In a statement released by Sinclair Broadcast Group on Wednesday, CEO Chris Ripley said the company is open to selling parts of its business in order to unlock value for shareholders.
Specifically, Ripley stated that Sinclair is considering offloading up to 30% of its stations as part of a larger effort to de-lever its balance sheet and improve overall performance.
According to NBC News, Sinclair has identified more than 60 stations in various regions of the U.S.
that it would be willing to sell.
The company is currently hiring Moelis as its investment banker in order to explore divestiture options.
As we’ve always stated, we have no sacred cows,” said Ripley during a conference call with investors on Wednesday.
We want to unlock the sum of the parts valuation that we think we’re grossly undervalued for.