Business
Sinclair Reports Fourth Quarter 2024 Financial Results
BALTIMORE--(BUSINESS WIRE)-- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and twelve months
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair, Inc. (Nasdaq: SBGI), the \"Company\" or \"Sinclair,\" today reported financial results for the three and twelve months ended December 31, 2024.\n\n\nHighlights:\n\n\n\nComprehensive refinancing substantially completed in early 2025\n\n\n\nFourth quarter Operating Income and other key financial metrics exceeded guidance range\n\n\n\nRecord full-year 2024 political advertising revenues of $405 million, a 16% increase over 2020 levels excluding the Georgia runoff of 2020\n\n\n\nFormed EdgeBeam Wireless, a joint venture with other major broadcasters, to unlock the potential of ATSC 3.0 NextGen Broadcast to offer nationwide coverage for data delivery\n\n\n\nTennis Channel introduced a direct-to-consumer, streaming service that merges its flagship 24-hour network with extensive live and on-demand multi-court coverage\n\n\n\nCEO Comment:\n\n\n“We are pleased to close out a strong 2024 and we have entered 2025 on a high note. Our consolidated Adjusted EBITDA for the fourth quarter exceeded our guidance range, along with various other key financial metrics. This performance underscores the continued dominance of broadcast TV as the leading platform for advertisers to reach broad audiences,” said Chris Ripley, Sinclair’s President and Chief Executive Officer. “As we move into 2025, we have substantially completed a comprehensive refinancing, extending our debt maturities to over six and a half years, de-risking our balance sheet and providing greater financial flexibility. Our balance sheet now has the longest maturity profile in the industry. Following the refinancing, we can turn our attention to deploying the Ventures cash balance in multiple ways, such as outside investments that we could consolidate in our financial results, as well as the potential for returning a portion of the cash to shareholders over time. Given our recent retransmission rate agreements with distributors in 2024, as well as coming to terms with our last network affiliation agreement expiration before 2026, we have greatly enhanced visibility on both our retransmission revenues as well as our reverse retransmission expenses for the next several years. We remain confident in the power of broadcast TV, including the new opportunities for our joint venture, EdgeBeam, which we expect to drive meaningful advancements for NextGe...