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 the promotion of Daniel J. Hoffman to Senior Vice President of Sales Transformation, effective immediately. Hoffman, who has over 25 years of experience in the broadcast and cable industry, will lead the integration of data and technology into sales processes. He will retain his current responsibilities overseeing 15 properties across the company. This move follows the retirement of Dan Mellon, enhancing Sinclair's sales strategy and productivity to drive revenue growth.
Sinclair Broadcast Group (Nasdaq: SBGI) has appointed William Bell as the new Head of Distribution and Network Relations. He will manage the distribution of Sinclair's content, including broadcast stations and regional sports networks, reporting to David Gibber. Bell joined Sinclair in 2015 and previously held the role of Director, Senior Corporate Counsel. His leadership aims to enhance Sinclair's market strategies and partnerships in an evolving media landscape, continuing the legacy of former executive Barry Faber.
Sinclair Broadcast Group (Nasdaq: SBGI) announced that it is unlikely to reach a carriage agreement with DISH Network before the current contract expires on August 16, 2021. If negotiations fail, 112 of Sinclair's broadcast TV stations, including major affiliates like ABC, CBS, FOX, and NBC, will be dropped from DISH Network. This loss affects local news, sports programming, and access to the Tennis Channel. Sinclair urges affected subscribers to contact DISH Network regarding the importance of maintaining these channels.
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. The dividend will be paid on September 15, 2021, to shareholders on record as of September 1, 2021. Sinclair is a leading diversified media company operating 185 television stations across 86 markets and 21 regional sports network brands, recognized as a significant provider of local sports and news content across multiple platforms.
Sinclair Broadcast Group (SBGI) reported a 26% increase in consolidated total revenue to $1,612 million for Q2 2021 compared to the previous year.
However, the company experienced a net loss of $332 million, reversing from a net income of $252 million in Q2 2020. Adjusted EBITDA rose 70% to $433 million.
CEO Chris Ripley highlighted significant growth in advertising revenues and the ongoing recovery in the core advertising market.
The company plans to enhance its multi-channel content and community engagement strategies moving forward.
Sinclair Broadcast Group (Nasdaq: SBGI) will announce its Q2 2021 earnings on August 4, 2021, at 7:30 a.m. ET. A follow-up conference call will be held at 9:30 a.m. ET to discuss the results.
The call will be accessible via a live webcast on www.sbgi.net. Participants are advised to join at least two minutes early by calling 877-407-8033. A replay of the call will also be available on the company's website.
Sinclair Broadcast Group (Nasdaq: SBGI) announced the launch of The National Desk's late news, starting September 27, featuring award-winning journalists Meagan O’Halloran and Eugene Ramirez. O’Halloran returns to anchor the evening edition, while Ramirez will serve as Live Desk Anchor. The program aims to provide a commentary-free overview of impactful news and will reach viewers across 64 stations in 60 markets and on Sinclair’s free OTT platform STIRR. A new website and app will also be launched soon for immediate news access.
Sinclair Broadcast Group (NASDAQ: SBGI) has appointed John McClure as Vice President and Chief Information Security Officer. In this pivotal role, McClure will spearhead the company's information security strategy across all business functions. With over 25 years of experience, including prior leadership at Laureate Education, he aims to enhance Sinclair's cybersecurity posture amidst increasing risks. Sinclair's executive team expects McClure to collaborate closely with leadership to secure its services and networks effectively, supporting the company's ongoing growth and innovation in the media sector.
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