Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced today that its Board of Directors has approved an additional $150.0 million share repurchase authorization to be accessed once its existing authorization is exhausted. Pursuant to the authorization, the Company may repurchase Class A common shares, from time to time, in the open market or through private transactions. The Company currently has approximately $58 million of remaining capacity under its existing authorization.
Sinclair is one of the largest and most diversified television broadcasting companies in the country. Including pending transactions, the Company owns, operates and/or provides services to 173 television stations in 81 markets, broadcasting 481 channels and having affiliations with all the major networks. Sinclair is the leading local news provider in the country, as well as a producer of live sports content. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
The matters discussed in this press release include forward-looking statements. When used, the words "outlook," "intends to," believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements and information. Such forward-looking information is subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those set forth in the forward-looking information as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, Sinclair's ability to repurchase stock, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial equity and credit markets which impact our ability to repurchase stock, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, and any risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurance that the assumptions and other factors referred to will occur. The Company undertakes no obligation to update such forward-looking information in the future except as required by law.
Source : prnewswire.com