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Sinclair Broadcast Group Inc SBGI

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Morningstar’s Analysis

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Sinclair Surprises in Q1 With Core Advertising Recovery

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Sinclair Broadcast Group posted a strong first quarter as revenue and EBITDA beat FactSet consensus. Both it and Nexstar saw a recovery in core advertising as COVID-19 cases decline and economic conditions normalize. This surprise gain combined with distribution revenue growth in the local business segment offset the expected drop in political advertising revenue with the absence of political elections in 2021. We are maintaining our no-moat rating and $30 fair value estimate.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 11,600