Sinclair Announces Closing of Holding Company Reorganization

HUNT VALLEY, Md. ~ Sinclair, Inc. ("New Sinclair") (Nasdaq: SBGI) announced the completion of a share exchange on June 1, 2023, in which it became the new public holding company of Sinclair Broadcast Group, Inc. ("Sinclair Broadcast").

Under the terms of the 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 holders of shares of New Sinclair's common stock are the same as those held by holders of shares of Sinclair Broadcast's common stock in all material respects.

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In addition, as previously announced on May 3, 2023, a quarterly cash dividend of $0.25 per share was declared by Sinclair Broadcast's Board of Directors and will be payable on June 15, 2023 to holders of record at close of business on May 30th. This dividend will be paid out by New Sinclair on June 15th as planned.

The completion of this share exchange also saw Sinclair Broadcast convert from a Maryland corporation to a Maryland limited liability company.
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