Settlement Payment and Obligation Reduction Agreement between Sinclair Broadcast Group, Inc. and Bay Television, Inc.
Sinclair Broadcast Group, Inc. agrees to pay Bay Television, Inc. $750,000 as part of a settlement, by reducing Bay's payment obligation to The WB from $5,000,000 to $4,250,000. This arrangement is contingent upon Bay executing a Release and Settlement Agreement involving Sinclair, Bay, The WB Television Network, and UPN. The WB's payment claim is being assigned to Sinclair as part of the settlement. The agreement outlines the financial adjustment and the conditions under which it takes effect.
Exhibit 10.6
May 2, 2006
Bay Television, Inc.
10706 Beaver Dam Road
Cockeysville, Maryland 21030
Gentlemen:
This letter confirms that in consideration of and upon the execution by Bay Television, Inc. (“Bay”) of the Release and Settlement Agreement, of even date herewith (“the Release”), between, Sinclair Broadcast Group, Inc. (“Sinclair”), Bay, The WB Television Network (“The WB”) and UPN, Sinclair Broadcast will pay to Bay Seven Hundred Fifty Thousand Dollars ($750,000), such payment to be made by reducing from Five Million Dollars ($5,000,000) to Four Million Two Hundred Fifty Thousand Dollars ($4,250,000) the obligation of Bay to make a payment to The WB, which obligation is being assigned by The WB to Sinclair pursuant to the Release.
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| Sincerely yours, | |||||
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| Sinclair Broadcast Group, Inc. | ||||
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| By: |
| /s/ David B. Amy | ||
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| Name: |
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