SBGI
Sinclair Broadcast Group, Inc.NASDAQ
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  • Tue, Nov. 22, 10:59 AM
    • Included in the team is the AEI's Mark Jamison, a deregulation advocate.
    • Jamison is on record as having said broadcasters do not need FCC oversight since there's plenty of online competition, says Bloomberg's Lydia Beyoud. The FTC can handle consumer protection, said Jamison, and the FCC's sole purpose should be licensing wireless spectrum.
    • Heading the FCC transition team is free-marketer Jeff Eisenach.
    • Gray Television (GTN +1.6%), Nexstar Broadcasting (NXST +2.6%), Sinclair Broadcasting (SBGI +1.4%)
    • Previously: A good sign for the AT&T-Time Warner deal? (Nov. 22)
    | Tue, Nov. 22, 10:59 AM | 2 Comments
  • Fri, Nov. 11, 1:31 PM
    • Sinclair Broadcast Group (SBGI +5.5%) has set a half-dozen executive changes in motion to greet the new year.
    • The shifts to leadership will be effective Jan. 1.
    • David Amy, currently executive VP and chief operating officer, will become vice chairman. He'll be tasked with oversight of human resources, corporate marketing and the company's Networks Group.
    • Meanwhile, the co-chief operating officers of its Television Group will shift roles. Television Co-COO Steven Marks will become executive VP and sole COO of the group, while Co-COO Steven Pruett becomes executive VP and chief TV development officer.
    • General Counsel Barry Faber will add responsibilities, becoming executive VP, General Counsel, Distribution and Network Relations. Robert Malandra will shift from senior VP of Television Finance to senior VP of Advanced Revenue Development and Analytics. And William Butler (senior VP of Promotions and Corporate Marketing) will retire March 2, with responsibilities taken by current VP of Promotions Dana Feldman.
    • The company's shares have been on the rise since it beat expectations on revenues for the quarter; SBGI up 11.1% over the past three days.
    | Fri, Nov. 11, 1:31 PM
  • Wed, Nov. 2, 12:38 PM
    • After some nervous warnings from local broadcasters about political ad spending in the past few months, Sinclair Broadcast Group (SBGI +0.3%) notes core advertising grew slightly in a mixed Q3 earnings report.
    • Revenues grew nearly 27% and beat expectations, while EPS fell short of consensus. But operating income grew 54.6% to $154M.
    • "Although industry political ad spending for 2016 has not been at the levels anticipated coming into the year due to the unique nature of this year's presidential election and certain contested senate races not materializing, our core advertising nonetheless grew slightly in the third quarter, despite the crowding-out impact of political on our normal advertisers," says CEO David Smith.
    • For Q4, the company sees media revenues (before barter) of $732.6M-$748.6M, a 34-37% gain Y/Y, with political revenues of $120M-$130M vs. the prior year's $12M.
    • For the full year, media revenues are expected at $2.505B-$2.521B (up 25% Y/Y), with political revenues coming in at $206M-$216M vs. the prior year's $26M.
    • Press Release
    | Wed, Nov. 2, 12:38 PM
  • Wed, Nov. 2, 7:39 AM
    • Sinclair Broadcast (NASDAQ:SBGI) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 2.88%
    • Payable Dec. 15; for shareholders of record Dec. 1; ex-div Nov. 29.
    | Wed, Nov. 2, 7:39 AM
  • Wed, Nov. 2, 7:31 AM
    • Sinclair Broadcast (NASDAQ:SBGI): Q3 EPS of $0.70 misses by $0.02.
    • Revenue of $693.84M (+26.5% Y/Y) beats by $2.17M.
    • Press Release
    | Wed, Nov. 2, 7:31 AM
  • Tue, Nov. 1, 5:30 PM
  • Tue, Sep. 27, 4:19 PM
    • Final ratings are still coming together, but last night's presidential debate between Hillary Clinton and Donald Trump will be the most-watched ever.
    • With several networks in, the first presidential debate this season has hit 83.7M viewers, which would surpass the previous most-watched presidential debate, the sole debate between 1980 candidates Jimmy Carter and Ronald Reagan (80M viewers).
    • Of course, that viewer bounty isn't visited on just one network -- more than a dozen televised the event live and (at least during the debate) commercial-free -- but the overall result means a flood of ad dollars going to a variety of networks for pre- and post-debate ads, some of which looked more like the Super Bowl in terms of level of interest.
    • According to Nielsen's current numbers, the Big Four broadcast networks drew 49.1M viewers, up about 25% from 2012; NBC (CMCSA +0.6%) with 18.2M, ABC (DIS -0.3%) with 13.5M, CBS (CBS +1.8%) with 12.1M and Fox (FOX +2%, FOXA +1.7%) with 5.3M. PBS drew 2.9M viewers, while Univision (Pending:UVN) added 2.5M and Telemundo 1.8M.
    • On cable, Fox News saw 11.4M viewers, with CNN (TWX +2.3%) slightly behind at 9.8M and MSNBC at 4.9M.
    • Local broadcast chains including Gray Television (GTN -0.1%) and Sinclair Broadcast Group (SBGI +1.5%) have recently cut guidance for political revenues, with advertising spending disappointing.
    | Tue, Sep. 27, 4:19 PM | 104 Comments
  • Tue, Sep. 20, 5:57 PM
    • Gray Television (GTN -9.4%) has now withdrawn its guidance for political advertising revenue for Q3 and for Q4 -- the newest sign that spending oddities in the national races will have outsize effects on local broadcasters.
    • Overall Q3 net revenue, ex-political spending, should meet its previously issued guidance, however.
    • Political ad orders -- which have always been on shorter notice -- are arriving later than usual, Gray notes, and current orders are coming with just a few days' notice.
    • "The Trump campaign and/or allied PACs have purchased advertising time in some Gray markets, and it has expressed interest in placing advertising in up to nine states involving up to 17 Gray markets," the company says. "At this time, however, the campaign's future spending is currently impossible to predict."
    • The Clinton campaign and allied PACs are looking at ads in up to six states involving up to seven Gray markets.
    • While statewide races are tighter in Missouri, Indiana and North Carolina, Senate racesin Ohio and Colorado haven't led to "robust" spending as anticipated. And some big advertisers have indicated that they'll direct funds instead to organizing voters and other activities.
    • Sinclair Broadcast Group (NASDAQ:SBGI) also tumbled 9.4% today as it cut its own forecast for political revenues.
    | Tue, Sep. 20, 5:57 PM | 2 Comments
  • Tue, Sep. 20, 12:43 PM
    | Tue, Sep. 20, 12:43 PM
  • Tue, Sep. 20, 9:21 AM
    • Sinclair Broadcast Group (NASDAQ:SBGI) is 5.9% lower premarket after the company cut guidance on its Q3 media revenues, seeing a drop in political spending.
    • The company -- the nation's biggest local broadcaster -- now sees those revenues at around $637M-$638M (growth of about 28% Y/Y), down from previous guidance for $649.2M-$663.2M (growth of 30.3%-33.1%).
    • The lower forecast includes $46M of political spending vs. a previously expected $58M-$68M. "Political is the most difficult part of our revenue to estimate given that advertising time is typically purchased with only a couple of days' notice prior to the ads airing," says Sinclair Chief Financial Officer Chris Ripley.
    • "While we previously anticipated a decline in Presidential ad spending in the third quarter based on the late fundraising by the Trump campaign, we have yet to see significant spending, even at the levels we initially anticipated," he says in a statement. "Additionally, our estimate is impacted by two other events, notably, a historically large political advertiser announced they were going to direct their funds to organizing voters rather than towards campaign funding.
    • "Secondly, in Ohio, a key state for us and what was to be one of the most expensive Senate races in Ohio history, political spending has dropped drastically as recent polls reflect a widening margin between the Senatorial candidates," he adds. Recently, Republican Rob Portman has moved out to an advantage of around 13 percentage points against the Democrats' Ted Strickland.
    • While Q3 political ad revenue's revised down, he says Q3 core ad revenue estimates (low single-digit percent increase) is unchanged.
    | Tue, Sep. 20, 9:21 AM
  • Tue, Sep. 6, 4:02 PM
    • Sinclair Broadcast Group (SBGI -0.4%) has added a new $150M share repurchase authorization.
    • The new amount is to be tapped once its existing authorization, currently with $58M remaining capacity, is exhausted.
    • The company may use the authorized amounts to buy its Class A common hshares from time to time either openly or through private transactions.
    • Shares are down 10.3% YTD.
    | Tue, Sep. 6, 4:02 PM | 1 Comment
  • Tue, Aug. 30, 3:18 PM
    • Sinclair Broadcast Group (SBGI +0.9%) has closed an offering of $400M in debt as part of a rollover.
    • The company's sold that sum in 5.125% senior unsecured notes due 2027, at 100% of par value, and is using proceeds to redeem its 6.375% senior unsecured notes due 2021.
    • There's $350M in outstanding principal in those notes; after a total redemption price of $377.2M, the remainder of the $400M will go to general purposes.
    | Tue, Aug. 30, 3:18 PM
  • Wed, Aug. 24, 7:50 PM
    • The first benchmark has been hit for closing the FCC's broadcast incentive spectrum auction, but the second benchmark will be a harder task.
    • Bids have reached $16.3B after 15 rounds in the forward auction, which began last week as a second phase following an earlier reverse auction.
    • That's exceeded the $15.9B total the FCC set as the first benchmark for closing -- but the other benchmark is $88.38B, which the FCC needs to pay broadcasters who set that price in the reverse auction as well as cover costs.
    • There's still time, particularly with the price on the blocks rising by 5% a day, John Eggerton notes. But falling short of the $88.38B could mean reopening reverse auction rounds and a completion delayed into next year.
    • Spectrum players: VZ, T, TMUS, S, DISH, SBGI, EVC, CMCSA, CHTR, NXST, CBS, MEG
    | Wed, Aug. 24, 7:50 PM | 66 Comments
  • Tue, Aug. 16, 10:26 AM
    • A major FCC auction of wireless airwaves just entered its second phase.
    • The forward auction in the FCC's broadcast incentive spectrum sale has begun, with Comcast (CMCSA -0.1%) and Dish Network (DISH -0.8%) among those joining the usual spectrum suspects: AT&T (T -0.9%), Verizon (VZ -0.6%), and T-Mobile (TMUS +0.1%), but not Sprint (S +0.4%), which is sitting this out. Of about 100 parties eligible to bid, 62 have been certified by the FCC.
    • That follows the reverse auction, where broadcasters set up blocks of spectrum they'll be selling to be reallocated for wireless carrier use.
    • This phase represents a challenge, now that the reverse auction's price has been set at $86.4B. With costs, the FCC needs to raise $88B; if the forward auction doesn't reach that height, the reverse auction will need to be reopened to lower its price, which would also cut spectrum sold -- and likely drag the entire process into 2017.
    • Broadcast players: SBGI, EVC, NXST, CBS, MEG
    • Previously: Next phase of FCC spectrum auction likely to start mid-July (Jul. 01 2016)
    | Tue, Aug. 16, 10:26 AM | 18 Comments
  • Mon, Aug. 15, 12:54 PM
    • Sinclair Broadcast Group (SBGI +2.6%) has set a private offering of $350M in senior debt, set to roll over notes due in 2021.
    • The company is offering that amount in senior unsecured notes due to mature in 2027. It plans to use proceeds to redeem its Sinclair Television Group unit's $350M in 6.375% notes due 2021, with a redemption date planned for Aug. 30.
    | Mon, Aug. 15, 12:54 PM
  • Wed, Aug. 3, 2:22 PM
    • Sinclair Broadcast Group (SBGI +5.3%) and Comcast (CMCSA -0.4%) have a new deal for retransmission consent.
    • Terms weren't disclosed, but Sinclair is "pleased with the value received, which reflects the importance of our programming to Comcast subscribers," says Sinclair General Counsel Barry Faber.
    • The deal arranges broadcast rights between the nation's biggest local broadcaster and the country's biggest cable TV provider.
    • Sinclair has moved up strong today following an earnings report with healthy revenue growth that beat analyst consensus.
    | Wed, Aug. 3, 2:22 PM