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 August 5, 2020, Sinclair Broadcast Group (Nasdaq: SBGI) announced a quarterly cash dividend of $0.20 per share for its Class A and Class B common stock. This dividend will be paid on September 15, 2020, to shareholders recorded by the close of business on September 1, 2020. Sinclair is a major media company operating 191 television stations in 89 markets and 23 regional sports networks, delivering content through various platforms, including digital.
Sinclair Broadcast Group (SBGI) reported strong financial results for Q2 2020, with total revenue climbing 66% to $1,283 million, boosted by the acquisition of 21 RSNs. Operating income surged 364% to $492 million, while Adjusted EBITDA rose 31% to $254 million. The net income attributable to Sinclair stood at $252 million, up from $42 million last year, and diluted earnings per share increased to $3.12. Despite the pandemic's impact on advertising, trends showed improvement, particularly in July, with a significant reduction in revenue decline.
On July 28, 2020, seven local television stations in Portland, Oregon, including KATU, KOIN, and KGW, launched NEXTGEN TV, a groundbreaking digital broadcast technology. This technology enhances viewing experiences with features like 4K video, immersive audio, and advanced emergency alerts. Supported by ATSC 3.0, the deployment represents a significant upgrade in broadcast capabilities and positions the stations to offer targeted advertising and internet-based content. The launch follows extensive planning and development led by BitPath.
Sinclair Broadcast Group (Nasdaq: SBGI) has announced the promotion of Jennifer Rieffer to Vice President/General Manager for WSMH (FOX) in Flint, Michigan, effective August 3, 2020. Rieffer previously served as Vice President/General Manager of WDKY (FOX) in Lexington, KY, where she had a successful 25-year career at Sinclair. The announcement highlights her experience and the potential for growth in Flint under her leadership. Sinclair Broadcast Group continues to be a major player in local sports and news, operating 191 television stations across 89 markets.
On July 21, 2020, Sinclair Broadcast Group (Nasdaq: SBGI) announced Scott Shapiro's appointment as Chief Strategy Officer/Sports alongside his role as Chief Development Officer. This newly created position focuses on managing strategic initiatives, exploring organic opportunities, and enhancing value across Sinclair's sports platform. Shapiro will collaborate with leadership across various channels and manage rights acquisitions. He has been with Sinclair since 2011 and has played a key role in developing the company into a diversified media entity.
Sinclair Broadcast Group (NASDAQ: SBGI) appointed Steve Rosenberg as president of local sports, effective September 1, 2020. With over 30 years of experience, Rosenberg will oversee regional sports networks, the Stadium digital channel, and high school sports. He previously held executive roles at Universal Studios, advancing its television distribution. Sinclair's CEO highlighted Rosenberg's entrepreneurial mindset and pivotal role in shaping TV distribution. Rosenberg is set to enhance Sinclair's sports presence, reporting to Rob Weisbord, president of broadcast and chief advertising revenue officer.
Sinclair Broadcast Group (Nasdaq: SBGI) will announce its Q2 2020 earnings on August 5, 2020, at 7:30 a.m. ET. Following the earnings report, a conference call will take place at 9:00 a.m. ET to discuss the results. Interested parties can access the call via live webcast at www.sbgi.net, using the dial-in number 877-407-8033. A replay will be available on the website post-call. Media members are invited for a listen-only experience, with time for questions from executives afterward.
On June 30, 2020, four leading television stations in Salt Lake City—KUTV, KTVX, KUCW, and KJZZ-TV—launched NEXTGEN TV, a transformative digital broadcast technology powered by ATSC 3.0. This upgrade allows for enhanced features like 4K video, immersive audio, and advanced emergency alerts. The collaborative effort among the stations aims to maintain programming access for all viewers, regardless of their service method. Sinclair Broadcast Group and Nexstar aim to accelerate the rollout of NEXTGEN TV, enhancing viewer experience and advertising capabilities.
Sinclair Broadcast Group (NASDAQ: SBGI) announced the launch of a new headline news service set to begin in early 2021. The program aims to deliver dynamic journalism, focusing on real-time news from local broadcast stations and original content. It will air weekday mornings from 6:00 to 9:00 a.m. on Sinclair's CW and MY network affiliates and STIRR. Additionally, the initiative comes with plans to hire 25 new positions, including anchors, producers, and reporters, reinforcing Sinclair's commitment to local news amidst the COVID-19 pandemic.
On June 16, 2020, three Pittsburgh television stations—WPGH (FOX), WTAE (ABC), and WPNT (MyNet)—launched NEXTGEN TV, a cutting-edge digital broadcast technology. This launch is among the first in the nation and enhances viewers' experiences with features like immersive 4K audio and video, mobile broadcasting, and advanced emergency alerts. NEXTGEN TV integrates seamlessly with 5G and other internet content. The stations will continue to provide existing programming to all viewers. This initiative was coordinated by BitPath and marks a significant milestone in broadcasting for Pittsburgh.
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?
