Sinclair Broadcast Group ( (SBGI) ) has released its Q3 earnings. Here is a breakdown of the information Sinclair Broadcast Group presented to its investors.
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Sinclair, Inc. is a diversified media company that provides local news and sports content across various platforms, including broadcast television and streaming, and owns the Tennis Channel and several multicast networks. The company reported strong financial results for the third quarter of 2024, highlighted by record political revenues and growth in core advertising and distribution revenues. Sinclair’s total revenues increased by 20% to $917 million, with a notable 42% rise in total advertising revenue compared to the previous year. Additionally, Sinclair achieved a net income of $94 million, reversing a net loss of $46 million from the same period last year.
One significant highlight from the quarter was the increase in political revenues, which reached $138 million, marking a 31% rise from 2020 levels. The company also saw a 5% growth in distribution revenues, benefiting from new retransmission consent agreements. Adjusted EBITDA saw a substantial increase of 72%, reaching $249 million. Furthermore, Sinclair expanded its podcast division with new sports programming and continued to enhance its distribution agreements, securing multi-year renewals with major providers like Altice USA and DIRECTV.
Looking forward, Sinclair remains optimistic about its ability to maintain strong financial performance through the end of the year. The management anticipates finishing 2024 on a strong note, with a projected full-year adjusted EBITDA increase of 54% to 56%. The company is well-positioned to capitalize on its industry-leading core advertising revenue trends and the renewal of most of its retransmission and network affiliation agreements.
