Sinclair Stock Price, News & Analysis

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.

Jerald “Jerry” Fritz, Executive Vice President for Strategic and Legal Affairs at ONE Media Technologies, a subsidiary of Sinclair, announced his retirement effective July 1. Fritz has had a prolific 55-year career in the broadcast and communications industries. Over the past decade, he contributed significantly to ONE Media's strategic planning and the adoption of the ATSC 3.0 digital broadcast standard. Fritz's achievements were recently recognized by the North American Broadcasters Association with the International Achievement Award. Previously, Fritz held key roles at Allbritton Communications, POLITICO, and served as Chief of Staff to FCC Chairman Mark Fowler, where he played a important part in deregulating the broadcasting and telecommunications sectors. His contributions have left a lasting impact on the industry.

Major broadcasters in the Myrtle Beach-Florence market, including WPDE-TV, WBTW, WHMC, and WWMB, launched NextGen TV, a new digital broadcast technology powered by ATSC 3.0. This upgrade delivers improved video quality, enhanced sound, and advanced emergency alerts. The launch follows a decade of research and significant planning, with BitPath coordinating efforts across the stations. Viewers can access the new service by rescanning their TV sets, while cable and satellite subscribers require no adjustments. NextGen TV is already available in over 70 cities nationwide, covering 75% of viewers.

Sinclair (Nasdaq: SBGI) announced the election of nine Directors at its Annual Stockholders' Meeting, including David D. Smith as Executive Chairman. Stockholders ratified PricewaterhouseCoopers LLP as the independent auditor for the 2024 fiscal year and approved an advisory vote on executive compensation. Sinclair, a diversified media company, operates 185 television stations in 86 markets and owns the Tennis Channel and several multicast networks. The vote results will be reported on Form 8-K filed with the SEC.

Chatham Asset Management, a significant creditor of Sinclair (NASDAQ: SBGI), addressed a letter to Sinclair's CEO, Christopher Ripley, and the Board of Directors concerning the company's debt maturities. Chatham, holding over $500 million in Sinclair’s debt, supports a traditional refinancing approach, such as a public or private exchange of existing debt into new junior lien bonds, instead of complex methods that could divide the company's collateral. Chatham believes this approach would lower leverage and preserve collateral, benefiting stakeholders and bolstering market confidence. They caution that complex refinancing could stress the company’s debt and equity further. Chatham remains committed to aiding Sinclair in managing its upcoming debt maturities efficiently.