Norton Rose Fulbright's tax team helped facilitate a $985 million sale transaction by the Allbritton family (Allbritton) to Sinclair Broadcast Group (Sinclair).

In the deal, Allbritton agreed to sell the stock of its holding company, Perpetual Corporation, as well as its equity interest of ABC-affiliate station Charleston Television, LLC.

Overall, the transaction includes eight television stations in along the US East Coast and Southern regions, most notably Washington DC's WJLA-TV.

The nearly billion dollar price tag marks the largest purchase yet in Sinclair's aggressive buyouts, recently announcing plans to acquire over 40 television stations to the tune of $850 million from three different companies.

With this latest procurement, Sinclair solidifies its position as the nation's largest television broadcaster.

Allbritton, who announced plans to sell the stations in May, plans to reinvest the funds from this sale into its popular political news outlet, Politico, and possibly to acquire similar companies that expand its ability to dominate a niche market through various mediums.

Norton Rose Fulbright's US Head of Tax, Jack Allender, led the team.