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 launched the "Sinclair Cares: Western Wildfires Relief" campaign, partnering with the Salvation Army to support communities affected by devastating wildfires in the western U.S. Initiating on September 18, 2020, Sinclair will match up to $25,000 in donations. These funds will provide vital relief, including meals, water, and recovery services, for those impacted by the wildfires in states like California and Oregon. Sinclair aims to rally community support during this crisis, emphasizing the need for collective response in the wake of increasing environmental challenges.
On August 31, 2020, Sinclair Broadcast Group (NASDAQ: SBGI) was recognized as a finalist for the Baltimore Business Journal's 2020 Best Places to Work in the large business category. This award highlights Sinclair's strong company culture, driven by employee feedback concerning leadership, work-life balance, and advancement opportunities. The final rankings will be revealed at a virtual event on September 24, 2020. Sinclair operates numerous local news and sports networks, underscoring its position as a significant player in the media landscape.
Sinclair Broadcast Group has promoted Phillip Gharabegian to Deputy General Counsel & SVP Business Affairs for its regional sports networks (RSNs). Gharabegian, who joined the RSNs in 2002, will play a significant role in rights negotiations and strategic initiatives. According to David Gibber, General Counsel, Gharabegian has been essential in the transition to ownership and in negotiations with teams and leagues. Sinclair operates 23 RSN brands and numerous television stations, making it a leading local news and sports provider in the U.S.
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.
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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.