Sinclair seeks to sell more than 60 TV stations nationwide
Sinclair, headquartered in Baltimore County, is looking to sell more than 30 percent of its stations, according to people familiar with the matter, reports CNBC.
The company, one of the largest owners of broadcast stations in the U.S., hired an investment banker and has identified more than 60 stations that it would be willing to sell, said the sources, who asked not to be named because the discussions are private. Sinclair owns or operates 185 TV stations in 86 markets, including WBFF in Baltimore and WJLA in D.C.
The stations are a mix of affiliates including Fox, NBC, ABC, CBS and the CW. If sold together, their average revenue for 2023 and 2024 is an estimated $1.56 billion, the sources said. Sinclair is willing to sell all or some of the stations, which are in top markets like Minneapolis; Portland, Ore.; Pittsburgh; Austin, Texas; and Fresno, Calif., among others.
Sinclair CEO Chris Ripley, above, said the company is open to offloading parts of its business, without providing specifics, adds CNBC.
Broadcast TV station groups have suffered in the past five years as millions of Americans have canceled traditional pay TV. CNBC reports most stations make money from so-called retransmission fees, paid on a per-subscriber rate by traditional TV distributors, such as Comcast, DirecTV, and Charter, for the right to carry the stations.
“Sinclair has lost more than 70% of its market value in the last five years,” states CNBC.
More here.
