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.
On November 20, 2020, four local television stations in Norfolk, VA, including WAVY-TV, WVBT, WNLO-CD, and WTVZ-TV, began broadcasting with NEXTGEN TV, a breakthrough digital broadcast technology enabling features like immersive 4K video, mobile broadcasting, and enhanced emergency alerts. Powered by ATSC 3.0, this launch marks a significant upgrade in broadcast technology, with stations cooperating to ensure program availability for all viewers. BitPath facilitated the initiative, planning a dedicated broadcast data network expected to launch in 2021.
Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced a private offering of $750 million Senior Secured Notes due 2030 at a 4.125% interest rate, payable semi-annually starting June 2021. The proceeds will be used to redeem $550 million of higher-interest Senior Notes due 2024 and repay outstanding term loan amounts. The offering is expected to close on December 4, 2020, pending customary conditions. The notes will not be registered under the Securities Act and will be sold primarily to qualified institutional buyers and non-U.S. persons.
Sinclair Broadcast Group announced that its subsidiary, Sinclair Television Group, intends to redeem its $550 million 5.625% Senior Notes due 2024 on December 4, 2020. This redemption is contingent upon STG securing new debt financing of at least $550 million. The redemption price will be 101.875% of the principal plus accrued interest. Funding will come from the net proceeds of the financing and cash on hand. A notice of redemption will be issued separately to Note holders. Forward-looking statements include risks related to financing and business operations impacted by external factors.
On November 19, 2020, Sinclair Broadcast Group (Nasdaq: SBGI) announced its subsidiary, Sinclair Television Group, plans to offer $550 million in Senior Secured Notes due 2030. The net proceeds will be used to redeem $550 million of its 5.625% Senior Notes due 2024 on December 4, 2020. The redemption is contingent on successfully issuing the new debt. The redemption price will be 101.875% of the principal plus accrued interest. The offering is targeted at qualified institutional buyers and may not be registered under U.S. securities laws.
Sinclair Broadcast Group (NASDAQ: SBGI) has announced the launch of its new headline news service, The National Desk, set to debut in mid-January 2021. This service aims to deliver real-time news coverage, blending national stories with local perspectives across Sinclair's various platforms. Award-winning anchor Jan Jeffcoat will lead the initiative alongside Cayle Thompson, ensuring timely updates on significant events. The National Desk will broadcast weekday mornings and be accessible on Sinclair's CW and MY Network affiliates, as well as on Sinclair's streaming platform STIRR.
On November 17, 2020, five major TV stations in Raleigh, NC, including WTVD, WNCN, WUVC, WLFL, and WRDC, launched NEXTGEN TV, utilizing advanced ATSC 3.0 technology. This upgrade promises enhanced features like 4K video, immersive audio, and emergency alerts. The initiative is backed by BitPath and aims to improve broadcast quality and viewer experience across various platforms. Local residents can easily access this service by rescanning their TVs. Sinclair Broadcast Group and Nexstar Media Group executives stressed the importance of this deployment for advanced broadcasting.
Sinclair Broadcast Group (Nasdaq: SBGI) has declared a quarterly cash dividend of $0.20 per share for its Class A and Class B common stock. This dividend will be paid on December 15, 2020, to shareholders on record as of December 1, 2020. Sinclair operates 23 regional sports networks and 190 television stations, making it a significant player in local news and sports broadcasting across the U.S.
Sinclair Broadcast Group (Nasdaq: SBGI) reported a 37% increase in Q3 2020 revenues to $1,539 million, largely due to its acquisition of 21 Regional Sports Networks and heightened political advertising. However, it faced a significant operating loss of $4,178 million, driven by a $4,226 million impairment in its Local Sports segment. Excluding adjustments, net income was $161 million, with Consolidated Adjusted EBITDA rising 97% to $736 million. The company looks forward to growth initiatives, including a new sports app and expansion of NEXTGEN TV.
Sinclair Broadcast Group (NASDAQ: SBGI) has appointed John Zeigler as the new Chief Marketing Officer. In this newly established role, Zeigler will spearhead brand marketing strategies for Sinclair's affiliate stations and 21 Regional Sports Networks. Zeigler has a rich background in broadcasting, previously serving as Vice President at the YES Network, where he created an in-house marketing agency. With over 28 Emmy awards, he aims to enhance Sinclair's brand presence and engage audiences nationwide.
Sinclair Broadcast Group (NASDAQ: SBGI) announced that Lucy Rutishauser, its CFO, has been recognized by The Baltimore Sun as one of its 2020 Women to Watch. This accolade highlights her leadership and contributions to the industry, particularly during the COVID-19 pandemic. The award celebrates 25 impactful women in various sectors in the Baltimore region. Chris Ripley, Sinclair's CEO, lauded Rutishauser's role in steering the company towards becoming a Fortune 500 firm. Rutishauser has previously received numerous accolades, including Cynopsis' Top Women in Media for 2020.
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