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 Broadcasting Group (SBGI) has announced that two of its stations, WCHS in Charleston and WPDE in Myrtle Beach, have been honored with National Edward R. Murrow Awards by the Radio Television Digital News Association (RTDNA). WCHS won in the Best Hard News category for their story on serial rapist Charles Woods, while WPDE received the Excellence in Video award for 'Painting the Preserve'.
Earlier this year, 15 Sinclair-owned or operated content centers received a total of 22 Regional Edward R. Murrow Awards. Scott Livingston, Senior Vice President of News, emphasized the company's commitment to impactful local journalism and expressed pride in the award-winning work produced by WCHS and WPDE.
Sinclair is expanding its podcast division with new sports programming featuring top athletes, coaches, and experts. Launching on August 21 is 'The Triple Option', hosted by Urban Meyer, Mark Ingram II, and Rob Stone, offering analysis on college football, NFL, and leadership. On September 5, 'Throwbacks' with Matt Leinart and Jerry Ferrara will debut, combining sports opinions with family adventures.
The company has secured sponsorships from brands like Wendy's, BetMGM, NHTSA, and ZipRecruiter. Sinclair aims to leverage its linear, digital, and social assets for promotion and sales efforts. The podcasts will be available on YouTube, Apple Podcasts, Spotify, and other platforms, with short-form content across social channels. This expansion is part of Sinclair's evolution into a cross-media platform company, offering audiences unparalleled access to athletes and sports content.
Comet, a leading sci-fi and fantasy broadcast network, announced the success of Comet Fest 2024 and plans for Comet Fest 2025. The 2024 event, focusing on AI-themed franchises, saw a 40% year-over-year audience increase, attracting over 3.5 million viewers. Key highlights include:
- 102% increase in Persons 18-49 ratings
- Introduction of Hailee, an AI host and chatbot
- First-ever live event at Fine Arts Theater in Beverly Hills
- Double and triple-digit increases across P18-49 and P25-54 demographics
Comet Fest 2025 is set for next August, celebrating the Jurassic Park franchise.
WBFF's Project Baltimore, a special investigative reporting unit, has received two News & Documentary Emmy® Award nominations from The National Academy of Television Arts & Sciences (NATAS). The nominations are for Outstanding Regional Documentary and Outstanding Regional News Story: Investigative. Since its inception in 2017, Project Baltimore has garnered numerous accolades, including 4 National Investigative Reporters and Editors awards, 5 National Headliner awards, and 41 regional Emmy Awards. Scott Livingston, Senior Vice President of News, praised the team's commitment to impactful local reporting. The awards ceremony will take place on September 25 and 26.
Sinclair (Nasdaq: SBGI) has declared a quarterly cash dividend of $0.25 per share on its Class A and Class B common stock. The dividend is payable on September 13, 2024, to shareholders of record as of August 30, 2024. Sinclair is a diversified media company and leading provider of local news and sports, owning or operating 185 television stations in 86 markets. The company also owns Tennis Channel, multiple multicast networks, and 21 regional sports network brands. Sinclair delivers content through various platforms, including over-the-air, multi-channel video program distributors, and NewsON, the largest streaming aggregator of local news content.
Sinclair (Nasdaq: SBGI) reported its Q2 2024 financial results, showcasing impressive performance across various metrics. Total revenues increased by 8% to $829 million compared to $768 million in Q2 2023. Media revenues also saw an 8% rise, reaching $819 million. Notably, total advertising revenues climbed by 11% to $343 million. Distribution revenues grew by 4% to $435 million.
The company achieved an operating income of $64 million, a significant improvement from a $3 million loss in the prior year period. Net income was $17 million, a turnaround from an $89 million loss. Adjusted EBITDA rose by 42% to $158 million.
Sinclair has secured $146 million in political advertising for H2 2024, a substantial increase from $78 million in 2020. The full-year political advertising guidance is now projected to be between $385 million to $410 million, a 10% to 17% growth compared to 2020. The CEO, Chris Ripley, highlighted strong momentum and multiple cash flow drivers for a robust finish to the year.
Sinclair Broadcast Group has appointed Dean Ditmer as Vice President/General Manager of KATU and KUNP in Portland, OR. Ditmer brings extensive experience in broadcast leadership, having previously served as President/GM at KPNX, KMSB, and KTTU in Tucson, AZ. His career includes roles as Director of Sales at KUSA in Denver and General Manager of Sinclair's WKEF and WRGT in Dayton, OH.
Rob Weisbord, Sinclair's COO and President of Local Media, expressed confidence in Ditmer's ability to lead the Portland stations. Ditmer, excited to rejoin Sinclair, acknowledged the company's transformative role in the industry. He has served on several boards, including the Walter Cronkite School of Journalism and Mass Communications at Arizona State University and the Arizona Broadcasters Association.
NewsON, the largest free multiplatform streaming service for local news in the US, has partnered with News Press & Gazette (NPG) to add eight new stations to its lineup. The new stations cover markets in California, Colorado, Idaho, Missouri, Oregon, and Texas. This expansion aligns with NewsON's goal of increasing the reach and impact of local news.
NewsON now offers content from 286 local TV stations, covering 91% of the US population. The service provides live and on-demand local newscasts, FAST channels, and news clips from over 23 television broadcast ownership groups. NewsON is available on various platforms, including Roku, Amazon Fire TV, Samsung, Android TV, Web, iOS, and Android mobile devices, with additional apps for Vizio and LG in development.
Sinclair (Nasdaq: SBGI) will release its second quarter 2024 earnings results on August 7, 2024, at 4:00 p.m. ET. This will be followed by a conference call at 4:30 p.m. ET, which will be webcast live on their website under 'Investor Relations/Events and Presentations'.
Investors can join the call by dialing 888-506-0062 and using entry code 355312. A replay of the call will be available on Sinclair's website, which also hosts the press release and non-GAAP reconciliations.
News media members can join the call in a listen-only mode, with key executives available for questions if time allows.
Sinclair has announced that its broadcasting subsidiaries, WBFF in Baltimore and WJLA in Washington DC, have been honored with 29 Capital Emmy awards by The National Capital Chesapeake Bay Chapter of The National Academy of Television Arts & Sciences. WBFF secured 17 awards, including Best Evening Newscast, while WJLA won 12 awards, with highlights such as Best Investigative News. The awards recognize exceptional journalism in Maryland, Virginia, and Washington, DC. The achievements underline the dedication of Sinclair's journalists to impactful investigative and accountability reporting.
FAQ
What is the current stock price of Sinclair (SBGI)?
What is the market cap of Sinclair (SBGI)?
What is Sinclair, Inc.?
How many television stations does Sinclair operate?
With which national broadcasters are Sinclair's channels affiliated?
What sports networks does Sinclair own or have stakes in?
Who is a major creditor of Sinclair, Inc.?
What recent financial strategy has Sinclair implemented?
What is the significance of Sinclair in the media industry?
How does Sinclair distribute its sports content?
