Sinclair Broadcast Group no longer exists.

You may remember that the company had announced a significant reorganization that saw the establishment of a new holding company called Sinclair Inc.

That move has now been completed and Sinclair Broadcast Group has relinquished its role as the public holding company for Sinclair.

The reorganization arrives amidst ongoing challenges faced by Sinclair's Diamond Sports group, which recently filed for bankruptcy. In response, Sinclair has initiated the sale of one of its sports networks.

Jerry Reinsdorf, renowned owner of the Chicago White Sox and the Chicago Bulls, has acquired majority control of the Stadium Network. Sinclair Broadcast Group is divesting the majority of its stake in the network to Silver Chalice sports media. However, specific details regarding the deal remain undisclosed at this time.

Insiders cite "Sinclair's own corporate issues" as the driving force behind this strategic decision. The Diamond Sports Group division of Sinclair Broadcast Group has been undergoing a reorganization process since filing for bankruptcy in March.

With Jerry Reinsdorf assuming control of the Stadium Network, it is anticipated that further changes will be implemented within the sports group. The nature of these modifications will be determined by Reinsdorf's leadership. He has previously expressed interest in potentially launching his own network, and with this recent deal, he now has the opportunity to bring those ideas to the forefront. Leveraging the teams and audiences of the Stadium Network, Reinsdorf aims to explore new ventures and achieve significant success.

Sinclair has faced significant challenges in recent times due to a decline in subscribers to its regional sports networks. In response to this trend, the company has undertaken recognized measures to address the headwinds it faces.