Sinclair Broadcast Group has ousted longtime Tennis Channel chairman and chief executive officer Ken Solomon, citing time spent in non-work activities as reasoning for his departure. Specifically, the parent company took issue with the executive’s advisory and board member role for Dr. Phil McGraw’s Merit Street Media company, per an exclusive report from the Wall Street Journal.
The shakeup, which comes amid the channel’s focused coverage on the US Open through Sept. 9 (also Solomon’s last day at the network), will not hinder Sinclair Inc.‘s aim to sell the channel. According to unnamed sources, Solomon’s efforts with Dr. Phil were seen as a “growing distraction.”
However, per the report, those close to Solomon said the businessman has held similar roles outside the company throughout his tenure at the Tennis Channel, a post he’s been in since 2005, to no complaints. Additionally, the sources said he had received support from the company for his involvement with McGraw, which dates back to late last year. In response, those on Sinclair’s side maintained that Solomon’s role has become more time-consuming and hands-on as the collaboration progressed.
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Another area of contention seems to be Sinclair’s desire for Solomon to work in office at the Tennis Channel’s Santa Monica workplaces, though the former chairman had recently purchased property in Dallas. Those close to Solomon said the acquisition is a horse ranch for Solomon’s wife and that he still has a home in Los Angeles. Meanwhile, McGraw’s company is based in the Dallas-Fort Worth area.
The firing comes amid Sinclair’s hopes of a Tennis Channel sale. The Baltimore-based parent company, which bought the network in 2016 from a number of private-equity funds for $350 million, is the second largest television station operator in the United States, following Nexstar Media Group. In June 2021, Sinclair was named a Fortune 500 company.
According to the Journal, Sinclair courted investment bank Moelis to sell the Tennis Channel — in 2022 valued at $750 million — alongside a portion of its local TV stations. Solomon, who stands to profit from the sale as a stakeholder, has been heavily involved in the proceedings, working with the bank to meet with potential buyers. Sources told the publication that the sale is continuing, with a deadline for final bids to be set in the coming weeks.
The Tennis Channel counts among its viewers some 35 million households that subscribe to bundles which include it. For its part, Sinclair has seen a decline in its subsidiaries, as the broadcast industry at large has faced cord-cutting and competition from streaming services. The company is looking to offload as many as 60 of its 185 stations.
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