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 launched the "Sinclair Cares: Iowa Storm Relief Fund" in partnership with the Salvation Army to aid communities affected by the Iowa Derecho. Starting August 24, 2020, the initiative encourages nationwide viewer donations, with Sinclair matching contributions up to $25,000. The devastating storm on August 10 caused extensive damage, impacting nearly 10 million acres of crops and resulting in power outages. Sinclair emphasizes its commitment to real-time news updates and community support during such crises.
On August 19, 2020, Sinclair Broadcast Group (NASDAQ: SBGI) announced the partial redemption of 350,000 Preferred Units by its indirect subsidiary, Diamond Sports Holdings LLC (DSH). The redemption utilized cash dividends from Diamond Sports Group, LLC, totaling $353.85 million, which includes $350 million for the unreturned capital contribution and $3.85 million in accrued dividends. Following this transaction, 175,000 Preferred Units remain outstanding. This strategic move may indicate Sinclair's financial maneuvering to optimize capital structure and improve financial health.
Sinclair Broadcast Group (Nasdaq: SBGI) has appointed Cortlandt Cuffee as Vice President & General Manager of KATU and KUNP in Portland, Oregon. The announcement highlights Cuffee's extensive experience in sales and marketing within the broadcast industry, which spans nearly 20 years. His promotion recognizes his contributions to Sinclair's growth in the Portland market. Cuffee expressed excitement to lead the organization forward, focusing on serving viewers and community partners. Sinclair operates numerous TV stations and regional sports networks, providing local news and sports content.
On August 10, 2020, Sinclair Broadcast Group (Nasdaq: SBGI) announced a settlement of three derivative lawsuits alleging breaches of fiduciary duties related to its failed merger with Tribune Media. The settlement includes a $20.5 million payment from insurers, with $5 million allocated for corporate governance measures over five years. Key governance changes will involve new board committees and a dedicated Chief Compliance Officer. The settlement must receive final court approval on October 27, 2020, to dismiss the lawsuits and release the defendants from any claims.
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.
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