Sinclair Broadcast Group Inc. (SBGI) has a new, but familiar, look for the new year.
A television broadcast company based in Hunt Valley, Maryland, Sinclair announced three key executive promotions, which were effective Sunday, according to a press release. (See also: The World's Top 10 Entertainment Companies.)
“The organizational changes provide greater focus and oversight in those critical areas that strengthen our longer-term strategies,” said David Smith, who moved from president and CEO to executive chairman. “The announced executive changes will better position us to grow in a changing media landscape where networks and distributors are getting bigger and consumers have more viewing choices on more devices.”
The new executives’ principal goals for 2017 include expanding Sinclair’s national and local news feeds and developing its next generation broadcast platform (ATSC 3.0).
Smith will oversee the “Next Gen” broadcast platform and drive its development, implementation and international growth. Smith will also direct the company’s near-term expansion efforts for single-frequency networks, IP network infrastructure and user data collection, a release noted.
“My revised role allows me to focus on our most important assets,” Smith said.
Assuming Smith’s previous roles, Christopher Ripley earned a promotion from CFO and will guide the company’s business operations as president and CEO.
Lucy Rutishauser, the former senior vice president and treasurer, was promoted to SVP CFO and treasurer. Her responsibilities include accounting, tax, finance and investor relations.
“We have the utmost confidence in Chris and Lucy’s ability to oversee and improve upon their new respective areas,” Smith said.
With a market cap of $3.02 billion, Sinclair’s stocks closed Friday’s session at $33.35, a decrease of .15 percent. The company’s 52-week high is $34.75. (See also: SEC Allowing Too Many Secrets On Wall Street.)