Sinclair Announces Closing of Holding Company Reorganization
June 01 2023 - 8:32AM
Business Wire
Sinclair, Inc. (“New Sinclair”) (Nasdaq: SBGI) announced that,
effective as of June 1, 2023, it has completed the share exchange
in which it became the new public holding company of Sinclair
Broadcast Group, Inc. (“Sinclair Broadcast”).
In the share exchange, each outstanding share of Sinclair
Broadcast’s Class A common stock and Class B common stock was
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 Sinclair Broadcast’s Class A common stock did
before the share exchange. The rights and benefits of the holders
of shares of New Sinclair’s common stock, including voting rights,
are the same as the rights and benefits of the holders of shares of
Sinclair Broadcast’s common stock in all material respects. In
connection with the share exchange, Sinclair Broadcast was
converted from a Maryland corporation to a Maryland limited
liability company.
As previously announced on May 3, 2023, Sinclair Broadcast’s
Board of Directors declared a quarterly cash dividend of $0.25 per
share, payable on June 15, 2023 to the holders of record of
Sinclair Broadcast’s common shares at the close of business on May
30, 2023. New Sinclair will pay this common dividend on June 15,
2023, in line with the previous announcement.
About Sinclair, Inc.
Sinclair, 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 20 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: General
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Investor Contact: Chris King, VP, Investor Relations (410)
568-1500
Media Contact: Michael Padovano mpadovano@5wpr.com
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