chattanooga, Tennessee (DMA 86)

WLAJ (ABC 3) Lansing, Michigan (DMA 115)

KTVL (CBS 10) Medford-Klamath falls, Oregon (DMA 140)

KFDM (CBS 6) Beaumont-Port Arthur-Orange, Texas (DMA 141)

Freedom also broadcasts a number of secondary channels, including the CW affiliates in Kalamazoo, Lansing, Medford and Beaumont, which will also be acquired as part of this transaction.

Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, owns and operates, programs or provides sales services to 65 television stations in 39 markets. Sinclair’s television group reaches approximately 24% of U.S. television households and is affiliated with all major networks. Pro forma for the Freedom transaction, Sinclair will own and operate, program or provide sales services to 73 television stations in 46 markets, reaching 26.3% of the U.S. television households. Sinclair’s television portfolio will consist of 20 FOX, 18 MNT, 13 CW, 11 ABC, 9 CBS, 1 NBC, and Azteca stations. Sinclair owns equity interests in various non-broadcast related companies. The Company regularly uses its website as a key source of Company information and can be accessed at sbgi.net.

— WWE announced Tuesday they have suspended performer Evan Bourne for 30 days effective immediately for his first violation of the company’s Talent Wellness Program.

WWE issued a press release stating: “In accordance with its Talent Wellness Program, WWE has suspended Matthew Korklan (Evan Bourne) for 30 days effective immediately for his first violation of the company’s policy.”

Bourne’s suspension was not unexpected since he was summoned to a meeting with WWE officials at Monday’s RAW SuperShow in Atlanta, Georgia regarding a recent violation of their Substance Abuse and Drug Testing Policy (a component of the Talent Wellness Program), which according to corporate.wwe.com, “prohibits the use of drugs by talent for other than a legitimate medical purpose pursuant to a valid prescription from a licensed and treating physician.”

WWE employees were surprised he and Kofi Kingston didn’t lose the Tag Team Championship on RAW. The duo is now expected to drop the titles at tonight’s SmackDown! in Greenville, North Carolina since his suspension has been publicly announced.

Many WWE performers believe the recent rash of suspensions is tied to Talent Wellness Program administers cracking down on usage of synthetic cannabis, which was added to the banned substances list in June. Sold under the brand names K2 and Spice, the substance was banned for at least a year effective March 1, 2011 by the Drug Enforcement Administration so they could study its effects more thoroughly and decide whether a permanent ban is necessary.

Bourne is the third WWE performer to be suspended in the past month, following Darren Young and Heath Slater.