Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair,"
today reported financial results for the three and nine months
ended September 30, 2024.
Highlights:
- Solid third quarter results, with core advertising revenues
growing by 1% year-over-year during a quarter with record political
revenues
- Political revenues of $138 million, a 31% increase over 2020
levels, which was impacted by $5 million of lost revenue due to
late ad cancellations during the quarter
- Approximately $406 in 2024 political revenues, which reflects
$26 million of lost revenue due to a late geographic shift of
existing commitments to non-Sinclair markets
- Distribution revenues in the third quarter up 5% year-over-year
as 78% of our Big 4 network MVPD linear subscriber base are now
subject to new retransmission consent agreements this year
- Third Quarter adjusted EBITDA in-line with guidance range
- Full-year adjusted EBITDA guidance range reflects a
year-over-year increase of 54% to 56%
CEO Comment:
"Sinclair delivered solid third quarter results, as core
advertising revenues grew by 1% year-over-year, in spite of
record-breaking political revenues," commented Chris Ripley,
Sinclair's President and Chief Executive Officer. "This is
unprecedented for Sinclair in recent history and perhaps the
industry to be able to grow core advertising revenues in the third
quarter of a political year. Total advertising revenue was up 42%
year-over-year and distribution revenues grew by 5%. We have now
reached agreement to renew retransmission consent agreements
covering 78% of our Big 4 network MVPD linear subscriber base this
year and we are confident in our ability to grow net retransmission
revenues in line with our prior mid-single-digit CAGR estimate from
2023-2025. Our industry-leading core advertising revenue trends,
and with most of our retrans and network affiliation agreement
renewals now behind us, we believe we are well-positioned to finish
2024 on a strong note."
Recent Company
Developments:
Content and Distribution:
- In August and September, the Company expanded its podcast
division, launching a new slate of sports programming featuring top
athletes, coaches, and experts including “The Triple Option,”
hosted by Urban Meyer, Mark Ingram II, and Rob Stone and
“Throwbacks” with Matt Leinart and Jerry Ferrara. The podcasts have
both consistently ranked among Apple's top-10 sports podcasts.
- In October, the Company announced the launch of a
soccer-focused podcast, "Unfiltered Soccer with Landon and Tim,"
featuring former U.S. soccer stars Landon Donovan and Tim
Howard.
- In the third quarter, the Company entered into a multi-year
renewal with Altice USA for continued carriage of Sinclair's
broadcast stations, Tennis Channel, and the YES Network on Altice's
Optimum and Suddenlink owned systems.
- In the third quarter, the Company entered into a multi-year
renewal with DIRECTV for continued carriage of Sinclair’s broadcast
stations, Tennis Channel, Marquee Sports Network, and the YES
Network across DIRECTV, DIRECTV Stream and U-verse.
- In October, the Company launched the Rip City Television
Network, a network of Sinclair affiliates throughout the Pacific
Northwest to serve as the new television home of Trail Blazers
starting with the 2024-25 season.
- Year-to-date, Sinclair's newsrooms have won a total of 196
journalism awards, including 24 RTDNA Regional Edward R. Murrow
Awards for Outstanding Journalism and 24 regional Emmy awards.
Community:
- In October, the Company ran Sinclair Cares: Hurricane Relief, a
fundraising partnership with the Salvation Army and The United Way
to assist with humanitarian relief efforts on the ground in Western
North Carolina, South Carolina, Georgia, Florida, Virginia and
Tennessee in the aftermath of Hurricanes Helene and Milton.
Including Sinclair's corporate donation of $50,000, the campaign
raised nearly $1.3 million in donations designated for delivering
emergency aid, including food, water, shelter and cleanup
kits.
Investment Portfolio:
- During the third quarter, Sinclair Ventures, LLC (Ventures)
made investments of approximately $7 million in minority
investments and received distributions of approximately $5
million.
Financial Results:
Three Months Ended September 30, 2024 Consolidated Financial
Results:
- Total revenues increased 20% to $917 million versus $767
million in the prior year period. Media revenues increased 20% to
$908 million versus $758 million in the prior year period.
- Total advertising revenues of $433 million increased 42% versus
$304 million in the prior year period. Core advertising revenues,
which exclude political revenues, were $295 million versus $293
million in the prior year period.
- Distribution revenues of $434 million increased versus $414
million in the prior year period.
- Operating income of $179 million increased versus $37 million
in the prior year period.
- Net income attributable to the Company was $94 million versus
net loss of $46 million in the prior year period.
- Adjusted EBITDA increased 72% to $249 million from $145 million
in the prior year period.
- Diluted earnings per common share was $1.43 as compared to
diluted loss per common share of $0.74 in the prior year
period.
Nine Months Ended September 30, 2024 Consolidated Financial
Results:
- Total revenues increased 10% to $2,544 million versus $2,308
million in the prior year period. Media revenues increased 10% to
$2,519 million versus $2,285 million in the prior year period.
- Total advertising revenues of $1,097 million increased 19%
versus $922 million in the prior year period. Core advertising
revenues, which excludes political revenues, of $895 million were
down 1% versus $902 million in the prior year period.
- Distribution revenues of $1,305 million increased versus $1,258
million in the prior year period.
- Operating income of $285 million increased versus $55 million
in the prior year period.
- Net income attributable to the Company was $134 million versus
$50 million in the prior year period.
- Adjusted EBITDA increased 45% to $546 million from $377 million
in the prior year period.
- Diluted earnings per common share was $2.05 as compared to
diluted earnings per common share of $0.75 in the prior year
period.
Segment financial information is included in the following
tables for the periods presented. The Local Media segment consists
primarily of broadcast television stations, which the Company owns,
operates or to which the Company provides services, and includes
multicast networks and original content. The Local Media segment
assets are owned and operated by Sinclair Broadcast Group, LLC
(SBG). The Tennis segment consists primarily of Tennis Channel, a
cable network which includes coverage of most of tennis' top
tournaments and original professional sport and tennis lifestyle
shows; the Tennis Channel International subscription and streaming
service; Tennis Channel Plus streaming service; T2 FAST, a 24-hours
a day free ad-supported streaming television channel; and
Tennis.com. Other includes non-broadcast digital solutions,
technical services, and other non-media investments. For periods
presented subsequent to June 1, 2023 (the date of the
reorganization), the assets of the Tennis segment and Other are
owned and operated by Ventures.
Three months ended September 30,
2024
Local Media
Tennis
Other
Corporate and
Eliminations
Consolidated
($ in millions)
Distribution revenue
$
383
$
51
$
—
$
—
$
434
Core advertising revenue
283
8
9
(5
)
295
Political advertising revenue
138
—
—
—
138
Other media revenue
41
1
—
(1
)
41
Media revenues
$
845
$
60
$
9
$
(6
)
$
908
Non-media revenue
—
—
10
(1
)
9
Total revenues
$
845
$
60
$
19
$
(7
)
$
917
Media programming and production
expenses
$
384
$
30
$
—
$
—
$
414
Media selling, general and administrative
expenses
188
13
6
(6
)
201
Non-media expenses
2
—
12
—
14
Amortization of program costs
18
—
—
—
18
Corporate general and administrative
expenses
24
1
1
15
41
Stock-based compensation
8
—
—
3
11
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
7
—
2
—
9
Interest expense (net)(a)
74
—
(5
)
—
69
Capital expenditures
17
—
—
—
17
Distributions to the noncontrolling
interests
3
—
—
—
3
Cash distributions from equity
investments
—
—
2
—
2
Net cash taxes paid
1
Net income
96
Operating income (loss)
182
11
1
(15
)
179
Adjusted EBITDA(b)
244
16
2
(13
)
249
Note: Certain amounts may not summarize to
totals due to rounding differences.
(a)
Interest expense (net) excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring and unusual transaction, implementation, legal,
regulatory and other costs, as well as certain non-cash items such
as stock-based compensation expense and other gains and losses less
amortization of program costs. Refer to the reconciliation at the
end of this press release and the Company’s website.
Three months ended September 30, 2023
Local Media
Tennis
Other
Corporate and
Eliminations
Consolidated
($ in millions)
Distribution revenue
$
365
$
49
$
—
$
—
$
414
Core advertising revenue
281
9
6
(3
)
293
Political advertising revenue
11
—
—
—
11
Other media revenue
40
1
—
(1
)
40
Media revenues
$
697
$
59
$
6
$
(4
)
$
758
Non-media revenue
—
—
11
(2
)
9
Total revenues
$
697
$
59
$
17
$
(6
)
$
767
Media programming and production
expenses
$
371
$
29
$
—
$
—
$
400
Media selling, general and administrative
expenses
164
11
5
(4
)
176
Non-media expenses
3
—
13
(1
)
15
Corporate general and administrative
expenses
31
1
1
12
45
Stock-based compensation
6
—
—
1
7
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
22
—
2
1
25
Interest expense (net)(a)
71
—
(4
)
—
67
Capital expenditures
30
—
—
—
30
Distributions to the noncontrolling
interests
1
—
—
—
1
Cash distributions from equity
investments
—
—
3
—
3
Net cash taxes paid
—
Net loss
(45
)
Operating income (loss)
53
13
(7
)
(22
)
37
Adjusted EBITDA(b)
138
18
—
(11
)
145
Note: Certain amounts may not summarize to
totals due to rounding differences.
(a)
Interest expense (net) excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring and unusual transaction, implementation, legal,
regulatory and other costs, as well as certain non-cash items such
as stock-based compensation expense and other gains and losses less
amortization of program costs. Refer to the reconciliation at the
end of this press release and the Company’s website.
Consolidated Balance Sheet and Cash
Flow Highlights of the Company:
- Total Company debt as of September 30, 2024 was $4,131
million.
- Cash and cash equivalents for the Company as of September 30,
2024 was $536 million, of which $202 million is SBG cash and $334
million is Ventures cash.
- As of September 30, 2024, 42.6 million Class A common shares
and 23.8 million Class B common shares were outstanding, for a
total of 66.4 million common shares.
- In September, the Company paid a quarterly cash dividend of
$0.25 per share.
- Capital expenditures for the third quarter of 2024 were $17
million.
Notes:
Certain reclassifications have been made to prior years'
financial information to conform to the presentation in the current
year.
Outlook:
The Company currently expects to achieve the following results
for the three months ending December 31, 2024 and the twelve months
ending December 31, 2024.
For the three months ending December
31, 2024 ($ in millions)
Local Media
Tennis
Other
Corporate and
Eliminations
Consolidated
Core advertising revenue
$307 to 315
$5
$9
$(6
)
$315 to 323
Political advertising revenue
204
—
—
—
204
Advertising revenue
$511 to 519
$5
$9
$(6
)
$519 to 527
Distribution revenue
386 to 388
49
—
—
436 to 438
Other media revenue
38
1
—
(1
)
38
Media revenues
$936 to 945
$55 to 56
$9
$(8
)
$992 to 1,002
Non-media revenue
—
—
12
—
12
Total revenues
$936 to 945
$55 to 56
$21
$(8
)
$1,004 to 1,014
Media programming & production
expenses and media selling, general and administrative expenses
$589 to 590
$43
$6
$(8
)
$631
Non-media expenses
2
—
13
—
15
Amortization of program costs
19
—
—
—
19
Corporate general and administrative
24
—
1
13
39
Stock-based compensation
6
—
—
—
6
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
7
—
1
—
8
Interest expense (net)(a)
67
—
(4
)
—
63
Capital expenditures
27
1
4
—
32
Distributions to the noncontrolling
interests
3
—
4
—
7
Cash distributions from equity
investments
—
—
36
—
36
Net cash tax payments
1
Operating Income
$244 to 253
$6 to 7
$(1
)
$(13
)
$236 to 247
Adjusted EBITDA(b)
$314 to 324
$12
$2
$(14
)
$314 to 325
Note: Certain amounts may not summarize to
totals due to rounding differences.
(a)
Interest expense (net) excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring and unusual transaction, implementation, legal,
regulatory and other costs, as well as certain non-cash items such
as stock-based compensation expense and other gains and losses less
amortization of program costs.
For the twelve months ending December 31, 2024 ($ in
millions)
Local Media
Tennis
Other
Corporate and
Eliminations
Consolidated
Core advertising revenue
$1,159 to 1,166
$38
$33
$(19
)
$1,210 to 1,219
Political advertising revenue
406
—
—
—
406
Advertising revenue
$1,565 to 1,572
$38
$33
$(19
)
$1,616 to 1,625
Distribution revenue
1,538 to 1,540
203
—
—
1,740 to 1,742
Other media revenue
155
4
—
(6
)
153
Media revenues
$3,258 to 3,267
$245
$33
$(25
)
$3,510 to 3,521
Non-media revenue
—
—
42
(5
)
37
Total revenues
$3,258 to 3,267
$245
$75
$(30
)
$3,548 to 3,558
Media programming & production
expenses and media selling, general and administrative expenses
$2,287 to 2,288
$184
$23
$(25
)
$2,469 to 2,470
Non-media expenses
8
—
49
(3
)
54
Amortization of program costs
74
—
—
—
74
Corporate general and administrative
118
2
3
65
188
Stock-based compensation
48
1
1
5
55
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
32
—
3
6
41
Interest expense (net)(a)
281
—
(15
)
—
265
Capital expenditures
87
2
4
—
93
Distributions to the noncontrolling
interests
11
—
4
—
15
Cash distributions from equity
investments
26
—
199
—
224
Net cash tax payments
3
Operating Income
$549 to 559
$38 to 39
$(2
)
$(63
)
$522 to 533
Adjusted EBITDA(b)
$851 to 861
$60 to 61
$4
$(55
)
$860 to 871
Note: Certain amounts may not
summarize to totals due to rounding differences.
(a)
Interest expense (net) excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring and unusual transaction, implementation, legal,
regulatory and other costs, as well as certain non-cash items such
as stock-based compensation expense and other gains and losses less
amortization of program costs.
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to
discuss the Company's third quarter 2024 results on Wednesday,
November 6, 2024, at 4:30 p.m. ET. The call will be webcast live
and can be accessed at www.sbgi.net
under "Investor Relations/Events and Presentations." After the
call, an audio replay will remain available at www.sbgi.net. The press and the public will be
welcome on the call in a listen-only mode. The dial-in number is
(888) 506-0062, with entry code 791357.
About Sinclair:
Sinclair, Inc. is a diversified media company and a leading
provider of local news and sports. The Company owns, operates
and/or provides services to 185 television stations in 86 markets
affiliated with all the major broadcast networks; and owns Tennis
Channel and multicast networks Comet, CHARGE!, TBD., and The Nest.
Sinclair’s content is delivered via multiple platforms, including
over-the-air, multi-channel video program distributors, and the
nation’s largest streaming aggregator of local news content,
NewsON. The Company regularly uses its website as a key source of
Company information which can be accessed at www.sbgi.net.
Sinclair, Inc. and Subsidiaries
Preliminary Unaudited Consolidated
Statements of Operations
(In millions, except share and per
share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
REVENUES:
Media revenues
$
908
$
758
$
2,519
$
2,285
Non-media revenues
9
9
25
23
Total revenues
917
767
2,544
2,308
OPERATING EXPENSES:
Media programming and production
expenses
414
400
1,247
1,211
Media selling, general and administrative
expenses
201
176
591
557
Amortization of program costs
18
18
55
59
Non-media expenses
14
15
39
36
Depreciation of property and equipment
26
24
76
80
Corporate general and administrative
expenses
41
45
149
165
Amortization of definite-lived intangible
assets
37
42
113
124
Loss on deconsolidation of subsidiary
—
10
—
10
(Gain) loss on asset dispositions and
other, net of impairment
(13
)
—
(11
)
11
Total operating expenses
738
730
2,259
2,253
Operating income
179
37
285
55
OTHER INCOME (EXPENSE):
Interest expense including amortization of
debt discount and deferred financing costs
(78
)
(77
)
(230
)
(227
)
Gain on extinguishment of debt
—
4
1
15
Income from equity method investments
—
—
92
30
Other income (expense), net
24
(21
)
22
(48
)
Total other expense, net
(54
)
(94
)
(115
)
(230
)
Income (loss) before income taxes
125
(57
)
170
(175
)
INCOME TAX (PROVISION) BENEFIT
(29
)
12
(30
)
236
NET INCOME (LOSS)
96
(45
)
140
61
Net loss attributable to the redeemable
noncontrolling interests
—
—
—
4
Net income attributable to the
noncontrolling interests
(2
)
(1
)
(6
)
(15
)
NET INCOME (LOSS) ATTRIBUTABLE TO
SINCLAIR
$
94
$
(46
)
$
134
$
50
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SINCLAIR:
Basic earnings per share
$
1.43
$
(0.74
)
$
2.06
$
0.75
Diluted earnings per share
$
1.43
$
(0.74
)
$
2.05
$
0.75
Basic weighted average common shares
outstanding (in thousands)
66,355
63,325
65,570
65,670
Diluted weighted average common and common
equivalent shares outstanding (in thousands)
66,526
63,325
65,709
65,727
Adjusted EBITDA is a non-GAAP operating performance measure that
management and the Company’s Board of Directors uses to evaluate
the Company’s operating performance and for executive compensation
purposes. The Company believes that Adjusted EBITDA provides useful
information to investors by allowing them to view the Company’s
business through the eyes of management and is a measure that is
frequently used by industry analysts, investors and lenders as a
measure of relative operating performance.
Adjusted EBITDA is provided on a forward-looking basis under the
section entitled “Outlook” above. The Company has not included a
reconciliation of projected Adjusted EBITDA to net income, which is
the most directly comparable GAAP measure, for the periods
presented in reliance on the unreasonable efforts exception
provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s
projected Adjusted EBITDA excludes certain items that are
inherently uncertain and difficult to predict including, but not
limited to, income taxes. Due to the variability, complexity and
limited visibility of the adjusting items that would be excluded
from projected Adjusted EBITDA in future periods, management does
not rely upon them for internal use or measurement of operating
performance, and therefore cannot create a quantitative projected
Adjusted EBITDA to net income reconciliation for the periods
presented without unreasonable efforts. A quantitative
reconciliation of projected Adjusted EBITDA to net income for the
periods presented would imply a degree of precision and certainty
as to these future items that does not exist and could be confusing
to investors. From a qualitative perspective, it is anticipated
that the differences between projected Adjusted EBITDA to net
income for the periods presented will consist of items similar to
those described in the reconciliation of historical results below.
The timing and amount of any of these excluded items could
significantly impact the Company’s net income for a particular
period. When planning, forecasting and analyzing future periods,
the Company does so primarily on a non-GAAP basis without preparing
a GAAP analysis.
In addition to the reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure, net income, below, the Company
also discloses a reconciliation of the Adjusted EBITDA of its
segments to its more directly comparable GAAP measure, segment
operating income.
Non-GAAP measures are not formulated in accordance with GAAP,
are not meant to replace GAAP financial measures and may differ
from other companies’ uses or formulations. Further discussions and
reconciliations of the Company's non-GAAP financial measures to
their most directly comparable GAAP financial measures can be found
on its website www.sbgi.net.
Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements
- Unaudited
All periods reclassified to conform
with current year GAAP presentation and Adjusted EBITDA
definitional change due to routine SEC comment process
(in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Reconciliation of Consolidated
Sinclair, Inc. Net Income to Consolidated Adjusted EBITDA
Net income (loss)
$
96
$
(45
)
$
140
$
61
Add: Income tax provision (benefit)
29
(12
)
30
(236
)
Add: Other (income) expense
(3
)
6
(29
)
3
Add: Income from equity method
investments
—
—
(92
)
(30
)
Add: (Income) loss from other investments
and impairments
(15
)
25
30
78
Add: Gain on extinguishment of
debt/insurance proceeds
—
(4
)
(3
)
(15
)
Add: Interest expense
78
77
230
227
Less: Interest income
(6
)
(10
)
(21
)
(33
)
Less: Loss on deconsolidation of
subsidiary
—
10
—
10
Less: (Gain) loss on asset dispositions
and other, net of impairment
(13
)
—
(11
)
11
Add: Amortization of intangible assets
& other assets
37
42
113
124
Add: Depreciation of property &
equipment
26
24
76
80
Add: Stock-based compensation
11
7
49
42
Add: Non-recurring and unusual
transaction, implementation, legal, regulatory and other costs
9
25
34
55
Adjusted EBITDA
$
249
$
145
$
546
$
377
Three months ended September 30,
2024
Local Media
Tennis
Other
($ in millions)
Total revenues
$
845
$
60
$
19
Media programming and production
expenses
384
30
—
Media selling, general and administrative
expenses
188
13
6
Depreciation and intangible amortization
expenses
58
5
1
Amortization of program costs
18
—
—
Corporate general and administrative
expenses
24
1
1
Non-media expenses
2
—
12
Gain on asset dispositions and other, net
of impairment
(11
)
—
(2
)
Segment operating income
$
182
$
11
$
1
Reconciliation of Segment GAAP
Operating Income to Segment Adjusted EBITDA:
Segment operating income
$
182
$
11
$
1
Depreciation and intangible amortization
expenses
58
5
1
Gain on asset dispositions and other, net
of impairment
(11
)
—
(2
)
Stock-based compensation
8
—
—
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
7
—
2
Segment Adjusted EBITDA
$
244
$
16
$
2
Three months ended September 30,
2023
Local Media
Tennis
Other
($ in millions)
Total revenues
$
697
$
59
$
17
Media programming and production
expenses
371
29
—
Media selling, general and administrative
expenses
164
11
5
Depreciation and intangible amortization
expenses
59
5
3
Amortization of program costs
18
—
—
Corporate general and administrative
expenses
31
1
1
Non-media expenses
3
—
13
(Gain) loss on asset dispositions and
other, net of impairment
(2
)
—
2
Segment operating income (loss)
$
53
$
13
$
(7
)
Reconciliation of Segment GAAP
Operating Income to Segment Adjusted EBITDA:
Segment operating income (loss)
$
53
$
13
$
(7
)
Depreciation and intangible amortization
expenses
59
5
3
(Gain) loss on asset dispositions and
other, net of impairment
(2
)
—
2
Stock-based compensation
6
—
—
Non-recurring and unusual transaction,
implementation, legal, regulatory and other costs
22
—
2
Segment Adjusted EBITDA
$
138
$
18
$
—
Forward-Looking
Statements:
The matters discussed in this news release, particularly those
in the section labeled “Outlook,” include forward-looking
statements regarding, among other things, future operating results.
When used in this news release, the words “outlook,” “intends to,”
“believes,” “anticipates,” “expects,” “achieves,” “estimates,” and
similar expressions are intended to identify forward-looking
statements. Such statements are subject to a number of risks and
uncertainties. Actual results in the future could differ materially
and adversely from those described in the forward-looking
statements as a result of various important factors, including and
in addition to the assumptions set forth therein, but not limited
to, the rate of decline in the number of subscribers to services
provided by traditional and virtual multi-channel video programming
distributors (“Distributors”); the Company’s ability to generate
cash to service, or to refinance on attractive terms if at all, its
substantial indebtedness; the successful execution of outsourcing
agreements; the successful execution of retransmission consent
agreements; the successful execution of network and Distributor
affiliation agreements; the Company’s ability to identify and
consummate acquisitions and investments, to manage increased
financial leverage resulting from acquisitions and investments, and
to achieve anticipated returns on those investments once
consummated; the Company’s ability to compete for viewers and
advertisers; pricing and demand fluctuations in local and national
advertising; the appeal of the Company’s programming and volatility
in programming costs; material legal, financial and reputational
risks and operational disruptions resulting from a breach of the
Company’s information systems; the impact of FCC and other
regulatory proceedings against the Company; compliance with laws
and uncertainties associated with potential changes in the
regulatory environment affecting the Company’s business and growth
strategy; the impact of pending and future litigation claims
against the Company; the Company’s limited experience in operating
or investing in non-broadcast related businesses; and any risk
factors set forth in the Company’s recent reports on Form 10-Q
and/or Form 10-K, as filed with the Securities and Exchange
Commission. There can be no assurances that the assumptions and
other factors referred to in this release will occur. The Company
undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements except as required by
law.
Category: Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241106722904/en/
Investor Contacts: Christopher C. King, VP, Investor Relations
Billie-Jo McIntire, AVP, Investor Relations (410) 568-1500
Media Contact: jbellucci-c@sbgtv.com
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