SINCLAIR ANNOUNCES $1 BILLION SHARE AUTHORIZATION
BALTIMORE (August 9, 2018) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (the “Company”) announced today that its Board of Directors have authorized the Company to repurchase up to $1 billion of its Class A common shares.
Commenting on the share repurchase, Chris Ripley, President and Chief Executive Officer, stated, “It is unfortunate that Tribune Media Company terminated our Merger Agreement. Nonetheless, we strongly believe in the long term outlook of our Company and disagree with the market’s current discounted view on our share price. The $1 billion authorization does not use our future free cash flow generation, but simply the excess cash currently on our balance sheet.”
Read more…Share Authorization 2018 2