BALTIMORE—Sinclair Broadcast Group announced that it intends to repurchase, from time to time, up to $100 million of its Class A common shares in the open market.
“We strongly believe in the long-term outlook of our company and our business models and disagree with the market’s current discounted view on broadcast,” said David Smith, Sinclair president and CEO. “Using a portion of our free cash flow through the share repurchase is an attractive means to capture meaningful returns for our shareholders.”
On a pro forma basis assuming consummation of all announced transactions, Sinclair Broadcast Group will own and operate, program or provide sales services to 166 television stations in 77 markets. Sinclair”s television group will reach approximately 38.7 percent of U.S. television households and will be affiliated with all major networks. Sinclair owns equity interests in broadcast transmission-related companies and various non-broadcast related companies.