Time Warner Cable (NYSE:TWC), Sinclair (Nasdaq:SBGI) Reach Multyear Pact

After months of wrangling, Time Warner Cable (NYSE:TWC) and Sinclair Broadcast Group (Nasdaq:SBGI) reached a multiyear agreement whereby TWC will continue to carry the 28 local Sinclair stations it had been carrying.

Last month the two companies extended the existing contract through February 21 while they hammered out the details of a new deal.

Time Warner Cable President and Chief Operating Officer Rob Marcus expressed his pleasure at being able to reach an agreement with Sinclair so its customers could enjoy uninterrupted service.

Details of the agreement weren't revealed by either company.

Separately, Time Warner Cable agreed to acquire NaviSite (Nasdaq:NAVI) for $274 million, including existing debt. This was a move toward cloud computing by TWC. NaviSite allows businesses to store their data online.

The deal valued NaviSite at $5.50 a share, a 33 percent premium over its close on Tuesday.

Time Warner Cable closed Wednesday at $69.33, gaining $0.60, or 0.87 percent.