CEO Chris Ripley announced new content distribution venture Broadspan combining OTT and OTA live streaming events.
CEO expressed satisfaction with solid first quarter results and industry-leading core growth over past several quarters.
Distribution revenue reached $384 million, up slightly from guidance, with new multi-year agreements signed with 42% of traditional Big 4 subscribers.
Political revenue expected to reach over $350 million in 2024 with pre-booked ads totaling $77 million.
Sinclair faced challenges in regional sports networks business after acquiring large portfolio from Disney and settled lawsuits for $495 million.
Sinclair reported Q1 consolidated media revenues of $792 million, up from previous year.
Sinclair, Inc., a leading player in the broadcasting industry, reported its financial results for the first quarter of 2024. The company's consolidated media revenues increased to $792 million during the quarter, primarily due to higher political revenues and distribution revenue. Sinclair's CEO, Chris Ripley, emphasized their new venture called Broadspan which offers a content distribution service combining Over-The-Top (OTT) and Over-The-Air (OTA) live streaming events. The company reported earnings of $23 million for the first quarter with profit of 35 cents per share and adjusted earnings of 43 cents per share.
Sinclair's political revenue is expected to be backend loaded in the second half of the year, with projects that it will rise to north of $350 million this year. The company has already pre-booked over $77 million in political advertising for the second half of 2024 through Election Day. Sinclair's distribution revenue reached $384 million for the quarter, slightly above its guidance, and it has signed new multi-year distribution agreements with 42% of its traditional Big 4 subscribers so far this year.
The company faced challenges in the regional sports networks business after acquiring a large portfolio from Disney in 2019. Diamond Sports Group, LLC (DSG) sought bankruptcy protection and later settled lawsuits with Sinclair for $495 million. Despite these challenges, Sinclair's CEO expressed satisfaction with the solid first quarter results and industry-leading core growth over the past several quarters.
Sinclair owns or operates 185 television stations in 86 markets including all three major broadcast networks. The company is exploring the sale of more than 30% of its broadcast stations, according to sources. Moelis & Company has been hired as Sinclair's investment banker for this potential transaction.
Sinclair is exploring the sale of more than 30% of its broadcast stations
The company began officially shopping these stations in February
Sinclair faced headaches in the regional sports networks business after acquiring a large portfolio from Disney in 2019, leading to Diamond Sports seeking bankruptcy protection and later settling lawsuits with Sinclair for $495 million
Sinclair reported financial results for the three months ended March 31, 2024.
Highlights: Sinclair met or exceeded first quarter guidance on Revenue, Media Expenses and Adjusted EBITDA.
NextGen data solutions platform, Broadspan was launched.
All Diamond Sports Group, LLC (DSG) related outstanding litigation claims were settled.
As of May 1, the Company had pre-booked $77 million in political advertising for the second half of the year through Election Day.
CEO commented on solid first quarter results and industry-leading core growth over past several quarters.
42% completed with significant retransmission agreements renewing as of May 1, 2024.
Expected mid-single digit two-year growth in net retransmission revenues from 2023 to 2025.
Broadcast data distribution model offers benefits such as efficient distribution, improved customer experience and lower cost of data delivery compared to traditional one-to-one wireless solutions.
