Fidelity owns big chunk of Sinclair

Mutual fund giant Fidelity (FMR Corp.) has filed an update with the SEC on its holdings in Sinclair Broadcast Group. In all, FMR holds 6,316,797 shares of Sinclair, or just under 12% of the publicly traded Class A shares. The biggest chunk of that, 4,034,437 shares, or 7.6%, is held by the Fidelity Small Cap Stock Fund. There is no indication that Fidelity holds Sinclair shares for any purpose other than investment. In fact, the mutual fund group certified to the SEC "the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer." The four Smith brothers, including CEO David Smith, hold majority voting control of Sinclair, largely through their super-voting Class B shares.

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