Analyst Note| Neil Macker, CFA |
Sinclair posted a weak second quarter as the regional sports network segment was a drag on results. Revenue and EBITDA for the quarter came in below FactSet consensus. Both the broadcast and RSN segments took massive ad revenue hits due to the pandemic. The firm did renew its carriage agreement with Comcast for both its local TV stations and RSNs, which ameliorates one of our main worries around the RSN acquisition. We are maintaining our no-moat rating and our fair value estimate of $28.