Sinclair Broadcast Group Officially Becomes Holding Company Sinclair

By
( )
published

Stock-ticker symbol remains SBGI

Sinclair Broadcast Group headquarters in Hunt Valley, Md.
Sinclair headquarters in Hunt Valley, Md. (Image credit: Jerry Jackson/The Baltimore Sun/Tribune News Service via Getty Images)

Sinclair Broadcast Group has officially become Sinclair, a new holding company, following the exchange of Sinclair Broadcast Group stock for Sinclair shares, effective June 1.

Sinclair

The company announced plans to set up the new holding company in April. The new Sinclair will have two divisions: 1) Sinclair Broadcast Group, which will include its stations and its bankrupt Diamond Sports Group, parent of the Bally Sports regional networks; and 2) Sinclair Ventures, the home for its private equity and real estate assets, Tennis Channel and the Compulse ad-tech unit.

“We believe the new structure will provide greater flexibility for creating value within the company,” CEO Chris Ripley said when the plan was announced. “The new structure simplifies the corporate structure and improves the  transparency of financial disclosures on the value drivers of the company."

Sinclair stock will continue to trade under the ticker symbol SBGI.

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.