SBGI - Sinclair Broadcast Group, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
23.85
+1.92 (+8.76%)
As of 9:56AM EDT. Market open.
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close21.93
Open23.20
Bid24.30 x 900
Ask24.41 x 1100
Day's Range23.20 - 24.63
52 Week Range10.58 - 59.58
Volume230,918
Avg. Volume2,300,210
Market Cap1.911B
Beta (5Y Monthly)0.98
PE Ratio (TTM)10.70
EPS (TTM)2.23
Earnings DateAug 05, 2020
Forward Dividend & Yield0.80 (3.91%)
Ex-Dividend DateMay 29, 2020
1y Target Est25.81
  • Sinclair Elects Board and Ratifies Independent Auditor
    PR Newswire

    Sinclair Elects Board and Ratifies Independent Auditor

    Sinclair Broadcast Group, Inc. (the "Company") (Nasdaq: SBGI) announced that its shareholders elected the nominated nine Directors at the Company's Annual Shareholders' Meeting held today. The elected Directors are Mr. David D. Smith, Executive Chairman, Chairman of the Board of the Company; Mr. Frederick G. Smith, Director and Vice President of the Company; Mr. J. Duncan Smith, Director, Vice President and Secretary of the Company; Mr. Robert E. Smith, Director; Mr. Lawrence E. McCanna, Director; Mr. Daniel C. Keith, Director; Mr. Martin R. Leader, Director; Mr. Howard E. Friedman, Director; and Hon. Benson E. Legg, Director.

  • Sinclair’s Loose Debt Covenants Come Back to Bite Bond Investors
    Bloomberg

    Sinclair’s Loose Debt Covenants Come Back to Bite Bond Investors

    (Bloomberg) -- There’s a saying in the junk bond market that covenants don’t matter until they do. Now, as the economic fallout from the Covid-19 pandemic sends a new class of companies spiraling into distress, those investor protections are being put to the test.Sinclair Broadcast Group Inc. is asking bondholders to take a 40 cent haircut on a $1.8 billion unsecured bond it sold less than a year ago to fund the acquisition of Walt Disney Co.’s regional sports networks. The steep discount on the ongoing debt swap has met with resistance from investors, but the company sought to remind holders just how much power it has. That’s thrown into the spotlight how weak covenants are coming home to roost.More than half of the bondholders have organized to block the debt swap, hoping to bring the company to the bargaining table and cut an alternative financing deal, according to people familiar with the situation, who asked not to be named discussing a private transaction. But no matter how many holders agree to the exchange, Sinclair still has the option to move valuable assets beyond the reach of bondholders -- a scenario reminiscent of the controversial J. Crew maneuver in 2016 -- as well as the right to repay shareholders before reducing debt.The reason? Investors agreed to minimal protections when they bought the debt. Just 3.6% of eligible bonds were turned in by the extended early deadline of 5 p.m. in New York on Monday, according to a news release. The final cutoff, when terms will be less favorable for bondholders, is June 9.“The lesson is covenants matter,” said Scott Josefsberg, head of special situations research at Covenant Review. “Pushing back against overly aggressive covenants when there’s still an opportunity to do so can really make a difference later on in the life cycle of the bond.”A representative for Sinclair declined to comment.Odd TimingBond protections have been weakening for years as investors struggling with ultra-low interest rates amid a strong economy snapped up record amounts of the risky debt, placing the bargaining power in the hands of borrowers. During a surge in junk bond sales in April by companies seeking to shore up cash in the wake of the pandemic, investors demanded better collateral. But covenant quality deteriorated, according to Moody’s Investors Service.Read more: When United pawned old jets, bond traders sent a stark warningAs the impact of the coronavirus sweeps across corporate America, some have looked to move assets out of the hands of creditors under terms allowed by loose covenants. Travelport, controlled by Elliott Management Corp. and Siris Capital Group, is offering to unwind a controversial asset move, but only if lenders agree to take a hit.The move by Diamond Sports -- an entity owned by Sinclair that sold the debt -- is seen as especially aggressive by some investors because it’s part of a publicly-traded company that may have to tap bondholders again in the future.Market watchers also say the timing of the exchange, which would help cut the company’s debt load, is a surprise given that the television broadcaster isn’t at imminent risk of default. In other words, the price of the bonds -- which have sunk to distressed levels since the outbreak -- could recover if pressures from the pandemic ease.“A lot of people are asking the question, ‘Why would I take this haircut now?’” said Matt Zloto, co-head of U.S. high-yield research at CreditSights. “Nothing is driving them into bankruptcy and it looks like they have liquidity to ride through this Covid-impacted year.”While there are still concerns regarding upcoming negotiations with Comcast Corp., management has sounded optimistic about long-term prospects for Diamond Sports on the last two earnings calls, Zloto said. Sports leagues also appear to be close to deciding how and when to come back as states begin to reopen, he added.Sinclair sold the $1.8 billion of 6.625% unsecured bonds due in 2027 in July 2019 as part of a larger $8 billion debt offering. At the time, it was bombarded with investor orders despite warnings from analysts that the covenants were akin to some of the worst ever seen in leveraged buyouts for sponsor-owned businesses such as Refinitiv US Holdings and Envision Healthcare Corp.A ThreatDuring times of stress, many companies seek to exchange debt at deeply-discounted prices or swap notes for equity in moves that can draw skepticism from investors. In recent weeks, firms including Callon Petroleum Co., Centennial Resource Development Inc., SM Energy Co and Party City Holdco Inc. have also sought to exchange bonds. Less than a third of Centennial’s bondholders opted to participate in an exchange, and Callon ultimately canceled its proposed offering.In the case of Sinclair, investors have had some success in at least preventing covenants being stripped on the existing bonds -- which would happen if at least 50% of investors agree to the exchange, said the people. But that’s about the extent of it.When the company extended the early deadline for the offer on May 27, it used “unusually aggressive statements” that may be designed “to coerce bondholders into accepting the offer,” Josefsberg wrote in a report last Thursday.The company outlined that it could use cash to redeem preferred equity, which the bond covenants allow for. Since that’s typically first to be wiped out in a restructuring, such a move would be detrimental to bondholders. Sinclair used about $1 billion in preferred equity provided by an affiliate of JPMorgan Chase & Co. to fund the acquisition. The firm redeemed about $300 million of that in December.The company could also designate so-called unrestricted subsidiaries, also doable because of the loose covenants, signaling to the market that it might try similar moves made by retailer J. Crew, wrote Josefsberg.Sinclair is offering unsecured bondholders new 12.75% secured notes due in 2026, and participants who swapped their bonds by Monday’s deadline will receive $467 worth of new notes and $133 in cash for every $1,000 of principal they turn in. The cash component falls to $103 if they agree to swap by June 9.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.

  • Sinclair Announces Early Participation And Consent Results Of Private Debt Exchange Offer And Consent Solicitation Of Diamond Sports Group
    PR Newswire

    Sinclair Announces Early Participation And Consent Results Of Private Debt Exchange Offer And Consent Solicitation Of Diamond Sports Group

    Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) today announced the early participation and consent results for its indirect subsidiaries, Diamond Sports Group, LLC and Diamond Sports Finance Company (together, the "Issuers"), previously announced private offer to exchange (the "Exchange Offer") any and all of the Issuers' outstanding 6.625% Senior Notes due 2027 (the "Senior Notes") (CUSIP/ISIN 25277LAC0 /US25277LAC00; U2527JAB1 / USU2527JAB18) for newly issued 12.750% Senior Secured Notes due 2026 (the "New Secured Notes") (CUSIP/ISIN 25277LAE6 / US25277LAE65; U2527JAC9 / USU2527JAC90) and a cash payment on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, Offer to Exchange and Consent Solicitation Statement, dated as of May 12, 2020 (as supplemented by Supplement No. 1, dated as of May 29, 2020, the "Offering Memorandum" and, together with the accompanying letter of transmittal, the "Offer Documents").

  • Sinclair Regional Sports Networks President, Jeff Krolik, Announces Retirement
    PR Newswire

    Sinclair Regional Sports Networks President, Jeff Krolik, Announces Retirement

    Jeff Krolik, longstanding President of the Regional Sports Networks (RSNs) now owned by Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), today announced his retirement, effective August 30, 2020. Krolik, 63, managed the RSNs for nearly 15 years, and led the group during the sale from FOX to Disney and the subsequent sale from Disney to Sinclair.

  • Sinclair Announces Extension Of Early Tender Time For The Private Debt Exchange Offer And Consent Solicitation Of Diamond Sports Group
    PR Newswire

    Sinclair Announces Extension Of Early Tender Time For The Private Debt Exchange Offer And Consent Solicitation Of Diamond Sports Group

    Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) today announced that its indirect subsidiaries, Diamond Sports Group, LLC and Diamond Sports Finance Company (together, the "Issuers"), have amended their previously announced private offer to exchange (the "Exchange Offer") any and all of the Issuers' outstanding 6.625% Senior Notes due 2027 (the "Senior Notes") for newly issued 12.750% Senior Secured Notes due 2026 (the "New Secured Notes") (CUSIP/ISIN 25277LAE6 / US25277LAE65; U2527JAC9 / USU2527JAC90) and a cash payment upon the terms and conditions set forth in the Confidential Offering Memorandum, Offer to Exchange and Consent Solicitation Statement, dated as of May 12, 2020 (the "Offering Memorandum" and, together with the accompanying letter of transmittal, the "Offer Documents") to extend the early tender time through 5:00 p.m., New York City time, on June 1, 2020 (as extended hereby and subject to further extension, the "New Early Tender Time").

  • Major Broadcasters Launch NEXTGEN TV on Four Las Vegas Network-Affiliated Television Stations
    PR Newswire

    Major Broadcasters Launch NEXTGEN TV on Four Las Vegas Network-Affiliated Television Stations

    Sinclair Broadcast Group, Inc. (NASDAQ: SBGI), Nexstar Media Group, Inc, (NASDAQ: NXST), and The E.W. Scripps Company (NASDAQ: SSP), three of the nation's leading local television broadcasters, announce that their Las Vegas television stations began broadcasting today in NEXTGEN TV powered by ATSC 3.0. NEXTGEN TV is a new broadcasting technology delivering dramatically improved audio and video experiences for consumers and interoperability with Internet-delivered content. NEXTGEN TV is the most significant broadcast technology upgrade ever, enabling the full integration of enhanced broadcast television service into the digital and mobile lifestyles of today's consumers.

  • Sinclair To Webcast 2020 Annual Meeting Of Stockholders
    PR Newswire

    Sinclair To Webcast 2020 Annual Meeting Of Stockholders

    Sinclair Broadcast Group, Inc. (the "Company") (Nasdaq: SBGI) announced today that its in-person annual stockholders meeting, scheduled for June 4th, will also be webcast on its website, www.sbgi.net. In accordance with an Executive Order issued by Maryland Governor Larry Hogan, only 10 persons are permitted to physically attend the Company's annual meeting of stockholders, inclusive of members of the Board of Directors and management in attendance. Once capacity has been reached, no additional stockholders will be permitted to enter the annual meeting. However, if not admitted to the meeting, stockholders may still present their proxy card at the door and it will be received, delivered to the inspector of elections, and included in the tally as voted by proxy.

  • Sinclair Broadcast Group Wins 28 RTDNA National Edward R. Murrow Awards
    PR Newswire

    Sinclair Broadcast Group Wins 28 RTDNA National Edward R. Murrow Awards

    Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) congratulates 18 of its news stations and partner stations for being honored with the prestigious National Edward R. Murrow Award for outstanding journalism. Among the winners are: WBFF (Baltimore, MD), KOMO (Seattle, WA), WICS (Springfield, IL), KTUL (Tulsa, OK), WJLA (Washington, DC), KRCG (Jefferson City, MO), WPMI (Mobile, AL), WHAM (Rochester, NY), WJAR (Providence, RI), WSET (Lynchburg, VA), KATV (Little Rock, AR), KMPH (Fresno, CA), KTXS (Abilene, TX), WSTM (Syracuse, NY), KEYE (Austin, TX), KBAK (Bakersfield, CA), WCIV (Mt. Pleasant, SC) and WPDE (Florence, SC). The Edward R. Murrow Awards honor local and national newsrooms with outstanding achievements in broadcast and digital journalism.

  • Bloomberg

    Sinclair Seeks Distressed Swap for Sports Bonds Sold Last Year

    (Bloomberg) -- Sinclair Broadcast Group Inc. is asking holders of notes it sold less than a year ago to exchange them at deeply discounted prices for new securities with a higher coupon, according to a statement Tuesday.The firm is offering holders of its $1.8 billion of 6.625% notes due 2027 new 12.75% secured securities due in 2026. Participants who swap their bonds by May 26 would receive $467 worth of new notes and $133 in cash for every $1,000 of principal they turn in.The broadcaster is seeking to tame its balance sheet less than a year after it took on new debt to acquire regional sports networks from Walt Disney Co. That debt, sold out of an entity called Diamond Sports in July 2019, has plunged as Sinclair struggled to ink a deal with providers like Dish Network Corp. to carry the channels and the Covid-19 pandemic halted most live sports.The bonds Sinclair is seeking to swap changed hands on Monday for 52.375 cents on the dollar, according to Trace bond pricing data. A slug of secured bonds it sold to fund the acquisition, which aren’t eligible for the exchange, are trading at around 68.75 cents.Holders have until midnight on June 9 in New York to agree to the exchange. Those that swap their holdings by May 26 are eligible for an early participation premium.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.

  • Sinclair Announces Any And All Private Debt Exchange Offer And Consent Solicitation Of Senior Notes Of Diamond Sports Group
    PR Newswire

    Sinclair Announces Any And All Private Debt Exchange Offer And Consent Solicitation Of Senior Notes Of Diamond Sports Group

    Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) today announced its indirect subsidiaries, Diamond Sports Group, LLC and Diamond Sports Finance Company (together, the "Issuers") are commencing a private exchange offer (the "Exchange Offer") for any and all of the Issuers' outstanding 6.625% Senior Notes due 2027 (the "Senior Notes") for newly issued 12.750% Senior Secured Notes due 2026 (the "New Secured Notes") (CUSIP/ISIN 25277LAE6 / US25277LAE65; U2527JAC9 / USU2527JAC90) and a cash payment on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, Offer to Exchange and Consent Solicitation Statement, dated as of May 12, 2020 (the "Offering Memorandum" and, together with the accompanying letter of transmittal, the "Offer Documents").

  • Is the Options Market Predicting a Spike in Sinclair (SBGI) Stock?
    Zacks

    Is the Options Market Predicting a Spike in Sinclair (SBGI) Stock?

    Investors need to pay close attention to Sinclair (SBGI) stock based on the movements in the options market lately.

  • Shareholder Alert: Robbins LLP Reminds Investors It Is Investigating the Officers and Directors of Sinclair Broadcast Group Inc. (SBGI) on Behalf of Shareholders
    Business Wire

    Shareholder Alert: Robbins LLP Reminds Investors It Is Investigating the Officers and Directors of Sinclair Broadcast Group Inc. (SBGI) on Behalf of Shareholders

    Shareholder rights law firm Robbins LLP reminds investors it is investigating whether certain officers and directors of Sinclair Broadcast Group Inc. (NASDAQ: SBGI) breached their fiduciary duties to shareholders. Sinclair is a television broadcasting company in the United States.

  • Is Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Overpaying Its CEO?
    Simply Wall St.

    Is Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Overpaying Its CEO?

    Chris Ripley has been the CEO of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) since 2017. This report will, first...

  • SBGI ALERT: Bragar Eagel & Squire, P.C. Investigates Misconduct at Sinclair Broadcast Group, Inc. After FCC Levies Record Fine
    Business Wire

    SBGI ALERT: Bragar Eagel & Squire, P.C. Investigates Misconduct at Sinclair Broadcast Group, Inc. After FCC Levies Record Fine

    Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the directors and officers of Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) violated their fiduciary duties in connection with Sinclair’s failed acquisition of Tribune Media.

  • FCC orders Sinclair to pay $48 million fine related to its failed merger with Tribune
    TechCrunch

    FCC orders Sinclair to pay $48 million fine related to its failed merger with Tribune

    Sinclair Broadcast Group has agreed to pay a $48 million fine to the Federal Communications Communication to close investigations related to its attempted merger with Tribune Media. The FCC said in its announcement that this is the largest civil penalty paid by a broadcaster in the agency’s history. It added that Sinclair will also have to "abide by a strict compliance plan in order to close three open investigations."

  • Sinclair Broadcast Group Inc (SBGI) Q1 2020 Earnings Call Transcript
    Motley Fool

    Sinclair Broadcast Group Inc (SBGI) Q1 2020 Earnings Call Transcript

    SBGI earnings call for the period ending March 31, 2020.

  • Sinclair Broadcasting fined record $48 million by FCC over failed Tribune deal
    MarketWatch

    Sinclair Broadcasting fined record $48 million by FCC over failed Tribune deal

    The federal government has fined Sinclair Broadcasting Corp. $48 million, largely because of actions the TV broadcaster took in its failed attempt to acquire smaller rival Tribune Media.

  • Sinclair agrees to pay record-setting $48 million FCC civil penalty
    Reuters

    Sinclair agrees to pay record-setting $48 million FCC civil penalty

    Sinclair Broadcast Group has agreed to pay a $48 million fine to the Federal Communications Commission (FCC) resolving the probe into the company's abandoned deal to buy Tribune Media in what the agency said was its largest-ever civil penalty. Sinclair Chief Executive Chris Ripley said in a statement on Wednesday the company was pleased with the resolution. "Sinclair is committed to continue to interact constructively with all of its regulators to ensure full compliance with applicable laws, rules and regulations," said Ripley, who is the company's president.

  • Sinclair (SBGI) Q1 Earnings Surpass Estimates
    Zacks

    Sinclair (SBGI) Q1 Earnings Surpass Estimates

    Sinclair (SBGI) delivered earnings and revenue surprises of 1450.00% and -1.36%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Benzinga

    Recap: Sinclair Broadcast Group Q1 Earnings

    Shares of Sinclair Broadcast Group (NASDAQ:SBGI) were flat in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were up 512.00% over the past year to $1.53, which may not compare to the estimate of $0.02.Revenue of $1,609,000,000 higher by 122.82% from the same period last year, which missed the estimate of $1,650,000,000.Outlook Earnings guidance hasn't been issued by the company for now.Q2 revenue expected to be between $1,398,000,000 and $1,440,000,000.How To Listen To The Conference Call Date: May 06, 2020View more earnings on SBGITime: 04:03 PM ETWebcast URL: http://sbgi.net/investor-relations/EarningsWebcastRecent Stock Performance 52-week high: $66.57Company's 52-week low was at $10.57Price action over last quarter: down 33.40%Company Overview Sinclair Broadcast Group is the second- largest television station operator in the U.S., with 191 stations in 89 markets. Of the firm's 607 channels, 154 are affiliated with the four national broadcasters--Fox (59), ABC (41), CBS (30), and NBC (24)--with another 86 channels on networks aligned with CBS (47 CW channels) and Fox (39 MyNetworkTV channels). Via the 2019 purchase of Fox Sports Networks from Disney, Sinclair is now the largest owner or operator of regional sports networks with 14 Fox-branded RSNs covering 42 NBA, MLB, and NHL teams along with the new home of the Chicago Cubs, Marquee Sports Network. The firm also owns the Tennis Channel, four multicast networks, and professional wresting promotion Ring of Honor.See more from Benzinga * Ampco-Pittsburgh: Q1 Earnings Insights * Recap: Norbord Q1 Earnings * Scorpio Tankers: Q1 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Sinclair Reports First Quarter 2020 Financial Results
    PR Newswire

    Sinclair Reports First Quarter 2020 Financial Results

    Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months ended March 31, 2020.

  • Sinclair Names Tige Jones Station Manager in Quincy, IL/Hannibal, MO/Keokuk, IA Market
    PR Newswire

    Sinclair Names Tige Jones Station Manager in Quincy, IL/Hannibal, MO/Keokuk, IA Market

    Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), ("the Company," "Sinclair") is pleased to announce that Tige Jones has been named Station Manager of KHQA (CBS) in Quincy, IL. In addition, Rick Lipps, currently General Manager Champaign/Springfield/Decatur, Illinois, will now expand his territory to oversee the Quincy, IL/Hannibal, MO/Keokuk, IA market

  • Sinclair Broadcast Group Partners With The University Of Maryland School Of Medicine For Updates On COVID-19
    PR Newswire

    Sinclair Broadcast Group Partners With The University Of Maryland School Of Medicine For Updates On COVID-19

    Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) today announced a new public service initiative, in partnership with the University of Maryland School of Medicine (UMSOM), to provide consumers with important and timely news and information about the Coronavirus (COVID-19).

  • Sacramento media tech company Fantag acquired
    American City Business Journals

    Sacramento media tech company Fantag acquired

    Fantag, a local technology company that had raised venture capital and was led by a CEO with a successful track record, has been acquired.