Top U.S. Broadcaster Sinclair Sees Shares Soar After Initiating Strategic Review
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" … will crystallize significant value that the market has overlooked within our current structure, giving us even more flexibility to drive our broadcast strategy forward."
"Scale wins in today's broadcast industry, and we intend to lead that consolidation," CEO Chris Ripley wrote in a statement, adding, "Our Broadcast business's industry-leading performance positions us as the partner of choice for value creation. Simultaneously, we expect separating Ventures will crystallize significant value that the market has overlooked within our current structure, giving us even more flexibility to drive our broadcast strategy forward."
Sinclair is also considering spinning off its other ventures, which include the Tennis Channel and a digital advertising agency. The unit holds cash, private equity stakes in various businesses, and real estate valued at $726 million.
Shares jumped 24.5% in premarket trading, and if gains hold into the cash session, it would mark one of the largest daily increases since Nov. 2, 2023, when shares rose 34%.
https://www.zerohedge.com/markets/top-us-broadcaster-sinclair-sees-shares-soar-after-initiating-strategic-review