Sports network CEO fired

As the 2024 US Open enters its homestretch, there’s some major news in the tennis world that might just overshadow it.

Ken Solomon, the longtime chairman and CEO of the Tennis Channel, has been fired by parent company Sinclair, according to the Wall Street Journal.

The decision, which WSJ says was signed off on by Sinclair CEO Chris Ripley, is said to be related to Solomon’s role as a board member and advisor to Dr. Phil McGraw’s company, Merit Street Media, which is seen as a “growing distraction.”

The WSJ says that Solomon’s last day with be Monday, Sept. 9. He has been the channel’s chief executive since 2005.

Some more details from Joe Flint’s report:

People close to Solomon said he has held similar outside roles during his tenure with the Tennis Channel without objection from Sinclair and received approval from the company for his role with McGraw’s company, which officially started in late 2023. People familiar with Sinclair’s thinking countered that Solomon’s role with McGraw had become more active and time-consuming than they had anticipated.

Sinclair also indicated to Solomon it wanted a commitment from him to work primarily in the Tennis Channel’s Santa Monica, Calif., offices. Solomon recently acquired property in the Dallas area. The people close to Solomon said that it is a horse ranch for his wife and that he still maintains a residence in Los Angeles. McGraw’s operations are also based in Dallas-Fort Worth.

The timing of the dismissal is a bit awkward considering Sinclair is currently shopping the Tennis Channel to prospective buyers , despite being seen as a success story in media circles. Most recently, it generated $67 million in revenue last quarter, up 12% from the same quarter in 2023.

Sinclair valued the network at close to $750 million in 2022 after buying it for $350 million in 2016 .

People close to the sales process told Flint that it will continue and a deadline for final bids will be set soon.

[ WSJ ]

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