The Baltimore Sun, a renowned newspaper, has recently been acquired by David D. Smith, who serves as the executive chairman of the media conglomerate Sinclair Inc.
Sinclair Broadcast Faces Backlash: A Look Back at April 2018
Smith disclosed that he purchased Baltimore Sun Media from the investment firm Alden Global Capital in a private transaction that was finalized on Friday.
Although Smith has obtained the paper independently of Sinclair, known for its ownership of local television news stations throughout the U.S., he hinted at potential collaborations between the two brands in the future. Meanwhile, he will continue his role as the executive chairman at Sinclair SBGI, +0.63%.
The exact financial terms of the agreement were not disclosed by Smith.
In an interview with the Sun, Smith expressed that his commitment to the news business stems from his belief in serving the public interest. He firmly believes that the paper has great potential for profitability and success while continuing to fulfill a crucial public interest role over time.
Smith's Acquisition of the Sun
Smith, a recent reader of the Sun, revealed that his interest in purchasing the media group began two years ago. However, it was only in recent months that he became more focused on the matter and decided to proceed with the deal. His decision was driven by the passage of time and an opportune moment.
This acquisition follows Alden's purchase of the paper in 2021 as part of a Tribune Publishing deal worth $633 million.
Baltimore Sun Media: A Pulitzer Prize-Winning Publication
Prominence of the Sun
Founded in 1837, the Sun holds the distinction of being Maryland's largest newspaper.
To gain further insight into Sinclair, let's delve into the archives:
- The media landscape has proven to be friendlier towards Trump than he acknowledges.
- A watchdog from the FCC stated that there was no favoritism shown towards Sinclair by Pai.
- Sinclair faced allegations of driving its regional-sports subsidiary into bankruptcy.
- MLB is prepared to take control of local TV broadcasts from Sinclair.
- Sinclair Broadcast will now operate under a new holding company named Sinclair Inc.