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TranslateBALTIMORE--(BUSINESS WIRE)-- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2025.
Highlights:
CEO Comment:
"Sinclair delivered a strong third quarter, achieving the high end of guidance for advertising and distribution revenue, while media expenses and Adjusted EBITDA beat expectations. We expect to see continued improvement in core advertising trends in the fourth quarter and a sequential increase in distribution revenue. Our progress on partner station transactions continues, with eleven option exercises closed and additional deals pending FCC approval, and more transactions planned, representing at least $30 million in incremental annualized EBITDA once finalized. Looking ahead, we anticipate record mid-term political revenue in the upcoming cycle, and are encouraged by recent regulatory developments that should lead to much-needed industry consolidation and significant synergies for investors."
Recent Company Developments:
Content and Distribution:
Community:
Investment Portfolio:
Station Portfolio Optimization:
Transactions:
Financial Results:
Three Months Ended September 30, 2025 Consolidated Financial Results:
($ in millions) |
Three Months Ended |
|
Percent Change |
|||||||||||
|
September 30, 2025 |
|
September 30, 2024 |
|
June 30, 2025 |
|
YOY |
|
QTQ |
|||||
Total revenue |
$ |
773 |
|
|
$ |
917 |
|
$ |
784 |
|
|
(16)% |
|
(1)% |
Media revenue |
|
765 |
|
|
|
908 |
|
|
777 |
|
|
(16)% |
|
(2)% |
Advertising revenue |
|
321 |
|
|
|
433 |
|
|
322 |
|
|
(26)% |
|
—% |
Distribution revenue |
|
422 |
|
|
|
434 |
|
|
434 |
|
|
(3)% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|||||
Net (loss) income attributable to the Company |
|
(1 |
) |
|
|
94 |
|
|
(64 |
) |
|
(101)% |
|
(98)% |
Adjusted EBITDA |
|
100 |
|
|
|
249 |
|
|
103 |
|
|
(60)% |
|
(3)% |
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 streaming service; TennisChannel 2, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Other includes non-broadcast digital solutions such as Digital Remedy, technical services, and other non-media investments.
Three months ended September 30, 2025 |
Local Media |
|
Tennis |
|
Other |
|
Corporate and Eliminations |
|
Consolidated |
|||||||
($ in millions) |
|
|
|
|
||||||||||||
Distribution revenue |
$ |
370 |
|
$ |
52 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
422 |
Core advertising revenue |
|
269 |
|
|
14 |
|
|
38 |
|
|
|
(6 |
) |
|
|
315 |
Political advertising revenue |
|
6 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
6 |
Other media revenue |
|
22 |
|
|
1 |
|
|
— |
|
|
|
(1 |
) |
|
|
22 |
Media revenue |
$ |
667 |
|
$ |
67 |
|
$ |
38 |
|
|
$ |
(7 |
) |
|
$ |
765 |
Non-media revenue |
|
— |
|
|
— |
|
|
10 |
|
|
|
(2 |
) |
|
|
8 |
Total revenue |
$ |
667 |
|
$ |
67 |
|
$ |
48 |
|
|
$ |
(9 |
) |
|
$ |
773 |
|
|
|
|
|
|
|
|
|
|
|||||||
Media programming and production expenses |
$ |
378 |
|
$ |
35 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
413 |
Media selling, general and administrative expenses |
|
165 |
|
|
15 |
|
|
30 |
|
|
|
(7 |
) |
|
|
203 |
Non-media expenses |
|
2 |
|
|
— |
|
|
12 |
|
|
|
(2 |
) |
|
|
12 |
Amortization of program costs |
|
21 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
21 |
Corporate general and administrative expenses |
|
21 |
|
|
1 |
|
|
2 |
|
|
|
16 |
|
|
|
40 |
Stock-based compensation |
|
9 |
|
|
— |
|
|
— |
|
|
|
2 |
|
|
|
11 |
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs |
|
3 |
|
|
— |
|
|
2 |
|
|
|
— |
|
|
|
5 |
Interest expense (net)(a) |
|
81 |
|
|
— |
|
|
(5 |
) |
|
|
— |
|
|
|
76 |
Capital expenditures |
|
21 |
|
|
1 |
|
|
— |
|
|
|
— |
|
|
|
22 |
Distributions to the noncontrolling interests |
|
3 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
3 |
Cash distributions from investments |
|
— |
|
|
— |
|
|
2 |
|
|
|
— |
|
|
|
2 |
Net cash taxes paid |
|
|
|
|
|
|
|
|
|
3 |
||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Net income |
|
|
|
|
|
|
|
|
|
1 |
||||||
Operating income |
|
27 |
|
|
11 |
|
|
14 |
|
|
|
6 |
|
|
|
58 |
Adjusted EBITDA(b) |
|
92 |
|
|
16 |
|
|
6 |
|
|
|
(14 |
) |
|
|
100 |
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, 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 revenue |
$ |
845 |
|
$ |
60 |
|
$ |
9 |
|
|
$ |
(6 |
) |
|
$ |
908 |
Non-media revenue |
|
— |
|
|
— |
|
|
10 |
|
|
|
(1 |
) |
|
|
9 |
Total revenue |
$ |
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 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. |
Consolidated Balance Sheet and Cash Flow Highlights:
