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.
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.
