Welcome to our dedicated page for Sinclair news (Ticker: SBGI), a resource for investors and traders seeking the latest updates and insights on Sinclair stock.
Sinclair, Inc. (NASDAQ: SBGI) is a prominent media company and the owner-operator of the second largest portfolio of television stations in the United States. With 185 full power stations situated in 86 markets, Sinclair has a sprawling network that significantly influences the broadcasting landscape. The company operates approximately 600 channels, of which 150 are affiliated with major national broadcasters such as Fox, ABC, CBS, and NBC. Additionally, Sinclair aligns over 80 channels with networks like The CW (Nexstar) and MyNetworkTV (Fox).
Beyond traditional television stations, Sinclair boasts ownership of the Tennis Channel and holds stakes in Marquee Sports Network and YES Network, thus providing a diversified range of sports content. This content is distributed to pay-TV providers, further extending Sinclair’s reach and impact in the media sector.
Sinclair's financial strategy has recently been a focal point, especially concerning its approach to managing debt maturities. A noteworthy development is the supportive stance of Chatham Asset Management, LLC, one of Sinclair's largest creditors. Chatham has proposed a public or private exchange of Sinclair's existing debt securities into new junior lien bonds, aiming to streamline the refinancing process and bolster market confidence.
Sinclair remains committed to maintaining a robust operational framework while addressing financial obligations efficiently. The firm's extensive network and strategic partnerships underscore its pivotal role in American broadcasting, making it a significant entity to watch in the media industry.
Sinclair has announced a broadcast affiliate distribution agreement with Nexstar to renew and expand clearances for its free, over-the-air multicast networks: Comet, CHARGE!, TBD, and The Nest. The deal covers over 15M U.S. households, strengthening national coverage in key markets.
CHARGE!, featuring police procedural shows, renewed agreements in Charlotte, Cleveland, New Orleans, and Indianapolis, while adding Springfield and Denver markets. Comet, focusing on sci-fi content, renewed in New Orleans, Indianapolis, Cleveland, and Harlingen. TBD, offering comedy programming, renewed in Kansas City and Sacramento. The Nest, featuring reality and true crime content, secured Chicago market coverage on WGN, achieving full power OTA coverage in top 10 DMAs.
Sinclair (SBGI) has completed a series of transactions to strengthen its balance sheet and enhance financial flexibility. The company executed multiple refinancing moves, including: a $1.43 billion private placement of First-Out First Lien Secured Notes due 2033, establishment of a $575 million first-out first lien revolving credit facility, and refinancing of approximately $1.44 billion in term loans.
The transactions extend the company's closest meaningful maturity to December 2029 and increase the weighted average maturity to 6.6 years. Additional components include an exchange offer for secured notes, private debt repurchases at discounted rates, and a private exchange offer for second lien notes. These moves are designed to reduce first lien net leverage and improve financial optionality, allowing Sinclair to pursue deleveraging opportunities while enhancing stakeholder returns.
Sinclair (Nasdaq: SBGI) announced significant progress in its private debt exchange offer and consent solicitation for Sinclair Television Group. As of February 7, 2025, approximately $267.2 million (36.24%) of outstanding Existing Notes were tendered, while holders of $463.6 million (62.87%) delivered consents without tendering notes.
The company received the required two-thirds majority consent to implement amendments to the existing indenture, which will eliminate restrictive covenants, modify events of default, and release collateral liens. Early participants will receive $1,000 in Exchange Second-Out Notes per $1,000 of Existing Notes, while later participants will receive $990. The early settlement is expected on February 12, 2025, with final settlement scheduled for March 12, 2025.
TBD TV has announced a special marathon celebrating Saturday Night Live's 50th anniversary, featuring 50 iconic episodes airing continuously from February 14-16, 2024. The marathon begins at 6 PM ET on Friday and concludes at 8 PM ET on Sunday, leading into NBC's SNL50: The Anniversary Special.
The event will showcase legendary sketches including More Cowbell, The Californians, Wayne's World, and Weekend Update, featuring performances from stars like John Belushi, Dana Carvey, Will Ferrell, Tina Fey, and Tracy Morgan. Since adding SNL to its lineup in 2024, TBD TV has experienced a 50% year-over-year increase in Prime P25-54 viewers, with January 2025 marking the network's highest Prime P25-54 month ever.
The marathon aligns with TBD TV's strategy of expanding its comedy programming, with SVP of Growth Networks Adam Ware emphasizing the network's commitment to delivering memorable entertainment experiences.
Sinclair has announced the retirement of Dave Howitt, Senior Vice President of Programming, effective March 31, following a career of over 48 years in television, including more than 30 years with the company. Howitt has been instrumental in managing syndicated programming acquisition and scheduling across 43 markets and 90 stations.
Prior to joining Sinclair in 1994, Howitt worked in promotion and programming management at WUAB in Cleveland and WTTV in Indianapolis, gaining experience with companies including United Artists, Gaylord, Cannell, and River City. Following Howitt's departure, the company has promoted Linda Greenwald and Matthew Diehlmann to Directors of Programming.
Sinclair Television Group (SBGI) has announced amendments to its previously announced private exchange offer and consent solicitation through Supplement No. 1. The exchange offer allows eligible holders to swap their existing 4.125% Senior Secured Notes due 2030 for new 4.375% Second-Out First Lien Secured Notes due 2032.
The supplement modifies certain terms of the asset sale covenant and the definition of 'Permitted Liens' applicable to the Exchange Second-Out Notes. The exchange offer is exclusively available to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. J.P. Morgan Securities serves as the sole Dealer Manager for the transaction.
The completion of the exchange offer and consent solicitation remains subject to certain conditions, including the Transactions Condition. The Exchange Second-Out Notes will not be registered under the Securities Act and can only be offered to eligible holders through a private placement.
Sinclair Television Group, a subsidiary of Sinclair Inc. (NASDAQ: SBGI), has priced a private offering of $1.43 billion First-Out First Lien Secured Notes due 2033. The notes are priced at 100% of face value with an 8.125% annual interest rate, payable semi-annually starting August 15, 2025.
The offering is expected to close on February 12, 2025, subject to customary conditions and the completion of other financing transactions under a previously disclosed Transaction Support Agreement. The proceeds will be used to repay $1.175 billion in term loans B-2 under the existing credit agreement, purchase notes from certain Transaction Support Agreement parties, and cover related fees.
The notes will be offered exclusively to qualified institutional buyers and non-U.S. persons, as they are not registered under the Securities Act.
Sinclair (Nasdaq: SBGI) announced that its subsidiary, Sinclair Television Group, plans to offer $1,430 million in First-Out First Lien Secured Notes due 2033 through a private placement. The proceeds will be used to repay $1,175 million of existing term loans B-2, purchase notes from certain Transaction Support Agreement parties, and cover related fees and expenses.
The 2033 Notes will only be offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, as they will not be registered under the Securities Act. This offering is subject to market conditions and other factors, and is part of broader financing transactions outlined in a previously disclosed Transaction Support Agreement.
Sinclair Television Group (STG) has launched a private exchange offer for its 4.125% Senior Secured Notes due 2030, offering new 4.375% Second-Out First Lien Secured Notes due 2032. The exchange offer is accompanied by a consent solicitation to modify the existing indenture terms.
Holders who tender their notes before the Early Tender Time (February 7, 2025) will receive $1,000 in new notes per $1,000 of existing notes, while those tendering after will receive $990 in new notes. The exchange offer expires on March 7, 2025.
The company has already secured support from holders representing the required two-thirds majority consent. The new notes will be guaranteed by Sinclair Broadcast Group and its subsidiaries, with interest payable semi-annually at 4.375%. The offer is to qualified institutional buyers and non-U.S. persons under specific regulatory conditions.
Sinclair (NASDAQ: SBGI) has released preliminary unaudited Q4 2024 Local Media segment results, showing revenues slightly below previous guidance. The company expects media revenues of $931-933 million, compared to earlier guidance of $936-945 million.
Key revenue components include:
- Political advertising: $203 million (vs. $204 million guided)
- Core advertising: $300-301 million (vs. $307-315 million guided)
- Distribution revenue: $392-393 million (vs. $386-388 million guided)
- Other media revenue: $37 million (vs. $38 million guided)
Media programming, production, and selling expenses are expected to be $580-582 million, better than the previous guidance of $589-590 million. Full Q4 2024 earnings will be reported on February 26, 2025.
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