Pegasus Communications, Bala Cynwyd, Pa., has closed a deal to sell its 11 broadcast towers to tower operator SpectraSite Broadcast Group, a unit of SpectraSite Holdings, for $37 million in SpectraSite stock (based on a share price of $27.313 at market close July 17). Under the agreement, SpectraSite will lease existing towers to Pegasus Broadcast Television, a division of Pegasus that operates 10 FOX, UPN and WB affiliates. SpectraSite will also build several new DTV towers for the Pegasus station group.
