Sinclair Broadcast Group might be selling as much as 30% of its stations: Report

Sinclair Broadcast Group, the second largest owner and operator of U.S. broadcast stations, is considering selling more than 30% of its stations, according to NBC News sources.

The company reportedly hired Moelis as its “investment banker and has identified more than 60 stations in various regions of the U.S. that it would be willing to sell, said the people, who asked not to be named because the discussions are private,” the report said.

Sinclair CEO Chris Ripley said released a statement about the company’s interest in selling some of its stations but didn’t elaborate.

“As we’ve always stated, we have no sacred cows,” Ripley said on an earnings conference call. “We want to unlock the sum of the parts valuation that we think we’re grossly undervalued for. And to the extent that asset sales makes sense in order to unlock that value and help us de-lever, then that’s something that we’d be open to as well.”

Sinclair “owns, operates and/or provides services to 185 television stations in 86 markets affiliated with all the major broadcast networks," according to the official company website.