Sinclair, Inc. (SBGI)

Sinclair, Inc. is a diversified media company with national reach, formed in Maryland in 2022 as the publicly traded parent of Sinclair Broadcast Group, LLC (SBG), the successor to Sinclair Broadcast Group, Inc., which was founded in 1986. It focuses on high-quality content delivered through local television stations, a digital platform and, before the 2022 deconsolidation of Diamond Sports Intermediate Holdings, regional sports networks. Its programming includes third-party network and syndicated content, local news, sports, and original programming from its own owned networks. It also owns digital media companies, technical and software services companies, broadcast technology research and development businesses, and non-media investments.

Sinclair has two reportable segments. The local media segment, owned and operated by SBG, comprises television stations, original networks and content. As of December 31, 2024, Sinclair owned, programmed or provided services to 185 stations in 86 markets, broadcasting 641 channels, including 235 affiliated with FOX, ABC, CBS, NBC, CW and MyNetworkTV. It produces more than 2,400 hours of local news per week at 114 stations in 72 markets. Its owned networks include The Nest, Comet, CHARGE! and TBD. Internally developed content includes The National News Desk, Full Measure with Sharyl Attkisson, and a podcast division launched in 2024. The tennis segment, held through Sinclair Ventures, consists mainly of Tennis Channel, along with Tennis Channel streaming services, the T2 FAST channel, Tennis.com and the Pickleballtv FAST channel. Other activities include Compulse (marketing technology), Dielectric (broadcast transmission equipment), ONE Media 3.0 (NextGen TV), and real estate, venture capital, private equity and direct technology investments.

Local media revenue comes mainly from advertising sales and from fees paid by cable, satellite, virtual MVPD and other OTT distributors to carry its channels. It also sells digital advertising and digital marketing services. National advertisers are reached through national marketing representation firms, and local advertisers through station sales staff. Results are cyclical, with political advertising much higher in even-numbered years, especially presidential election years. Tennis revenue comes from distributor fees and advertising, and is usually stronger in the first and fourth quarters because of tournament schedules. In 2024, two customers each accounted for 10% of Sinclair's consolidated revenue, and one customer accounted for 10% of SBG's.

Sinclair operates some stations through local marketing, joint sales and shared services agreements, where third parties own the licenses. Network affiliation agreements give it the right to broadcast network entertainment, news and sports programming, and these agreements expire between 2025 and 2028. Its principal executive offices are at 10706 Beaver Dam Road, Hunt Valley, Maryland.