{"id":317271,"date":"2024-04-12T17:05:57","date_gmt":"2024-04-12T22:05:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=317271"},"modified":"2024-04-14T19:44:35","modified_gmt":"2024-04-15T00:44:35","slug":"sinclair-selling-7-91-shares-of-ballys-stock","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/","title":{"rendered":"Sinclair Broadcast Group Selling 7.91 Million Bally\u2019s Shares"},"content":{"rendered":"

Sinclair Broadcast Group (NASDAQ: SBGI), the operator of regional sports networks (RSNs) that bear the Bally\u2019s (NYSE: BALY), is selling 7.91 million shares of the casino stock.<\/p>\n

\"Bally's
A collage of Sinclair Broadcasting programming. The media company is selling Bally’s shares. (Image: The Bay Observer<\/em>)<\/figcaption><\/figure>\n

In a Form S-3 filing with the Securities and Exchange Commission (SEC) released Friday, Bally\u2019s told investors it registered to sell 7.91 million shares on behalf of an entity known as SBG Gaming, LLC. Other SEC documents reveal SBG Gaming is a unit of Sinclair.<\/p>\n

The shares of common stock offered hereby are being registered for the account of the Selling Stockholder. All net proceeds from the sale of the shares of common stock will go to the Selling Stockholder. We will not receive any part of the proceeds from such sale of the common stock,\u201d according to the Bally\u2019s regulatory document.<\/p><\/blockquote>\n

As of March 20, the gaming company had 40,426,353 shares of common stock outstanding, meaning the share sale registered on behalf of SBG Gaming is equivalent to 16.37% of that total as noted in the SEC filing.<\/strong><\/p>\n

How Sinclair Came to Own Bally\u2019s Stock<\/h2>\n

Sinclair\u2019s stake in Bally\u2019s came about in late 2020 when the gaming company agreed to reportedly pay $85 million over 10 years<\/a> to put its name on the media group\u2019s RSNs.<\/p>\n

\n

Under the terms of that agreement, Sinclair also received a 15% equity stake in the casino operator and rights to own up to another 15% over time if certain financial objectives were met. At the time the deal was struck, Sinclair\u2019s interest in Bally\u2019s was worth about $137 million, but based on the stock\u2019s closing price of $13.41 today, 7.91 shares fetch roughly $106 million.<\/p>\n<\/div>\n

It\u2019s some, but not much compensation for Sinclair, which overpaid for the RSNs and has since grappled with the financial health of those networks.<\/p>\n

Sinclair acquired the 21 RSNs from Walt Disney for $10.6 billion in 2019 as part of the latter\u2019s efforts to divest some assets to gain regulatory approval for its acquisition of 21st<\/sup> Century Fox. At the time, the networks, which bear the Fox Sports name, were reportedly valued at least $16 billion.<\/p>\n

Last November, Sinclair in partnership with Bally\u2019s Chairman Soo Kim<\/a>, reportedly offered $850 million to regain control of bankrupt Diamond Sports Group. Diamond is the holding company for the Bally\u2019s-branded RSNs.<\/p>\n

Sinclair Divesting Bally\u2019s Stock at Interesting Time<\/h2>\n

The announcement that Bally\u2019s is selling stock on behalf of Sinclair arrived about a month after Kim\u2019s Standard General hedge fund offered $15 a share<\/a> for the gaming company — its second takeover bid for the operator in which it\u2019s the largest shareholder in two years.<\/p>\n

Bally\u2019s Form S-3 filing doesn\u2019t disclose a reason why Sinclair is selling its stake and the media company has yet to comment on what its plans are for the proceeds.<\/strong><\/p>\n

\u201cThe Selling Stockholder will act independently of us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made on one or more exchanges or in the over-the-counter market or otherwise, at prices and under terms then prevailing or at prices related to the prevailing market price or at negotiated prices,\u201d said Bally\u2019s in the regulatory document.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sinclair Broadcast Group (NASDAQ: SBGI), the operator of regional sports networks (RSNs) that bear the Bally\u2019s (NYSE: BALY), is selling 7.91 million shares of the casino stock. In a Form S-3 filing with the Securities and Exchange Commission (SEC) released Friday, Bally\u2019s told investors it registered to sell 7.91 million shares on behalf of an […]<\/p>\n","protected":false},"author":46,"featured_media":170248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,16693],"tags":[81903,81898,82041],"acf":[],"yoast_head":"\nSinclair Selling 7.91 Shares of Bally's Stock<\/title>\n<meta name=\"description\" content=\"Sinclair Broadcast Group Selling 7.91 Million Bally\u2019s Shares.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sinclair Selling 7.91 Shares of Bally's Stock\" \/>\n<meta property=\"og:description\" content=\"Sinclair Broadcast Group Selling 7.91 Million Bally\u2019s Shares.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T22:05:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T00:44:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/sinclair.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/\",\"url\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/\",\"name\":\"Sinclair Selling 7.91 Shares of Bally's Stock\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/sinclair.jpg\",\"datePublished\":\"2024-04-12T22:05:57+00:00\",\"dateModified\":\"2024-04-15T00:44:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sinclair Broadcast Group Selling 7.91 Million Bally\u2019s Shares.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sinclair-selling-7-91-shares-of-ballys-stock\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/sinclair.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/sinclair.jpg\",\"width\":1200,\"height\":675,\"caption\":\"A collage of Sinclair Broadcasting programming. 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