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. reports news across its diversified media business, including local television stations affiliated with major broadcast networks, Tennis Channel, multicast networks CHARGE, Comet, ROAR and The Nest, and AMP Media digital content and podcasts. Company updates commonly address advertising revenue, distribution revenue, political advertising cycles, live sports programming, station operations and portfolio actions involving media or broadcast-technology assets.
Recurring Sinclair announcements also include quarterly financial results, cash dividends on its Class A and Class B common stock, debt and liquidity actions, investor conference participation, and community initiatives under the Sinclair Cares brand.
Sinclair Broadcast Group (NASDAQ: SBGI) has acquired rights under its accounts receivable securitization facility for approximately $184.4 million, reflecting 101% of the loans' outstanding principal. This acquisition provides greater flexibility for Diamond Sports Group (DSG), raising the facility limit from $250 million to $400 million, eliminating certain amortization events, and extending the maturity date to September 23, 2024. CEO Chris Ripley emphasized this move as a strategic long-term investment.
Sinclair Broadcast Group has declared a quarterly cash dividend of $0.20 per share on its Class A and Class B common stock. This dividend will be payable on December 15, 2021, to shareholders on record as of December 1, 2021. As a diversified media company, Sinclair operates numerous television stations and regional sports networks and is a significant provider of local news. This announcement reflects the company's commitment to returning value to its shareholders.
Sinclair Broadcast Group (Nasdaq: SBGI) reported its Q3 2021 financial results, revealing consolidated revenue of $1,535 million, flat compared to the previous year. The operating income stood at $73 million, recovering from a loss of $4,216 million in Q3 2020, while net income reached $19 million compared to a net loss of $3,256 million last year. Adjusted EBITDA decreased 39% to $451 million. The company faced challenges from auto advertising revenue declines, but core advertising excluding autos grew 11% compared to 2020. Projections for 2022 anticipate further recovery, aided by upcoming political advertising.
Sinclair Broadcast Group has partnered with DAV to celebrate 100 years of advocacy for disabled veterans through a new documentary titled “The Battle Never Ends.” Set to air nationwide starting October 18, the hour-long film chronicles DAV’s contributions to veterans from World War I to today. Narrated by veteran Dale Dye, the documentary aims to raise awareness and support for veterans, aligning with Sinclair's “Sinclair Cares” campaign, running until November 12. The initiative encourages donations to DAV, which serves over a million veterans annually.
Sinclair Broadcast Group (NASDAQ: SBGI) has appointed Sharon Merrell as VP/GM for its TV stations KBOI (CBS) and KYUU (CW) in Boise, Idaho. Merrell brings experience from her previous roles at WCIA (CBS) and KHQA (CBS), where she led KHQA to win an Edward R. Murrow award for excellence. Sinclair's President, Rob Weisbord, expressed confidence in her ability to contribute to local communities. Merrell, who has a military background and community involvement, stated her commitment to serving viewers and local businesses in Treasure Valley.
Sinclair Broadcast Group (Nasdaq: SBGI) proudly announces that Cathy Jamison has been named a top marketing executive by Cynopsis in the 2021 Top Women in Media awards. Recognized in the Marketing Trailblazer category, Jamison has been pivotal since joining in 2019, launching initiatives like the Corporate Sales Marketing team and the House of Brands sports portfolio. Her innovative marketing campaigns across Bally Sports, Tennis Channel, and Stadium have generated significant results, showcasing Sinclair's commitment to excellence in marketing.
Bally Sports, a division of Sinclair Broadcast Group (NASDAQ: SBGI), has promoted Kendall Burgess to Vice President of Technical Operations. In this role, she will oversee technical operations for live events and original programming across 19 regional sports networks (RSNs). Burgess brings over 22 years of experience in the RSN industry and has a history of enhancing production quality. Her promotion aims to bolster Bally Sports' commitment to delivering exceptional sports programming.
Sinclair Broadcast Group (SBGI) and Disabled American Veterans (DAV) have launched the "Sinclair Cares: Supporting All Veterans" initiative to enhance support for veterans. Running through November 12, 2023, the campaign encourages community volunteering and donations to DAV. Sinclair will utilize its platforms, including 185 TV stations and various sports networks, to promote this initiative. Content will highlight veterans' stories and the importance of supporting them. DAV provides essential services to veterans, facilitating access to benefits and healthcare.
On October 16, 2021, Sinclair Broadcast Group (SBGI) identified a cybersecurity incident involving ransomware impacting certain servers and workstations. By October 17, 2021, the company acknowledged operational disruptions and potential data theft. Sinclair has engaged legal counsel and cybersecurity experts while cooperating with law enforcement. The company is assessing the incident's impact on business and aims to restore operations efficiently. However, the extent of the incident's material effect on financial results remains undetermined as investigations continue.
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