Sinclair Broadcast Group said its board has approved a comprehensive strategic review that could reshape one of the nation’s largest local-television portfolios. The Maryland-based company, which owns or operates 178 stations in 81 markets, will examine “all value-enhancing opportunities,” including acquisitions, mergers, asset sales and other business combinations, according to a statement released Monday. At the same time, executives are weighing a separation of the Sinclair Ventures portfolio, whose holdings range from real-estate and private-equity stakes to the pay-TV Tennis Channel and ad-tech unit Digital Remedy. Chief Executive Officer Chris Ripley said isolating the Ventures assets could “crystallize significant value” while bolstering Sinclair’s scale-driven broadcast strategy. The review comes amid broader consolidation pressures as audiences shift from linear television to streaming. Investors welcomed the move: Sinclair shares surged as much as 20% in late trading—up roughly 15% according to Reuters—after the plan was announced. The company cautioned there is no guarantee the review will result in a transaction, and it does not expect to provide further updates unless the board approves a specific course of action.