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Sinclair, the nation’s largest owner of local television stations, is willing to sell all assets in its portfolio at the right price, the media company’s CEO said Tuesday in response to reports of possible sales.

Chris Ripley, president and CEO of Sinclair, responded to a shareholder during Hunt Valley-based Sinclair’s annual meeting who asked him about the company’s reported plans to sell more than 60 of its 185 gas stations – nearly a third of them.

A CNBC report last month cited unnamed sources as saying Sinclair had hired investment banker Moelis and identified more than 60 stations in 86 markets, including a mix of affiliates such as Fox, ABC, CBS, NBC and CW.

Ripley said the company would not comment on media speculation and noted that nothing had been officially announced.

“What I can say about potential sales within our portfolio is that we are very focused on closing the gap between our overall valuation and our trading value today,” Ripley said. “There is a very large gap.”

Sinclair stock, which has been struggling in recent years, has lost nearly two-thirds of its value since the start of 2020 and was trading at $12.31 per share on Tuesday. Looking at the “sum of the parts,” Ripley said he believes the stock should trade at $50 to $60 per share.

David Smith, Sinclair’s CEO and one of the company’s majority shareholders, and a partner acquired The Baltimore Sun newspaper in January.

Sinclair officials have argued that Wall Street is undervaluing a company it sees only as an owner of television stations, ignoring the value of its non-local media assets such as the Tennis Channel and its investment portfolio. The company has changed its investment strategy and is now beginning to acquire growing, non-broadcast-related businesses.

“There are no sacred cows,” Ripley said during Tuesday’s meeting. “For the right price, everything in our portfolio can be sold, and we think that if transaction opportunities arise, this would help close that valuation gap.”

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