Sinclair Approves Holding Company Reorganization
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 Comany'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.
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