Sinclair Approves Holding Company Reorganization
May 24 2023 - 3:30PM
Business Wire
Sinclair Broadcast Group, Inc. (the “Company”) (Nasdaq: SBGI)
announced that, at a special meeting held today, its stockholders
approved the previously announced reorganization, in the form of a
share exchange, in which a new holding company, Sinclair, Inc.
(“New Sinclair”), will become the publicly-traded parent of the
Company and its subsidiaries (the “Reorganization”). The
Reorganization is expected to close in the second quarter of
2023.
In the Reorganization, each outstanding share of the Company’s
Class A common stock and Class B common stock will be exchanged
automatically on a one-for-one basis for a share of Class A common
stock and Class B common stock, respectively, of New Sinclair. New
Sinclair’s Class A common stock will continue to trade on the
Nasdaq Global Select stock market under the ticker symbol “SBGI”
just as the Company’s Class A common stock does today. The rights
and benefits of the holders of shares of New Sinclair’s common
stock, including voting rights, will be the same as the rights and
benefits of the holders of shares of the Company’s common stock in
all material respects.
The Reorganization is not expected to result in a change in the
directors, executive officers, management or business of the public
company, or to impact the timing of the declaration and payment of
our regular quarterly dividends. The Reorganization is not expected
to result in gain or loss to the Company’s stockholders for U.S.
federal income tax purposes.
A tabulation of the votes on the Reorganization will be included
in a Current Report on Form 8-K to be filed with the Securities and
Exchange Commission.
About Sinclair Broadcast Group,
Inc.
Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) is a diversified
media company and a leading provider of local news and sports. The
Company owns, operates and/or provides services to 185 television
stations in 86 markets affiliated with all the major broadcast
networks; owns Tennis Channel and multicast networks Comet, CHARGE!
and TBD; and owns and provides services to 21 regional sports
network brands. Sinclair’s content is delivered via multiple
platforms, including over-the-air, multi-channel video program
distributors, and the nation’s largest streaming aggregator of
local news content, NewsON. The Company regularly uses its website
as a key source of Company information which can be accessed at
www.sbgi.net.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20230524005848/en/
Chris King, VP, Investor Relations Billie-Jo McIntire, AVP,
Investor Relations (410) 568-1500
Sinclair (NASDAQ:SBGI)
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