Sinclair, Inc. Increases Third Quarter and Full-Year 2024 Political Revenue Expectations; Reiterates Prior Net Retrans Forecast

Sinclair, Inc. (Nasdaq: SBGI), the "Company," today announced that it is increasing its advertising guidance for the third quarter 2024 to account for stronger-than-expected political revenues. The Company’s updated expectation for third quarter political advertising revenue is approximately $140 million to $145 million, up from the previously announced forecast range of $113 million to $128 million. Expectations for Local Media segment third quarter core advertising revenue are $285 million to $293 million, with the midpoint down slightly compared to the previously announced forecast range of $288 million to $300 million, due to crowd-out from the increased political advertising. The updated expectation represents Local Media segment core advertising growth of 2% to 4% year-over-year. In total, the Company now anticipates Local Media advertising revenue during the third quarter to be within a range of $425 million to $438 million, up from the expectation of a range of $401 million to $428 million, as previously provided on August 7, 2024.

The Company’s updated full-year political revenue expectation is now $442 million to $469 million, up from the previously-disclosed forecast range of $385 million to $410 million.

Recent retransmission agreement renewal activity has been in-line with expectations and the Company is reaffirming its previously provided 2-year compounded annualized mid-single digit percent growth rate for net retrans from 2023 through 2025.

The Company will provide financial and operating results for the third quarter 2024 on Wednesday, November 6, 2024.

Forward-Looking Statements:

The matters discussed in this news release, particularly those in the section labeled “Outlook,” include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” 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 (“Distributors”); the Company’s 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’s 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’s ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company’s 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’s business and growth strategy; the impact of pending and future litigation claims against the Company; the Company’s limited experience in operating or investing in non-broadcast related businesses; and any risk factors set forth in the Company’s 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: https://www.businesswire.com/news/home/20240919077985/en/

Investor Contacts: Chris King, VP, Investor Relations Billie-Jo McIntire, AVP, Investor Relations [phone]

Media Contact: Jessica Bellucci [e-mail]