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 Broadcast Group (Nasdaq: SBGI) has announced its annual stockholders meeting, set for June 28th, to be webcast at www.sbgi.net starting at 10 a.m. ET. Certain Board members and senior management will attend virtually, encouraging stockholders to do the same. Participants cannot vote or revoke proxies during the webcast but are urged to cast votes using methods outlined in proxy materials. Sinclair operates 185 TV stations and 21 regional sports networks, providing extensive local news and sports content across multiple platforms.
Sinclair Broadcast Group (Nasdaq: SBGI) has achieved a significant milestone by being included in the prestigious Fortune 500 list for the first time, ranking 465. This recognition underscores the company's remarkable growth from a local broadcaster to a diversified media and technology leader. With a robust portfolio including 185 local television stations and 19 Bally Sports networks, Sinclair continues to innovate in local sports broadcasting. CEO Chris Ripley emphasized the importance of their dedicated employees in reaching this achievement.
Sinclair Broadcast Group (Nasdaq: SBGI) announced the upcoming retirement of Barry Faber, President of Distribution and Network Relations, effective June 25, 2021. Faber, who has been with the Company for 25 years, played a crucial role in its growth and transformation within the broadcasting industry, overseeing significant acquisitions and advocating for compensation from pay-TV providers. Post-retirement, he will serve as a consultant for Sinclair. The Company will announce a successor later this year.
Sinclair Broadcast Group (Nasdaq: SBGI) announced that its stations WBFF in Baltimore and WKRC in Cincinnati received four National Headliner Awards for investigative journalism impacting local communities. WBFF's Project Baltimore earned three honors, including two first-place awards for its series 'Shredding' and the documentary 'Registered & Enrolled', alongside a second-place award for public service. WKRC secured second place in health reporting for 'Spotlight on America: Chamber of Hope'. Additionally, Sinclair received 37 Regional Edward R. Murrow Awards for journalistic excellence, reinforcing its commitment to impactful news coverage.
Sinclair Broadcast Group (Nasdaq: SBGI) has announced the promotion of Courtney Youngblood to Vice President & General Manager of WLOS (ABC) in Asheville, North Carolina. Youngblood, who has been with Sinclair for over 20 years, will also oversee WMYA (MyNet affiliate). President Rob Weisbord highlighted her extensive experience in television sales and familiarity with the Asheville market as key qualifications. Youngblood expressed enthusiasm for her expanded role at WLOS, emphasizing the station's commitment to excellence in serving the community.
Sinclair Broadcast Group (Nasdaq: SBGI) has achieved remarkable recognition with 18 of its newsrooms receiving the prestigious RTDNA Regional Edward R. Murrow Award, totaling 37 awards. Noteworthy stations include WJLA with 6 awards and KOMO with 4. WEAR, WJAR, and WSTM received the Overall Excellence Award, while other stations excelled in areas such as Investigative journalism. CEO Chris Ripley emphasized the significance of these awards in highlighting community issues. Sinclair continues to commit to local news and investigative efforts, underlining its role in strengthening community relations.
Sinclair Broadcast Group (Nasdaq: SBGI) has declared a quarterly cash dividend of $0.20 per share on its Class A and Class B common stock. This dividend is set to be paid on June 15, 2021, to shareholders of record as of the close of business on June 1, 2021.
Sinclair continues to be a major player in the media sector, with ownership and operation of 21 regional sports networks and 186 television stations across 87 markets. Its diverse media offerings include local news and national networks, delivered through various platforms.
Sinclair Broadcast Group (SBGI) reported a 6% revenue decline to $1.511 billion for Q1 2021. The operating income plummeted to $35 million from $327 million in Q1 2020, mainly due to $32 million in non-recurring costs. A net loss of $12 million was recorded, contrasting with a $123 million income in the previous year. Adjusted EBITDA fell 35% to $182 million. Despite challenges, CEO Chris Ripley noted a recovery in the advertising market and optimism for continued growth, aided by the recent Bally Sports rebranding and the launch of the Bally Sports App.
Sinclair Broadcast Group (Nasdaq: SBGI) is expanding its original news program, The National Desk, to evening hours starting September 27, 2021. This program will air from 10 p.m.-12 a.m. EDT and 7 p.m.-9 p.m. PDT across 68 stations and Sinclair's digital platforms. Since its launch in January 2021, the program has been well-received for providing local and national news without commentary. Mike Garber will lead the evening content, and a new website and app will be introduced for better access to news. Sinclair aims to continue delivering valuable and immediate news coverage.
Sinclair Broadcast Group (Nasdaq: SBGI) announced significant achievements at the Cynopsis Sports Media Awards, receiving nine awards, including "RSN of the Year" for Bally Sports. Bally Sports Florida led with seven awards, encompassing notable recognitions for local sports programming. Additionally, Tennis Channel's Ken Solomon was honored as a "Hall of Fame Luminary" for innovation in tennis broadcasting. Sinclair's High School Sports Division was acknowledged for its creative programming during the pandemic. These awards highlight Sinclair's commitment to sports broadcasting and audience engagement.
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