Sinclair Broadcast Group Inc. shares are soaring after the broadcast giant announced it will more than double its revenue and be in position to grow even further with the purchase of 21 regional sports networks from the Walt Disney Co.
Already the biggest owner of local TV stations in the U.S. with 191 in 89 markets, Sinclair will become the leader in live sports to combine with its massive local news presence. Shares of Sinclair were up more than 31 percent in trading Monday afternoon to $59.30. The surge happened even as the stock market overall fell heavily on concerns about trade negotiations between the U.S. and China falling apart. With the $10.6 billion acquisition of the Fox regional sports networks, Sinclair will either have local news or premium live sports content in 19 of the top 25 markets in the U.S.
