Sinclair Shares Spike On $1B Buyback Plan


On Thursday, August 8, 1974, Richard Nixon resigned as President of the United States.

Forty-four years later, Tribune Media has resigned from its merger agreement with Sinclair Broadcast Group.

With headlines grabbing the attention of broadcast media outlets far and wide and Tribune controlling the conversation through the lunch hour, Sinclair finally responded in the early afternoon hours of Thursday (8/9).

Its FCC applications have been withdrawn with prejudice, and it is initiating a huge stock repurchasing plan. Investors immediately signaled their approval, sending SBGI into positive territory.

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