Sinclair on Thursday completed its previously announced share exchange, in which it became the new public holding company of Sinclair Broadcast Group.
In the share exchange, each outstanding share of Sinclair Broadcast’s Class A common stock and Class B common stock was exchanged automatically on a one-for-one basis for a share of Class A common stock and Class B common stock, respectively, of “New Sinclair.”
New Sinclair’s Class A common stock will continue to trade on the Nasdaq Global Select stock market under the ticker symbol “SBGI” just as Sinclair Broadcast’s Class A common stock did before the share exchange.
The rights and benefits of the holders of shares of New Sinclair’s common stock, including voting rights, are the same as the rights and benefits of the holders of shares of Sinclair Broadcast’s common stock in all material respects.
In connection with the share exchange, Sinclair Broadcast was converted from a Maryland corporation to a Maryland limited liability company.
The previously announced quarterly cash divided of $0.25 per share, payable June 15 to shareholders of record as of May 30, 2023, is not impacted by the change.
