From CNBC: 2024-05-09 14:00:44

Sinclair, a major broadcast station owner in the U.S., is looking to sell over 30% of its stations, totaling 60 across the country, for an estimated $1.56 billion in revenue. CEO Chris Ripley expressed openness to selling parts of the business to unlock more value, stating they have “no sacred cows.”

Last year, Sinclair split the company into two units, Local Media and Ventures, amid tension within the Smith family. The sale of some stations coincides with the upcoming 2024 election season, where political ad revenue is expected to increase. Sinclair’s revenue rose slightly in the first quarter, and its stock increased by 12%.

Sinclair faced challenges with Diamond Sports, after acquiring regional sports networks from Disney for $10.6 billion in 2019. Diamond Sports filed for bankruptcy due to cord-cutting and debt, leading to a legal battle with Sinclair. Sinclair settled lawsuits with Diamond, making a $495 million payment to resolve disputes.



Read more at CNBC: Sinclair explores selling 30% of broadcast stations