Business
Sinclair Reports Second Quarter 2024 Financial Results
BALTIMORE--(BUSINESS WIRE)-- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and six months ended
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 six months ended June 30, 2024.\n\n\nHighlights:\n\n\n\nMet second quarter Revenue guidance on Distribution and Advertising\n\n\n\nExceeded second quarter Adjusted EBITDA guidance\n\n\n\nAs of August 1, the Company has booked $146 million in political advertising for the second half of the year through Election Day; this compares to $78 million as of August 1, 2020\n\n\n\nCompany increases full-year political advertising guidance to a range of $385 million to $410 million, representing growth of 10% to 17% compared to 2020 excluding the Georgia runoff.\n\n\n\nCEO Comment:\n\n\n\"Sinclair delivered solid second-quarter results, meeting our guidance expectations across major financial metrics, including a $105 million monetization of an investment in our Ventures portfolio,\" commented Chris Ripley, Sinclair's President and Chief Executive Officer. \"Total advertising revenue was up 11% year-over-year and distribution revenues grew by 4%. With almost 60% of our Big 4 subscribers still to be renewed this year, we are confident in our ability to grow net retrans in line with our 2-year CAGR estimates. As we enter the second half of the year, we are buoyed by strong momentum and multiple cash flow drivers. Political advertising revenue is on track to be our largest ever, with expected double-digit growth rates over the 2020 presidential election year. Coupled with growth in distribution revenues, and continued strength in core advertising trends, we are well-positioned for a robust finish to the year.\"\n\n\nRecent Company Developments:\n\n\nContent and Distribution:\n\n\n\nYear-to-date, Sinclair's newsrooms have won a total of 176 journalism awards, including 24 RTDNA Regional Edward R. Murrow Awards for Outstanding Journalism, 4 National Headliner Awards, and 23 regional Emmy awards.\n\n\n\nCommunity:\n\n\n\nIn June and July, the Company partnered with Feeding America® to coordinate Sinclair Cares: Summer Hunger Relief, an awareness and fundraising campaign to help provide meals to children and families across the U.S. this summer.\n\n\n\nAlso in July, the Company announced that it has awarded scholarships to 12 university students as a part of its annual Diversity Scholarship program. Ha...