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Sinclair Broadcast Group Inc Class A SBGI

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Morningstar’s Analysis

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Slightly Better than Anticipated Q2 for Sinclair; RSN DTC Service Could Hinder Affiliate Fee Growth

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Sinclair posted a slightly better than expected second quarter as our worries about the regional sports network segment persist. Revenue for the second quarter came in line with FactSet consensus, but adjusted EBITDA beat expectations. The firm’s acquisition of the Fox RSNs did bring diversification to the business but also came with carriage worries as we expect that Dish will continue to eschew the RSNs. The recent rumor about a potential acquisition by Sinclair of the NBC Sports RSNs from Comcast is a worrying sign that management may be looking to chew off more than they handle. We are maintaining our no-moat rating and our fair value estimate of $30.

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Company Profile

Business Description

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.

10706 Beaver Dam Road
Hunt Valley, MD, 21030
T +1 410 568-1500
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 11,600