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Sinclair Broadcast Group, Inc. (SBGI)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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18.08-0.75 (-3.98%)
At close: 4:00PM EDT
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Neutralpattern detected
Previous Close18.83
Bid0.00 x 800
Ask21.60 x 1000
Day's Range17.84 - 18.51
52 Week Range10.58 - 42.45
Avg. Volume1,137,058
Market Cap1.345B
Beta (5Y Monthly)1.32
PE Ratio (TTM)4.52
Earnings DateN/A
Forward Dividend & Yield0.80 (4.25%)
Ex-Dividend DateAug 31, 2020
1y Target EstN/A
  • Diamond Sports Bonds Slide After Hulu Drops Sinclair’s Network

    Diamond Sports Bonds Slide After Hulu Drops Sinclair’s Network

    (Bloomberg) -- Hulu LLC dropped regional sports coverage provided by Sinclair Broadcast Group Inc.’s Diamond Sports, dealing another setback to the network as its bonds sank to record lows.“We were unable to reach an agreement with Sinclair Broadcast Group to continue offering channels like your Fox Sports RSN, YES Network, and Marquee Network,” Hulu said in a message to subscribers Thursday that was reviewed by Bloomberg. The termination takes effect Friday, with Hulu continuing to provide sports coverage from other channels including ESPN, TNT and TBS, it said.“While we offered Hulu a deal consistent with terms agreed to by other distributors, the streaming service refused to accept these fair and market-based terms,” Barry Faber, Sinclair’s president of distribution and network relations, said in a statement sent to Bloomberg. “It is unfortunate that Hulu has chosen to take away some of the most popular programming on TV from millions of subscribers, particularly given that Hulu has promised its subscribers that it has live sports.”Hulu, owned by Walt Disney Co., didn’t respond to messages, and a Disney representative didn’t have an immediate comment. Some of Disney’s other properties also compete for the right to telecast games, such the ESPN sports network.Notes issued by Diamond Sports set record intraday lows Thursday and ranked among the high-yield market’s biggest losers. The first-lien notes due in 2026 dropped as much as 4 cents on the dollar 62 cents, according to Trace pricing data. The 2027 unsecured bonds fell as much as 2.25 cents on the dollar to 46.5 cents.Sinclair bought Diamond Sports from Disney in 2019 for $9.6 billion and financed the deal with junk bonds, only to see them slump to distressed levels amid slow progress on getting carriers locked in.More damage piled up when the Covid-19 pandemic temporarily halted most live sports, leaving almost no games for its 23 networks to televise. Diamond’s portfolio of broadcast rights includes Major League Baseball, the National Basketball Association and the National Hockey League.Hulu’s decision is the latest blow for Sinclair and Diamond, which have been losing carrier deals with pay-TV distributors in recent weeks. Last month Sinclair said YouTube TV will no longer carry its regional sports, adding that talks will continue.“The loss of carriage on YouTube TV adds to the list of the struggles the regional sports networks in general are having with the over-the-top side of things,” Bloomberg Intelligence analyst Mike Campellone said at the time of the announcement.Contract NegotiationsThe company had some success in July when it signed a multiyear agreement with Comcast Corp. to carry all its television stations and regional sports networks on cable. This includes Marquee Sports Network, which features baseball’s Chicago Cubs; the YES Network, which handles New York teams including the Yankees, the NBA’s Nets and WNBA’s Liberty; as well as continued distribution of Tennis Channel.On its second-quarter earnings call, management said it has about 85% of its subscriber base locked in for at least two years. Sinclair’s contract with Dish comes up in 2021.Losing Hulu “isn’t a financial catastrophe for Sinclair, but points to the risks of increased cord-cutting as pay-TV operators push back on the high costs for sports,” Geetha Ranganathan, a Bloomberg Intelligence analyst, wrote in an updated report Thursday.Diamond needs the revenue to support its heavy debt load, which stood at nearly $8 billion according to a second-quarter statement. In May, as the pandemic was raging, Sinclair tried to ease the burden by asking junior bondholders to accept an exchange that would slash their principal by about half, in return for almost doubling the interest rate and a stronger claim on the company’s assets.Small ResponseThe deal flopped, attracting only $66 million of the $1.8 billion in notes that Sinclair sought to retire. “We believe the lenders’ decision not to exchange indicates their belief in the long-term positive value of Diamond,” Sinclair Chief Executive Officer Chris Ripley told investors in August.Credit investors had organized to oppose the debt exchange, hiring legal advisers from law firm Stroock & Stroock & Lavan, Bloomberg reported in May. Unsecured bondholders also brought in PJT Partners as investment bankers in recent weeks, according to people familiar with the matter.A separate group of first-lien holders organized and hired lawyers at Gibson Dunn & Crutcher to represent them in future debt talks, the people said. The company is getting advice from investment bank Moelis & Co., the people said.A representative for PJT and Moelis declined to comment. Stroock and Gibson Dunn didn’t immediately return messages seeking comment. The Wall Street Journal previously reported some of the adviser names.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Hulu Is Dropping Sinclair-Owned Fox Regional Sports Networks From Live TV Plans

    Hulu Is Dropping Sinclair-Owned Fox Regional Sports Networks From Live TV Plans

    Hulu is dropping Sinclair Broadcast Group's portfolio of Fox Sports-branded and other regional sports networks from its live-TV packages, effective Friday. As of Oct. 23, 2020, Hulu "will no longer have the rights to distribute certain Regional Sports Networks (RSNs) that are currently included with your Hulu + Live TV plan" provided by Sinclair, the […]

  • NYC Ferry’s Hornblower Taps Niagara Falls Assets for Cash

    NYC Ferry’s Hornblower Taps Niagara Falls Assets for Cash

    (Bloomberg) -- The operator of the cash-strapped NYC Ferry system has lined up $90 million of financing to help keep its tourist boats and commuter lines running by pledging some of its Niagara Falls assets to creditors.Hornblower Group moved the assets from the Niagara Cruises business into an unrestricted subsidiary, putting them beyond the reach of current creditors, according to people with knowledge of the matter. Those assets were then used as collateral to obtain new cash that will help NYC Ferry’s parent weather the pandemic, said the people, who asked not to be named discussing a private transaction.Hornblower, which operates ferries to tourist destinations like the Statue of Liberty and Alcatraz Island, has been burning through cash as travel dried up amid the pandemic, and some venues remain closed. Concern about NYC Ferry’s viability has been rising with the approach of colder months, when tourist traffic is typically the weakest.The company previously drew down a $75 million credit line and accepted a $45 million line of credit from Crestview Partners, its private equity backer. San Francisco-based Hornblower is also getting financial advice from Guggenheim Partners, the people said.Dormant Boats“Hornblower Group just completed a successful round of raising capital to ensure positive liquidity through our traditionally slower seasons into the spring of 2021 and allows us to continue to grow, operate and service our guests,” a representative for Hornblower said in a statement. He declined to comment on specific deal terms.A representative for Guggenheim declined to comment, and a representative for Crestview didn’t immediately respond to a message.After investors received word of the financing on Tuesday, Hornblower Group’s $675 million first-lien loan due 2025 was quoted around 71 cents on the dollar, down from the mid 80s earlier in the week, the people said.The NYC Ferry was struggling even before the pandemic and relies heavily on city subsidies. While Hornblower’s commuter lines along New York’s East River are running, there are fewer passengers and some tourist routes remain dormant. The Niagara Falls unit, which operates on the Canadian side, is running with health and safety screenings, physical distancing, timed ticketing and reduced capacity, according to its website.Hornblower’s exclusive contract for Statue of Liberty and Ellis Island tours comes up for auction in March, and Hornblower is likely to submit a bid to keep the business.More TransfersMoving assets into unrestricted subsidiaries can help debt-laden companies shore up cash and gain flexibility. The maneuver means existing creditors have less say over how the company runs its finances and less ability to make claims on those assets if the borrower defaults.More firms suffering from tight liquidity are opting to transfer assets into new units since the Covid-19 pandemic took hold in March, credit researcher Covenant Review has found.Bookings operator Travelport LLC drew creditor ire earlier this year after trying to transfer assets into an unrestricted subsidiary earlier this year. The parties ultimately called a truce, and lenders helped fund a debt restructuring in exchange for Travelport undoing the move.Companies including Serta Simmons Bedding LLC and Sinclair Broadcast Group Inc. have hinted at or completed asset transfer deals this year. One of the first such transactions was in 2016, when J. Crew Group Inc. started discussing moving intellectual property and other assets into a subsidiary that creditors couldn’t reach, stoking controversy and litigation.(Updates with contract renewal date in the ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.