Sinclair Inc. reported an 8% year-over-year drop in total revenue to $768 million in the second quarter as losses widened and the company declared a newly intensified focus on unlocking “hidden value.” Formerly known as Sinclair Broadcast Group, the company also highlighted its recent rebrand and reorganization into two operating units.
One is dedicated to local broadcasting and the other, Sinclair Ventures, consists of non-local media holdings like the Tennis Channel.
CEO Chris Ripley said the new structure would help revive the company’s prospects, while also providing greater transparency and strategic maneuverability.
Sinclair’s battered stock has recently traded near 10-year lows, shaving billions off the company’s market value, which is now just $850 million.
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