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Sinclair Reports Second Quarter 2025 Financial Results

BALTIMORE--(BUSINESS WIRE)-- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and six months ended June 30, 2025.

Highlights:

• Adjusted EBITDA came in above the midpoint of guidance for the second quarter
• Appointed Narinder Sahai as Executive Vice President and Chief Financial Officer
• Conrad Clemson appointed as CEO of EdgeBeam Wireless, the Company's NextGen Broadcast Joint Venture with industry peers
• Core advertising revenues grew by $13 million year-over-year, in-line with expectations
• $81 million par value of the Sinclair Television Group notes due in 2027 repurchased in the second quarter for $77 million cash
• In mid-March, the Company acquired the remaining 75% of Digital Remedy that it did not previously own, and in June, rebranded the Compulse business under the Digital Remedy name
• Non-traditional broadcast assets continue to expand rapidly with five new AMP sports podcasts announced including four focused on some of the most historic programs in college football and one on the WNBA
• Record growth delivered by multicast network platforms in the second quarter

CEO Comment:

"Sinclair delivered solid second quarter results, successfully navigating a challenging macro-economic environment, with Adjusted EBITDA exceeding the midpoint of our second quarter guidance. In addition, we are pleased to welcome our new Chief Financial Officer Narinder Sahai, and we look forward to his contributions to our successes over the coming years. On the regulatory front, we remain optimistic as deregulation continues to accelerate for the industry. We successfully rebranded Compulse under the Digital Remedy name, following our recent acquisition. Digital Remedy is a 'Rule of 40' software company focusing on omnichannel media activation solutions with a specialty in Connected TV offerings. Our multicast networks delivered record-breaking growth in the quarter, and are very well-positioned with new, fan-favorite hits launching on our networks in the fall. Finally, our audio strategy continues to expand as we launched five new AMP sports podcasts over the last couple of months, adding to our market-leading sports podcast programming."

Recent Company Developments:

Content and Distribution:

• Year-to-date, Sinclair's newsrooms have won a total of 208 journalism awards, including 25 RTDNA regional Edward R. Murrow Awards.
• In June, WTA Ventures (Women's Tennis Association) and Tennis Channel announced a new six-year media rights deal ensuring that Tennis Channel platforms will continue to be the exclusive home of WTA tennis in the United States through 2032.
• In June, the Company launched two local sports podcasts: "The Script" is a podcast on the Ohio State Buckeyes with former Ohio State stars Cardale Jones and Chris 鈥淏eanie鈥� Wells, along with ABC6/FOX28 Sports Director Dave Holmes; and "The Dynasty", a podcast on the Alabama Crimson Tide with former Alabama stars AJ McCarron and Trent Richardson, along with Chris Stewart, the voice of Alabama football.
• In April, Tennis Channel and the International Tennis Federation (ITF) announced a multi-year extension of their long-running partnership with the Billie Jean King Cup by Gainbridge^TM and Davis Cup, the World Cup of Tennis events for women and men, respectively.

Community:

• In July, Sinclair Cares ran two campaigns, one raising nearly $200,000 in support of Texas Flood relief, and another partnering with the American Cancer Society to raise awareness and support free rides to medical treatments.

Investment Portfolio:

• During the second quarter, Sinclair Ventures, LLC (Ventures) made approximately $11 million in minority investments as required by our outstanding funding commitments and received distributions of approximately $6 million.

Transactions:

• In June, the Company purchased the broadcast assets of WSJV in South Bend-Elkhart, IN from Gray Television, Inc. ("Gray"), and sold the broadcast assets of WHOI in Peoria/Bloomington, IL to Gray.
• In June, the Company acquired the license assets of KXVO in Omaha, NE, from Mitts Telecasting Company. The Company previously oversaw operations of the station under a Local Marketing Agreement ("LMA").
• In July, the Company sold its stations within Milwaukee, WI (WVTV), Springfield, IL (WICS/WICD), Ottumwa, IA (KTVO), and Quincy, IL (KHQA).
• In July, the Company launched WKOF in Syracuse, NY as an ATSC 3.0 lighthouse, marking the first time a television license was initiated under the NextGen Broadcast (ATSC 3.0) standard.
• In August, the Company acquired the license assets of WOLF in Hazleton, PA and WGFL in High Springs, FL from New Age Media, LLC. The Company previously oversaw the operations of the stations under Management Services Agreements ("MSA").
• In August, the Company acquired the license assets of KMEG in Sioux City, IA from Waitt Broadcasting. The Company previously oversaw the operations of the stations under a Joint Sales Agreement ("JSA").

Financial Results:

Three Months Ended June 30, 2025 Consolidated Financial Results:

• Total revenues decreased 5% to $784 million versus $829 million in the prior year period. Media revenues decreased 5% to $777 million versus $819 million in the prior year period.
• Total advertising revenues of $322 million decreased 6% versus $343 million in the prior year period. Core advertising revenues, which exclude political revenues, of $316 million were up 4% versus $303 million in the prior year period.
• Distribution revenues of $434 million decreased versus $435 million in the prior year period.
• Operating income of $21 million declined versus $64 million in the prior year period.
• Net loss attributable to the Company was $64 million versus net income of $17 million in the prior year period.
• Adjusted EBITDA decreased 35% to $103 million from $158 million in the prior year period.
• Diluted loss per common share was $0.91 as compared to diluted earnings per common share of $0.27 in the prior year period.

Six Months Ended June 30, 2025 Consolidated Financial Results:

• Total revenues decreased 4% to $1,560 million versus $1,627 million in the prior year period. Media revenues decreased 4% to $1,547 million versus $1,611 million in the prior year period.
• Total advertising revenues of $620 million decreased 7% versus $664 million in the prior year period. Core advertising revenues, which exclude political revenues, of $608 million were up 1% versus $600 million in the prior year period.
• Distribution revenues of $885 million increased versus $871 million in the prior year period.
• Operating income of $35 million declined versus $106 million in the prior year period.
• Net loss attributable to the Company was $220 million versus net income of $40 million in the prior year period.
• Adjusted EBITDA decreased 28% to $215 million from $297 million in the prior year period.
• Diluted loss per common share was $3.20 as compared to diluted earnings per common share of $0.61 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 streaming service; TennisChannel 2, 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.

Consolidated Balance Sheet and Cash Flow Highlights of the Company:

• Total Company debt as of June 30, 2025 was $4,106 million.

• In the second quarter, the Company repurchased $81 million of Sinclair Television Group Notes due 2027 for $77 million in cash.

• Cash and cash equivalents for the Company as of June 30, 2025 was $616 million, of which $224 million was SBG cash and $393 million was Ventures cash.

• As of June 30, 2025, 45.9 million Class A common shares and 23.8 million Class B common shares were outstanding, for a total of 69.7 million common shares.

• In June, the Company paid a quarterly cash dividend of $0.25 per share.

• Capital expenditures for the second quarter of 2025 were $17 million.

Notes:

Certain reclassifications have been made to prior years' financial information to conform to the presentation in the current year.

Due to rounding, some segment numbers may not tie to consolidated totals

Outlook:

The Company currently expects to achieve the following results for the three months ending September 30, 2025 and the twelve months ending December 31, 2025.

Sinclair Conference Call:

The senior management of Sinclair will hold a conference call to discuss the Company's second quarter 2025 results on Wednesday, August 6, 2025, at 4:30 p.m. ET. The call will be webcast live and can be accessed at under "Investor Relations/Events and Presentations." After the call, an audio replay will remain available at . 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 357349.

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 178 television stations in 81 markets affiliated with all major broadcast networks; owns Tennis Channel, the premium destination for tennis enthusiasts; multicast networks CHARGE, Comet, ROAR and The Nest; and the nation鈥檚 largest streaming aggregator of local news content, NewsON. Sinclair鈥檚 AMP Media produces a growing portfolio of digital content and original podcasts. Additional information about Sinclair can be found at .

Adjusted EBITDA is a non-GAAP operating performance measure that management and the Company鈥檚 Board of Directors use to evaluate the Company鈥檚 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鈥檚 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 鈥淥utlook鈥� 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鈥檚 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鈥檚 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鈥� uses or formulations. Further discussions and reconciliations of the Company鈥檚 non-GAAP financial measures to their most directly comparable GAAP financial measures can be found on its website .

Forward-Looking Statements:

The matters discussed in this news release, particularly those in the section labeled 鈥淥utlook,鈥� include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words 鈥渙utlook,鈥� 鈥渋ntends to,鈥� 鈥渂elieves,鈥� 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥渁chieves,鈥� 鈥渆stimates,鈥� 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 (鈥淒istributors鈥�); the Company鈥檚 ability to generate cash to service 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鈥檚 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鈥檚 ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company鈥檚 programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company鈥檚 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鈥檚 business and growth strategy; the impact of pending and future litigation claims against the Company; the Company鈥檚 limited experience in operating or investing in non-broadcast related businesses; and any risk factors set forth in the Company鈥檚 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:

Investor Contacts:

Christopher C. King, VP, Investor Relations

Billie-Jo McIntire, VP, Corporate Finance

(410) 568-1500

Media Contact:

[email protected]

Source: Sinclair, Inc.