Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or
"Sinclair," today reported financial results for the three months
ended March 31, 2022.
First Quarter
Highlights:
- Broadcast & Other advertising revenue increased 7% from the
same period a year ago.
- Effective March 1, 2022, recapitalized debt obligations of
Diamond Sports Group ("DSG"), a subsidiary of the Company,
including raising additional capital, solidifying its capital
position. In connection with the recapitalization, DSG agreed to
changes to the composition of its Board of Managers, resulting in
deconsolidation of the local sports segment from the Company's
financial statements and accounting for DSG under the equity method
of accounting. As a result, the Company recognized a $3.4 billion
non-cash pre-tax gain on asset dispositions.
- Monetized approximately $40 million of investments, generating
an annualized return of 30% and a Multiple on Invested Capital
(MOIC) of 1.8x.
CEO Comment:
"Sinclair progressed on a number of fronts during the quarter,
making important strides in advancing key initiatives," said Chris
Ripley, Sinclair's President & Chief Executive Officer.
"Political advertising is off to a strong start, exceeding our
expectations for the first quarter and helping drive our Broadcast
and Other first quarter media revenue to the upper end of its
guidance range. We believe this is a good indicator of how strong
this year's political cycle can be and gives us confidence that we
can achieve a record amount of political advertising for a mid-term
election year."
Ripley continued, "The progress on our initiatives for future
growth continues to advance. Our Compulse 360 omni-channel digital
advertising ecosystem, offering the ability to run local campaigns
at scale, is gaining traction and is expected to see significant
growth this year and into the future, as we add incremental
functionality and features. Also, we will be launching this year
the first commercial datacasting service using the NextGen (ATSC
3.0) technology, an important business use case that will
demonstrate the potential for broadcasters to grow beyond
broadcast."
Ripley concluded, "We remain committed to bringing value to our
shareholders through a number of different avenues. Utilizing our
strong free cash flow, we intend to continue to invest for the
future, through actions to grow organically, whether it be content
or technology, as well as through strategic and synergistic
investments and acquisitions that will help drive profitability in
the years ahead. Importantly, we will not hesitate to monetize our
assets, when appropriate, and when most beneficial for our
stakeholders."
Recent Company
Developments:
Transactions:
- In March, Tejas Networks (BSE: 540595, NSE: TEJASNET), part of
the Tata Group, signed a definitive agreement to acquire
approximately 65% of the shares of Saankhya Labs Private Ltd.
Bangalore (“Saankhya”), in cash with the approximately 35% balance
to be acquired subsequently through a merger process. ONE Media
3.0, LLC, a wholly-owned subsidiary of the Company, owns a 49%
interest in Saankhya and will sell the majority of its interest,
while retaining a minority interest in Tejas. The acquisition of
65% of Saankhya shares is expected to close within the next 90
days, after which the proceedings for merger with Tejas will be
initiated, subject to customary approvals in India.
- In March, Sinclair Television Group ("STG") agreed to defer a
portion of its management fees from DSG for the next several years,
as part of Diamond's recapitalization.
- In April, STG incurred new term B-4 loans in an aggregate
principal amount of $750 million, utilizing the proceeds to
refinance all of its outstanding term B-1 loans and to redeem, in
full, its 5.875% Senior Notes due 2026. The term B-4 loans will
mature on April 21, 2029. The Company also extended the maturity of
$612.5 million of its revolving commitments to April 21, 2027.
- In May, the Company sold certain assets of Ring of Honor
Entertainment, including the wrestling promotion’s extensive video
library dating back to 2002, brand assets, intellectual property,
production equipment and more, to an affiliate of AEW.
ESG:
- In April, the Company nominated the renowned Dr. Ben Carson, an
experienced board director, former United States Presidential
candidate and former Secretary of the U.S. Department of Housing
and Urban Development, for election to the Company's Board of
Directors, as it continues to seek to add diversity to its
leadership.
- In April, the Company launched "Sinclair Green: Battery
Recycling," a promotional campaign which ran throughout the month,
in conjunction with Earth Month, encouraging its employees and
viewers to recycle household batteries at a Batteries Plus location
or through their local municipality. In addition, the Company began
a pilot program to reduce the amount of batteries it uses and to
recycle its battery waste.
- In April, Project Baltimore, the special investigative
reporting unit of WBFF/Fox 45 News, was honored by Investigative
Reporters and Editors (IRE) for its reporting on Baltimore’s
failure in its public school system. This was the fourth
consecutive year a Sinclair newsroom has been so honored. In
addition, KUTV in Salt Lake City was an IRE finalist for their
investigation into the systematic failures within Utah’s probation
and parole system. Over the last three years, Sinclair's newsrooms
have won a total of over 1,000 journalism awards.
- In April, the Company raised over $215,000, including a $50,000
donation from Sinclair, through "Sinclair Cares: Ukraine Relief," a
fundraising partnership with Global Red Cross to help with their
humanitarian relief efforts in Ukraine and neighboring
countries.
- In April, the Company's television stations were honored with a
total of six National Headliner Awards, including top honors in the
Public Service and Health/Science categories.
Content and Distribution:
- In March, The National Desk, the Company’s national news
program providing real-time national and regional news from across
its television stations, added a weekend edition.
- In April, the Company reached a comprehensive distribution
agreement with Charter Communications for continued carriage of
Sinclair’s owned local broadcast stations, Tennis Channel, 19 Bally
Sports RSN brands, Marquee Sports Network and the YES Network.
NextGen Broadcasting (ATSC 3.0):
- In April, the Company and USSI Global announced a partnership
to offer the nation’s first commercial datacasting service using
the NextGen Broadcast standard (ATSC 3.0). The pilot program will
deliver local content, advertising, and data files to the rapidly
growing Electric Vehicle Charging station market.
- As of the end of April, the Company has launched NextGen TV in
29 markets, including recent launches in West Palm Beach, FL;
Charleston, SC; Flint, MI; Albany, NY; Richmond, VA; and Omaha,
NE.
Three Months Ended March 31, 2022
Consolidated Financial Results:
Effective March 1, 2022, the local sports segment comprised of
the Company's regional sports networks (RSNs), which are owned and
operated by DSG and its direct and indirect subsidiaries, has been
deconsolidated from the Company's financial statements and
accounted for under equity method of accounting. The financial
results include two months of the local sports segment for the
first quarter of 2022 and three months for the first quarter
2021.
- Total revenues decreased 14.8% to $1,288 million versus $1,511
million in the prior year period. Media revenues decreased 14.8% to
$1,275 million versus $1,497 million in the same period a year
ago.
- Total advertising revenues of $371 million were in line with
$371 million of advertising revenues in the prior year period. Core
advertising revenues, which excludes political revenues, in the
first quarter of $354 million were down 4% versus $367 million in
the prior year period.
- Distribution revenues of $873 million decreased versus $1,109
million in the same period a year ago.
- Operating income of $3,459 million, including non-recurring
costs for transaction and transition services, COVID, legal, and
regulatory costs of $6 million and a $3,351 million gain on asset
dispositions relating to deconsolidating DSG's net liability
("Adjustments"), increased versus operating income of $35 million
in the prior year period, which included Adjustments of $32
million. Operating income, when excluding Adjustments, increased
70% to $114 million from operating income of $67 million for the
same prior-year period.
- Net income attributable to the Company was $2,587 million
versus net loss of $12 million in the prior year period. Excluding
Adjustments, the Company had net income of $27 million. Adjusted
EBITDA, which excludes Adjustments, increased 40% to $254 million
from $182 million in the prior year period.
- Diluted earnings per common share was $35.39 as compared to
diluted loss per common share of $0.16 in the prior year period. On
a diluted share basis, the impact of Adjustments in the three
months ending March 31, 2022 was $35.02, and the impact of
Adjustments in the three months ending March 31, 2021 was
$(0.34).
Consolidated and Segment
Highlights
The highlights below include the divestiture of WDKA and KBSI in
the Cape Girardeau MO/Paducah KY market (February 1, 2021), the
acquisition of ZypMedia (February 5, 2021), the divestiture of the
license assets in Harlingen, TX (May 24, 2021), the divestiture of
Triangle Sign and Service (June 2, 2021), and the divestiture of
Sinclair's radio stations in the Seattle, WA market (September 27,
2021).
Segment financial information is included in the following
tables for the periods presented. The Broadcast segment consists
primarily of broadcast television stations, which the Company owns,
operates or to which the Company provides services. The Local
Sports segment consists primarily of the RSNs and is included in
the first quarter 2022 results for January and February only due to
the March 1, 2022 deconsolidation of the segment from the Company's
financial statements. Other includes corporate, original networks
and content, including Tennis Channel, non-broadcast digital and
internet solutions, technical services, and other non-media
investments.
Three months ended March 31,
2022
Broadcast
Other and Corporate
Local Sports
Eliminations
Consolidated
($ in millions)
Revenue Highlights:
Distribution revenue
$
392
$
48
$
433
$
—
$
873
Advertising revenue
282
68
44
(23
)
371
Other media revenue
47
(a)
4
5
(25
)
(a)
31
Media revenues
$
721
(a)
$
120
$
482
$
(48
)
(a)
$
1,275
Non-media revenue
—
14
—
(1
)
13
Total revenues
$
721
(a)
$
134
$
482
$
(49
)
(a)
$
1,288
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$
506
$
89
$
431
(a)
(48
)
(a)
978
Sports rights amortization included in
media production expenses
—
—
326
—
326
Non-media expenses
—
14
—
(1
)
13
Corporate general and administrative
expenses
43
3
1
—
47
Other Highlights:
Sports rights payments
—
—
325
—
325
Program contract payments
22
4
—
—
26
Capital expenditures(b)
16
2
2
—
20
Interest expense (net) (c)
1
42
68
(3
)
108
Adjusted EBITDA(d)
254
(a)
Broadcast segment other media
revenue includes $24 million of management and incentive fees for
services provided by the Broadcast segment to the Local Sports
segment in January and February under a management services
agreement. Local Sports segment media expenses include $24 million
of management and incentive fees for services provided by the
Broadcast segment to the Local Sports segment in January and
February under a management services agreement. Such amounts are
eliminated in consolidation. Broadcast segment other media revenue
includes $5 million of management and incentive fees for services
provided by the Broadcast segment to DSG in March under a
management services agreement which are not eliminated due to the
deconsolidation of the Local Sports segment as of March 1,
2022.
(b)
Capital expenditures exclude $1
million of repack capital expenditures expected to be reimbursed in
the future from the TV Broadcaster Relocation Fund administered by
the FCC.
(c)
Interest expense excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(d)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring transaction and transition service, COVID, legal,
litigation and regulatory costs, as well as certain non-cash items
such as stock-based compensation expense, sports rights
amortization; less sports rights payments, program contract
payments and non-cash gain on asset dispositions. Refer to the
reconciliation on the last page of this press release and the
Company's website.
Three months ended March 31, 2021
Broadcast
Other and Corporate
Local Sports
Eliminations
Consolidated
($ in millions)
Revenue Highlights:
Distribution revenue
$
361
$
50
$
698
(a)
$
—
$
1,109
Advertising revenue
267
40
65
(1
)
371
Other media revenue
37
(b)
2
5
(27
)
(b)
17
Media revenues
$
665
(b)
$
92
$
768
$
(28
)
(b)
$
1,497
Non-media revenue
—
16
—
(2
)
14
Total revenues
$
665
(b)
$
108
$
768
$
(30
)
(b)
$
1,511
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$
478
$
64
$
722
(b)
$
(28
)
(b)
$
1,236
Sports rights amortization included in
Media production expenses
—
—
552
—
552
Non-media expenses
—
18
—
(1
)
17
Corporate general and administrative
expenses
55
3
3
—
61
Other Highlights:
Sports rights payments
—
—
607
—
607
Program contract payments
22
3
—
—
25
Capital expenditures(c)
6
3
7
—
16
Interest expense (net)(d)
1
41
100
—
142
Adjusted EBITDA(e)
182
(a)
Local Sports segment distribution
revenue includes $19 million for the accrual of rebates to
distributors tied to minimum game guarantees. Sports rights
payments includes approximately $67 million of lower payments to
and rebates from teams for sports rights overpayments tied to
minimum game guarantees.
(b)
For the quarter ended March 31,
2021, Broadcast segment other media revenue includes $27 million of
management and incentive fees for services provided by the
Broadcast segment to the Local Sports segment under a management
services agreement and Other; the Local Sports segment includes $26
million of selling, general, and administrative expenses for
services provided by the Broadcast segment to the Local Sports
segment; and Other includes $1 million of selling, general, and
administrative expenses for services provided by the Broadcast
segment. Such amounts are eliminated in consolidation.
(c)
Capital expenditures exclude $4
million of repack capital expenditures expected to be reimbursed in
the future from the TV Broadcaster Relocation Fund administered by
the FCC.
(d)
Interest expense excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(e)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring transaction and transition service, COVID, legal,
litigation and regulatory costs, as well as certain non-cash items
such as stock-based compensation expense and sports rights
amortization; less sports rights payments and program contract
payments. Refer to the reconciliation on the last page of this
press release and the Company's website.
Consolidated Balance Sheet and Cash
Flow Highlights of the Company:
- Total Company debt as of March 31, 2022 was $4,398
million.
- Cash and cash equivalents for the Company as of March 31, 2022
was $521 million.
- As of March 31, 2022, 47.9 million Class A common shares and
23.8 million Class B common shares were outstanding, for a total of
71.7 million common shares.
- In March, the Company increased its quarterly dividend per
share by 25% and paid a $0.25 per share quarterly cash dividend to
its shareholders.
- Routine capital expenditures for the first quarter of 2022,
excluding DSG's capital expenditures, were $18 million, with
another $1 million related to the spectrum repack.
Notes:
Certain reclassifications have been made to prior years'
financial information to conform to the presentation in the current
year.
Outlook:
The Company currently expects to achieve the following results
for the three months ending June 30, 2022 and the twelve months
ending December 31, 2022. These results do not include the
Company's former Local Sports segment, which has been
deconsolidated as of March 1, 2022. Additional outlook for DSG
financial results for the three months ending June 30, 2022 and the
twelve months ending December 31, 2022 can be found on the
Company's website www.SBGI.net.
For the three months ending June 30,
2022 ($ in millions)
Broadcast
Other and Corporate
Elimination
Consolidated
Revenue Highlights:
Core advertising revenue
$314 to 322
Political revenue
36 to 45
Advertising revenue
$300 to 316
$69 to 71
$
(20
)
$350 to 367
Distribution revenue
389 to 390
47
—
435 to 436
Other media revenue
32
5
(1
)
37
Media revenues
721 to 738
121 to 123
(20
)
822 to 840
Non-media revenue
—
12
(5
)
6
Total revenues
$721 to 738
$132 to 134
$
(25
)
$828 to 847
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$515 to 518
$
122
$
(21
)
$616 to 618
Non-media expenses
—
16
(3
)
13
Corporate overhead
36
Stock-based compensation and non-recurring
costs for transaction, legal, litigation and regulatory fees
included in corporate and media expenses above
18
Depreciation, intangible & programming
amortization
87
Other Highlights:
Program contract payments
28
Interest expense (net)(a)
49
Income tax provision
Approximately 80% effective tax
rate
Net cash tax refunds
Approximately $144 million
Other items(b)
32
Total capital expenditures, including
repack
30 to 34
Repack capital expenditures
Less than $1 million
Adjusted EBITDA(c)
$153 to 170
Note: Certain amounts may not
summarize to totals due to rounding differences.
(a)
Interest expense excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(b)
Other items include cash
distributions from equity investments, cash payments made to
non-controlling interest
holders, and other cash income
and expenses.
(c)
Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, plus
impairment loss
and non-recurring transaction and
transition service, COVID, legal, litigation and regulatory costs,
as well as certain non-cash items such as stock-based compensation
expense and sports rights amortization; less sports rights payments
and programming payments. Refer to the reconciliation on the last
page of this release and the Company's website.
For the twelve months ending December
31, 2022 ($ in millions)
Broadcast
Other and Corporate
Elimination
Consolidated(a)
Revenue Highlights:
Media revenues
$499
Non-media revenue
57
(8
)
49
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$2,076 to 2,084
$439
$(91
)
$2,424 to 2,432
Non-media expenses
—
65
(5
)
60
Corporate overhead
146
Stock-based compensation and non-recurring
costs for transaction, legal, litigation and regulatory fees
included in corporate and media expenses above
71
Depreciation, intangible & programming
amortization
356
Other Highlights:
Program contract payments
107
Interest expense (net)(b)
208
Income tax provision
Approximately 25% effective tax
rate
Net cash tax refunds
Approximately $143 million
Other items(c)
96
Total capital expenditures, including
repack
98 to 108
Repack capital expenditures
1
Note: Certain amounts may not summarize to
totals due to rounding differences.
(a)
Consolidated outlook excludes the local
sports segment, which was deconsolidated March 1, 2022.
(b)
Interest expense excludes deferred
financing costs, original issue discount amortization, and other
non-cash interest expense, and is net of interest income.
(c)
Other items include cash distributions
from equity investments, cash payments made to non-controlling
interest holders, and other cash income and expenses.
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to
discuss the Company's first quarter 2022 results on Wednesday, May
4, 2022, at 9:00 a.m. ET, followed by a discussion of DSG's first
quarter 2022 results. The call will be webcast live and can be
accessed at www.sbgi.net under
"Investors/ Webcasts." 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 976184.
About Sinclair:
Sinclair is a diversified media company and a leading provider
of local sports and news. The Company owns and/or operates 21
regional sports network brands; owns, operates and/or provides
services to 185 television stations in 86 markets; owns multiple
national networks including Tennis Channel and Stadium; and has TV
stations affiliated with all the major broadcast networks.
Sinclair’s content is delivered via multiple platforms, including
over-the-air, multi-channel video program distributors, and digital
and streaming platforms NewsOn and STIRR. The Company regularly
uses its website as a key source of Company information which can
be accessed at www.sbgi.net.
Sinclair Broadcast Group, Inc. and
Subsidiaries
Preliminary Unaudited Consolidated
Statements of Operations
(In millions, except share and per
share data)
Three Months Ended March
31,
2022
2021
REVENUES:
Media revenues
$
1,275
$
1,497
Non-media revenues
13
14
Total revenues
1,288
1,511
OPERATING EXPENSES:
Media programming and production
expenses
758
1,023
Media selling, general and administrative
expenses
220
213
Amortization of program contract costs
25
23
Non-media expenses
13
17
Depreciation of property and equipment
28
28
Corporate general and administrative
expenses
47
61
Amortization of definite-lived intangible
and other assets
93
125
Gain on asset dispositions and other, net
of impairment
(3,355
)
(14
)
Total operating (gains) expenses
(2,171
)
1,476
Operating income
3,459
35
OTHER INCOME (EXPENSE):
Interest expense including amortization of
debt discount and deferred financing costs
(115
)
(151
)
Income from equity method investments
12
9
Other (expense) income, net
(60
)
124
Total other expense, net
(163
)
(18
)
Income before income taxes
3,296
17
INCOME TAX (PROVISION) BENEFIT
(687
)
9
NET INCOME
2,609
26
Net income attributable to the redeemable
noncontrolling interests
(4
)
(4
)
Net income attributable to the
noncontrolling interests
(18
)
(34
)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR
BROADCAST GROUP
$
2,587
$
(12
)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SINCLAIR BROADCAST GROUP:
Basic earnings (loss) per share
$
35.40
$
(0.16
)
Diluted earnings (loss) per share
$
35.39
$
(0.16
)
Basic weighted average common shares
outstanding (in thousands)
73,089
74,389
Diluted weighted average common and common
equivalent shares outstanding (in thousands)
73,101
74,389
The Company considers Adjusted EBITDA to be an indicator of the
operating performance of its assets. The Company also believes that
Adjusted EBITDA is frequently used by industry analysts, investors
and lenders as a measure of valuation.
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. The Company does not
provide reconciliations on a forward-looking basis. Further
discussions and reconciliations of the Company's non-GAAP financial
measures to comparable GAAP financial measures can be found on its
website www.SBGI.net.
Sinclair Broadcast Group, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Measurements
- Unaudited
All periods reclassified to conform
with current year GAAP presentation
(in millions)
Three Months Ended March
31,
2022
2021
Adjusted EBITDA
Net income (loss) attributable to Sinclair
Broadcast Group
$
2,587
$
(12
)
Add: Income from redeemable noncontrolling
interests
4
4
Add: Income from noncontrolling
interests
18
34
Add: Income tax provision (benefit)
687
(9
)
Add: Other expense (income)
6
(1
)
Add: Income from equity method
investments
(12
)
(9
)
Add: Loss (income) from other investments
and impairments
54
(123
)
Add: Interest expense
115
151
Less: Interest income
(1
)
—
Less: Gain on asset dispositions and
other, net of impairment
(3,355
)
(14
)
Add: Amortization of intangible assets
& other assets
93
125
Add: Depreciation of property &
equipment
28
28
Add: Stock-based compensation
24
33
Add: Amortization of program contract
costs
25
23
Less: Cash film payments
(26
)
(25
)
Add: Amortization of sports programming
rights
326
552
Less: Cash sports programming rights
payments
(325
)
(607
)
Add: Transaction and transition service,
COVID, legal and other non-recurring expense
6
32
Adjusted EBITDA
$
254
$
182
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 potential impacts of the COVID-19 pandemic on the Company's
business operations, financial results and financial position and
on the world economy, the impact of changes in national and
regional economies, the Company's ability to generate cash to
service its substantial indebtedness, the completion of the FCC
spectrum repack, successful execution of outsourcing agreements,
pricing and demand fluctuations in local and national advertising,
volatility in programming costs, the market acceptance of new
programming, the successful execution of retransmission consent
agreements, the successful execution of network and MVPD
affiliation agreements, the impact of OTT and other emerging
technologies and their potential impact on cord-cutting, the impact
of MVPDs, vMVPDs, and OTT distributors offering "skinny"
programming bundles that may not include all programming of the
Company's networks, the Company's ability to identify and
consummate acquisitions and investments and to achieve anticipated
returns on those investments once consummated, the impact of
pending and future litigation claims against the Company, the
ongoing assessment of the October cybersecurity event, material
legal, financial and reputational risks resulting from a breach of
the Company's information systems, and operational disruptions due
to the cybersecurity event, the impact of FCC and other regulatory
proceedings against the Company, uncertainties associated with
potential changes in the regulatory environment affecting the
Company's business and growth strategy, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220504005454/en/
Investors: Steve Zenker, VP, Investor Relations Billie-Jo
McIntire, Director, Investor Relations (410) 568-1500
Media: Sinclair@5wpr.com
Sinclair (NASDAQ:SBGI)
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