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Smith Family Looking To Take SMI Private In Seismic Shift

The Smith family this morning revealed it is looking to take SMI private, announcing that the Sonic Financial that it privately owns has made a bid to acquire all of SMI's shares not already controlled by the family. The announcement this morning indicates that the privately owned Sonic Financial has made a bid to acquire such shares at $18.00 a bid, and that the family intends to keep and carry on the motorsports promoter business should the acquisition be successful. However, taking the company private could make an eventual sale easier, because the family would now fully own it and would no longer be subject to shareholder consideration.

SMI owns eight speedways and three dragstrips, along with scores of real estate and other auto-focused revenue streams. SMI has formed a special independent committee that will represent non-Smith shareholders during the process. This comes as the France family tries to take ISC private via NASCAR’s bid, and it would be another seismic step for the sport. SMI was trading at $13.94 heading into today’s trading.

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

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