Here are 1-3 brief analogies to describe Sinclair (SBGI):

• The Gannett of local TV stations
• The McDonald's of local TV news
• The Marriott of local TV stations

• Local Television Broadcasting: Operates and manages a large portfolio of local television stations across the United States, broadcasting network and local programming.
• Content Production and Distribution: Produces and distributes a variety of news, sports, and entertainment programming for its stations and other platforms.
• Digital and Streaming Services: Offers live and on-demand content through various digital platforms and streaming apps, including sports-focused services.
• Advertising Sales: Sells commercial advertising time and inventory on its television stations and digital properties to local and national businesses.

Sinclair Broadcast Group (SBGI) primarily sells its services to other companies, generating revenue through two main channels: retransmission consent fees and advertising sales.

Major Customer Companies:

• Comcast Corporation (Symbol: CMCSA) - As one of the largest cable television providers in the U.S. (Xfinity), Comcast pays Sinclair retransmission consent fees to carry its local broadcast stations.
• Charter Communications, Inc. (Symbol: CHTR) - Another major cable television provider (Spectrum), Charter also enters into retransmission consent agreements with Sinclair to distribute its local stations.
• DISH Network Corporation (Symbol: DISH) - A prominent satellite television provider and owner of the Sling TV streaming service, DISH Network pays Sinclair for the rights to carry its broadcast content.
• Other Cable, Satellite, and Virtual Multichannel Video Programming Distributors (vMVPDs): Sinclair maintains retransmission consent agreements with a wide array of other distributors that carry its local broadcast stations. These can include providers such as Verizon Communications Inc. (Symbol: VZ) for Fios TV, as well as streaming platforms like Hulu + Live TV (owned by Disney, Symbol: DIS) and YouTube TV (owned by Alphabet Inc., Symbol: GOOGL).

In addition to retransmission fees, Sinclair generates significant revenue from advertising. Its advertising customers comprise a broad and diverse base of local, regional, and national businesses across various industries (e.g., automotive, retail, healthcare, food & beverage). While these are numerous corporate customers, they are typically too varied and numerous to identify specific individual major corporate clients in the same way as the large distributors listed above.

Chris Ripley, President and Chief Executive Officer

Appointed CEO in January 2017, after serving as CFO of Sinclair from April 2014 to January 2017. Prior to joining Sinclair, he was a managing director at UBS Investment Bank's Global Media Group and head of their Los Angeles office, where he managed, advised, and structured various financings and merger and acquisition transactions in the broadcast and entertainment sectors. He also served as a principal in Prime Ventures and an analyst at Donaldson, Lufkin & Jenrette.

Narinder Sahai, Executive Vice President and Chief Financial Officer

Appointed in July 2025. He brings over 20 years of strategic financial leadership across publicly traded and private equity-backed companies. Most recently, he served as CFO at Arcis Golf, a leisure and hospitality company. Before that, he was CFO of RumbleOn, Inc., a publicly traded omnichannel powersports platform, where he built the financial planning and analysis function, launched internal audit and Sarbanes-Oxley Act compliance programs, and integrated several acquisitions. At Amazon's AWS, he was head of worldwide go-to-market finance for compute and AI/machine learning services. Earlier, he was Senior Vice President, Treasurer, and Investor Relations head at Target Hospitality, managing investor relations and capital markets activities for the company's equity public-market debut and debt financing transactions.

Rob Weisbord, Chief Operating Officer and President of Local Media

Elevated to Chief Operating Officer and President of Broadcast in February 2022. He joined Sinclair in 1997 and has held various executive management positions including Chief Operating Officer of Sinclair Digital Group, Vice President of New Media, Director of Digital Interactive Marketing, Regional Group Manager, and General Manager for the company's Las Vegas stations. He is credited with transforming Sinclair into a multiplatform media business, overseeing the growth of its digital division. His broadcasting career began in the radio industry in 1985.

David D. Smith, Executive Chairman

Has served as Executive Chairman of Sinclair Broadcast Group since 1990. He became president and CEO in 1988 and stepped down as CEO in 2017, remaining as chairman. He is the son of Julian Sinclair Smith, the founder of Sinclair Broadcast Group. From 1971 to 1978, he worked at WBFF-TV, a station run by his father. He founded Comark Communications in 1978. In 2024, he acquired majority ownership of The Baltimore Sun and its affiliated newspapers.

Del Parks, President of Technology

Has served as President of Technology since March 2022. He has been with Sinclair for over 20 years, holding roles such as Executive Vice President/Chief Technology Officer, Senior Vice President/Chief Technology Officer, and Vice President / Engineering and Operations. Earlier in his career, from 1985 to 1996, he was Director of Operations and Engineering for WBFF-TV in Baltimore. He has held various operations and engineering positions with Sinclair for 50 years.

The accelerated decline of the traditional pay-TV bundle and the concurrent rise of direct-to-consumer (DTC) streaming options for sports and general entertainment content represent a clear emerging threat to Sinclair's core business model. This trend directly impacts two critical revenue streams:

• Retransmission consent fees: As households continue to cut the cord, the subscriber base for traditional cable, satellite, and even virtual MVPDs shrinks. While Sinclair can negotiate higher per-subscriber fees, the diminishing overall subscriber pool ultimately constrains growth and and may lead to a net decline in total retransmission revenue, a cornerstone of Sinclair's profitability.
• Regional Sports Networks (RSNs): Sinclair's significant investment in its Bally Sports RSNs (through Diamond Sports Group) is severely jeopardized. The traditional RSN model relies on broad carriage across pay-TV bundles. As consumers abandon these bundles in favor of DTC streaming services or league-specific streaming platforms, RSNs lose a critical mass of subscribers and distribution revenue. This has already led to the bankruptcy of Sinclair's subsidiary operating the Bally Sports networks, demonstrating the immediate and severe nature of this threat.

Sinclair Broadcast Group (SBGI) operates in several addressable markets related to its main products and services. These include local broadcast television, regional sports networks, ad-supported streaming, and NEXTGEN TV datacasting services.

Local Broadcast Television

• U.S. TV Households (Audience Reach): 125,497,100 households for the 2024-2025 television season.
• U.S. Local TV Advertising Market: Approximately $33.1 billion based on 2022 data, representing television's share of the total local advertising market.

Regional Sports Networks

• U.S. Sports Broadcasting Technology Market: Projected to reach $28.62 billion by 2030.

Ad-supported Streaming (Free Ad-supported Streaming TV - FAST)

• Global FAST Market: Valued at $12.26 billion in 2025, with a projection to reach $27.14 billion by 2030.
• North America FAST Market: Projected to reach approximately $9.4 billion by 2030.

NEXTGEN TV (ATSC 3.0 Datacasting Services)

• U.S. Datacasting Revenue Potential: Estimated to generate $10.7 billion in new revenue by 2030 (middle case estimate).
• Specific U.S. Datacasting Applications:
  • Automotive Connectivity Services: Potential market of $3.7 billion annually.
  • Content Delivery Network Services: Potential market of $3.65 billion annually.
  • Enhanced GPS Services: Potential market of $220 million annually.

Expected Drivers of Future Revenue Growth for Sinclair (SBGI)

1. Political Advertising

2. NextGen TV (ATSC 3.0) Monetization and Datacasting

3. Growth in Distribution Revenues

4. Improvement in Core Advertising Trends

5. Mergers, Acquisitions, and Strategic Investments

Share Repurchases

• As of January 2023, Sinclair had repurchased 5.3 million shares for approximately $120 million, with $704 million remaining under its authorized share repurchase program.
• In the first quarter of 2023, approximately 3.6 million shares were repurchased, with an additional 5.2 million shares repurchased to date in the second quarter of 2023.
• The company reduced its shares outstanding by nearly 40% over the three years leading up to January 2023.

Outbound Investments

• Sinclair acquired the remaining 75% stake in Digital Remedy for approximately $30 million in Q1 2025, a company specializing in omnichannel media activation solutions with a focus on connected TV.
• The company acquired the Baltimore Sun Media Group in January 2024, marking a strategic shift towards digital content and marketing services.
• Sinclair made capital contributions to its Ventures minority investment portfolio of approximately $33 million in Q1 2023 and $28 million in Q4 2023.

Capital Expenditures

• For the year ending December 31, 2025, Sinclair expects capital expenditures to be between $83 million and $86 million, primarily directed towards station technical, maintenance, and building projects.
• Reported capital expenditures were $22 million in Q3 2025, $17 million in Q2 2025, $22 million in Q4 2023, and $20 million in Q1 2023.
• In Q2 2021, routine capital expenditures were $13 million, with an additional $4 million allocated for spectrum repack efforts.