GAMCO Investors Maintains Significant Sinclair (SBGI) Stake

TL;DR

**GAMCO is still a major player in Sinclair, holding strong.**

AI Summary

GAMCO Investors, Inc. and its affiliates, including Gabelli Funds, LLC, filed an Amendment No. 7 to their Schedule 13D on January 17, 2024, indicating their continued beneficial ownership of Sinclair, Inc. Class A Common Stock. This filing updates their position, showing that Gabelli Funds, LLC, on behalf of its investment advisory clients, holds a significant stake in Sinclair, Inc. This matters to investors because GAMCO is a well-known activist investor, and their continued large position suggests they see long-term value in Sinclair, Inc., potentially influencing future corporate actions or strategic directions.

Why It Matters

GAMCO's continued substantial ownership in Sinclair, Inc. signals their ongoing belief in the company's value, which could be a positive indicator for current and prospective shareholders.

Risk Assessment

Risk Level: low — This filing is an amendment to an existing Schedule 13D, indicating a stable, long-term investment rather than a new, volatile event.

Analyst Insight

An investor should view this filing as confirmation that a major institutional investor maintains its position in Sinclair, Inc. It doesn't signal a new buying or selling spree but rather a stable, ongoing investment. It might be worth researching GAMCO's investment thesis for Sinclair to understand their long-term perspective.

Key Numbers

• 829226109 — CUSIP Number (identifies Sinclair, Inc. Class A Common Stock)
• 13-4044523 — I.D. No. (IRS identification number for Gabelli Funds, LLC)

Key Players & Entities

• GAMCO Investors, Inc. (company) — the filing entity and investment manager
• Sinclair, Inc. (company) — the subject company whose stock is being reported
• Gabelli Funds, LLC (company) — an affiliate of GAMCO Investors, Inc. and reporting person
• David Goldman (person) — contact person for GAMCO Investors, Inc.
• January 17, 2024 (date) — date of the event requiring the filing

Forward-Looking Statements

• GAMCO Investors will continue to hold a significant stake in Sinclair, Inc. for the foreseeable future. (GAMCO Investors, Inc.) — high confidence, target: 2025-01-17
• GAMCO's continued ownership may lead to them engaging with Sinclair's management on strategic initiatives. (Sinclair, Inc.) — medium confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $6,566,064 — sons used an aggregate of approximately $6,566,064 to purchase the additional Securities r
• $6,122,231 — Schedule 13D. GAMCO used approximately $6,122,231 of funds that were provided through the
• $406,988 — clients. Foundation used approximately $406,988 of funds of a private entity to purchas
• $36,845 — by it. Mario Gabelli used approximately $36,845 of private funds to purchase the additi

Filing Documents

• sbgi_07a.htm (SC 13D/A) — 269KB
• 0000807249-24-000017.txt ( ) — 271KB

Security and Issuer

Item 1. Security and Issuer This Amendment No. 7 to Schedule 13D on the Class A Common Stock of Sinclair, Inc. (previously filed under Sinclair Broadcast Group, Inc.) (the "Issuer") is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the "Schedule 13D") which was originally filed on February 19, 2021. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"), T

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration

to Schedule 13D is amended, in pertinent part, as follows

Item 3 to Schedule 13D is amended, in pertinent part, as follows: The Reporting Persons used an aggregate of approximately $6,566,064 to purchase the additional Securities reported as beneficially owned in Item 5 since the most recently filing on Schedule 13D. GAMCO used approximately $6,122,231 of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts, may be through borrowings from client margin accounts) in order to purchase the additional Securities for such clients. Foundation used approximately $406,988 of funds of a private entity to purchase the additional Securities reported by it. Mario Gabelli used approximately $36,845 of private funds to purchase the additional Securities reported by him.

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer

to Schedule 13D is amended, in pertinent part, as follows

Item 5 to Schedule 13D is amended, in pertinent part, as follows: (a) The aggregate number of Securities to which this Schedule 13D relates is 4,910,046 shares, representing 12.36% of the 39,739,528 shares outstanding as reported in the Issuer's most recently filed Form 10-Q for the quarterly period ended September 30, 2023. The Reporting Persons beneficially own those Securities as follows: Name Shares of Common Stock % of Class of Common GAMCO Gabelli Funds Mario Gabelli MJG Associates Teton Advisors GGCP GCIA Foundation AC 3,386,396 1,178,100 51,000 83,000 32,000 32,500 13,050 105,000 29,000 8.52% 2.96% 0.13% 0.21% 0.08% 0.08% 0.03% 0.26% 0.07% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have authority to vote 124,000 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund's shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC,

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