Sinclair Broadcast Group has ousted longtime Tennis Channel chairman and chief govt officer Ken Solomon, citing time spent in non-work actions as reasoning for his departure. Particularly, the father or mother firm took problem with the manager’s advisory and board member function for Dr. Phil McGraw’s Advantage Road Media firm, per an exclusive report from the Wall Road Journal.
The shakeup, which comes amid the channel’s targeted protection on the US Open by Sept. 9 (additionally Solomon’s final day on the community), won’t hinder Sinclair Inc.‘s goal to promote the channel. In line with unnamed sources, Solomon’s efforts with Dr. Phil have been seen as a “rising distraction.”
Nonetheless, per the report, these near Solomon stated the businessman has held related roles exterior the corporate all through his tenure on the Tennis Channel, a put up he’s been in since 2005, to no complaints. Moreover, the sources stated he had acquired help from the corporate for his involvement with McGraw, which dates again to late final yr. In response, these on Sinclair’s aspect maintained that Solomon’s function has change into extra time-consuming and hands-on because the collaboration progressed.
One other space of competition appears to be Sinclair’s want for Solomon to work in workplace on the Tennis Channel’s Santa Monica workplaces, although the previous chairman had lately bought property in Dallas. These near Solomon stated the acquisition is a horse ranch for Solomon’s spouse and that he nonetheless has a house in Los Angeles. In the meantime, McGraw’s firm is predicated within the Dallas-Fort Value space.
The firing comes amid Sinclair’s hopes of a Tennis Channel sale. The Baltimore-based father or mother firm, which purchased the community in 2016 from numerous private-equity funds for $350 million, is the second largest tv station operator in the US, following Nexstar Media Group. In June 2021, Sinclair was named a Fortune 500 firm.
In line with the Journal, Sinclair courted funding financial institution Moelis to promote the Tennis Channel — in 2022 valued at $750 million — alongside a portion of its native TV stations. Solomon, who stands to revenue from the sale as a stakeholder, has been closely concerned within the proceedings, working with the financial institution to fulfill with potential consumers. Sources advised the publication that the sale is constant, with a deadline for remaining bids to be set within the coming weeks.
The Tennis Channel counts amongst its viewers some 35 million households that subscribe to bundles which embrace it. For its half, Sinclair has seen a decline in its subsidiaries, as the printed business at giant has confronted cord-cutting and competitors from streaming providers. The corporate is seeking to offload as many as 60 of its 185 stations.
