‘Ring of Honor Wrestling’ Parent Company Sinclair Broadcast Group Purchases Tribune Media
Ring of Honor parent company Sinclair Broadcast Group, has purchased Tribune Media. The amount spent for this purchase totaled $3.9 billion.
According to CNBC, Ring of Honor parent company Sinclair Broadcast Group will acquire 100 percent of Tribune’s shares, valued at about $43.50 each, as well as their debt of $2.7 million. This deal is expected to close at the fourth quarter of 2017, and Tribune stockholders will receive $35.00 cash and .23 of Sinclair Class A common stock for each share of Tribune Class A common stock and Class B common stock they own.
Tribune reports that the company owns 42 television stations in 33 markets. They also own notable cable network WGN America, popular digital multicast network Antenna TV, as well as minority shares in job search site CareerBuilder and TV station the Food Network.
Chris Ripley, president and CEO of Sinclair, commented on the acquisition.
"“This is a transformational acquisition for Sinclair that will open up a myriad of opportunities for the company. The Tribune stations are highly complementary to Sinclair’s existing footprint and will create a leading nationwide media platform that includes our country’s largest markets. The acquisition will enable Sinclair to build ATSC 3.0 (Next Generation Broadcast Platform) advanced services, scale emerging networks and national sales, and integrate content verticals. The acquisition will also create substantial synergistic value through operating efficiencies, revenue streams, programming strategies and digital platforms.”"
Executive Chairman of Sinclair David Smith added that this will be the largest acquisition in the company’s history, and Tribune’s stations will help “strengthen our commitment to serving local communities and to advance the Next Generation Broadcast Platform.”
Sinclair was Founded in 1986, and became publicly traded in 1995. Sinclair owns four radio stations, a multicast network, a cable network, and “is the leading local news provider in the country, as well as a producer of sports content,” according to their website.
In 2011, Sinclair purchased professional wrestling organization Ring of Honor from its former owner, Cary Silkin. The Ring of Honor Wrestling television program experienced a larger base for fans to watch, as the acquisition opened up the program to be viewed in more homes. Since then, ROH COO Joe Koff, who was a longtime Sinclair executive, has led the company to greater popularity, as the recent Supercard of Honor event on April 1 in Lakeland, Florida experienced the biggest live audience in the history of the brand.