Sinclair, Inc. (SBGI) witnessed a significant boost in its shares by 12% on Wednesday following the announcement of a renewed agreement with FOX Corporation for all affiliations in Sinclair markets.
SBGI is trading on the Nasdaq at $15.37, up 12.85% or $1.75 per share. It has traded between $9.39 and $22.41 in the past 52-week period.
The agreement spans over multiple years and includes the renewal of FOX affiliations in markets where Sinclair provides sales and other services under a joint sales agreement or master service agreement.
The renewal of 41 markets is expected to benefit approximately 19 million TV households.
Sinclair's Senior Vice President, Head of Distribution and Network Relations, Will Bell, stated that they are pleased to pair FOX's exclusive sports and entertainment programming with their best-in-class local news and syndicated programming for years to come.
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