Recently Sinclair announced a massive reorganization and moved to a new holding company called Sinclair Inc. Now it has been announced that this has been done and that Sinclair Broadcast Group, Inc is no longer the public holding company for Sinclair.
In a statement on their website Sinclair Broadcast Group, Inc announced: “Sinclair, Inc. (“New Sinclair”) (Nasdaq: SBGI) announced that, effective as of June 1, 2023, it has completed the share exchange in which it became the new public holding company of Sinclair Broadcast Group, Inc. (“Sinclair Broadcast”).”
This news comes as Sinclair’s Diamond Sports group is in bankruptcy and it is selling off one of its sports networks.
Recently the owner of the Chicago White Sox and the Chicago Bulls Jerry Reinsdorf now has majority control of the Stadium Network. Sinclair Broadcast Group is selling the majority of its stake in the network to Silver Chalice sports media, although specific details of the deal have not yet been disclosed.
Jerry Reinsdorf is one of the founders of the multiplatform sports-centric Stadium Network, which launched in 2017 during an asset merger from 120 Sports, Silver Chalice’s Campus Insiders, and Sinclair’s American Sports Network. Silver Chalice has been a stakeholder since and now has a controlling share.
Sources state “Sinclair’s own corporate issues” were behind this decision. Sinclair Broadcast Group’s Diamond Sports Group division is undergoing reorganization efforts since filing for bankruptcy this past March.
As Jerry Reinsdorf takes over Stadium Network, more changes are likely in the sports group’s future. What those will be are entirely up to the leadership of Jerry Reinsdorf. He has made it known previously he was interested in possibly starting his own network. With this new deal, he can put those backburner ideas to the forefront and make use of Stadium Network’s teams and audiences to try them out, hopefully with great success.
Sinclair has been hit hard recently by the drop in subscribers to its regional sports networks. Since that happened, it has been moving to recognized to deal with the headwinds it is facing.