One of the largest owners of broadcast stations is looking to sell 30% of its media companies.
Sinclair Broadcast Group announced it is looking to sell over 60 stations in various regions in the United States.
The stations that Sinclair is looking to sell are affiliates of NBC, Fox, ABC, CBS, and the CW.
Regarding the big move, the CEO of Sinclair, Chris Ripley, stated, “As we’ve always stated, we have no sacred cows.”
“We want to unlock the sum of the parts valuation that we think we’re grossly undervalued for,” added Ripley.
Sinclair is looking to sell as many as 60 local TV stations in underperforming markets across the country https://t.co/8cBrK3yiP4 $SBGI
— Matthew Keys (@MatthewKeysLive) May 9, 2024
$SBGI is currently exploring the sale of about 30% of its broadcast stations according to CNBC
– Sinclair is one of the largest owners of broadcast stations in the U.S., hiring Moelis for divestiture
– They have identified >60 stations across the US to sell with a combined… pic.twitter.com/cBIyWVItNa
— Special Situations 🌐 Research Newsletter (Jay) (@SpecialSitsNews) May 9, 2024
Here’s what NBC News reported:
Sinclair, one of the largest owners of broadcast stations in the U.S., is looking