Daily Record Staff//June 1, 2023
//June 1, 2023
Hunt Valley-based Sinclair Inc. Thursday announced it has completed the share exchange in which it became the new public holding company of Sinclair Broadcast Group Inc.
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, 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.
Sinclair Inc. is a diversified media company and a 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.
Its 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.