Sinclair Broadcast Group Inc. SBGI said Monday it is reorganizing into a new holding company called Sinclair Inc., which will become the publicly traded parent. The company said it owns a range of assets beyond its broadcast business, including software services companies, intellectual property for broadcast technology, and other media and non-media related businesses and assets including real estate, venture capital, private equity, and direct investments. These will all be held by the new entity through a unit to be called Sinclair Ventures, instead of by Sinclair Broadcast or Sinclair TV Group Inc. “We believe the new structure will provide greater flexibility for creating value within the company. The new structure simplifies the corporate structure and improves the transparency of financial disclosures on the value drivers of the company,” said CEO Christopher Ripley in a statement. The company’s outstanding Class A and Class B stocks would be exchanged automatically one-for-one basis for a Class A or Class B share of the new holding company. That stock will continue to trade on the Nasdaq under the ticker ‘SBGI.’ The stock rose 3% premarket.
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