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olivLaw · US equity research

Sinclair, Inc. SBGI

Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)

14.10USD+4.68% · 1 dayClose 04 Nov 2026

Sinclair is an American media group operating local television stations in more than seventy US markets, complemented by the Tennis Channel and digital and technical businesses. The company is in the middle of the 2026 election cycle, and political advertising revenue together with its raised EBITDA guidance frames its trajectory quarter to quarter. Local television stations remain the core of the business, though pressure from pay-TV distributors continues.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Sinclair, Inc. (SBGI) stock was 14.10 USD (+4.68% on the day), with P/E 10.2 on diluted EPS of 1.38 USD over the last 12 months, beta 0.80, 52-week range 11.97–17.00 USD. Latest reported quarter (Q3 2026): revenue of 893.0 m USD (+15.5% YoY), net income of 43.0 m USD, diluted EPS 0.60 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
10.2
Diluted EPS TTM 1.38 · TTM to 30 Sept 2026
E/P (TTM)
9.81%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
0.80
Volatility (1y) 46%
52-week range
11.9717.00

Price history

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Technical reading

RSI (14)
65.4
strong (55–70)
Bollinger (20, 2)
11.79 – 13.70
above the upper band · %B 1.21 · band width 15.0%
SMA 50 / 200
13.19 / 14.06
mixed trend
MACD (12, 26, 9)
0.05 / -0.14
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+11.6%−1.1%+12.6 pp—
3 months+1.4%−0.5%+1.8 pp—
6 months−4.9%+4.4%−9.3 pp—
Year to date−7.8%+12.3%−20.2 pp—
1 year+5.5%+13.5%−8.0 pp−1.9%
3 years−5.2%+76.4%−81.6 pp+12.8%
5 years−48.5%+63.7%−112.2 pp—
Max drawdown (1y)
−29.6%
11 Dec 2025 → 26 Oct 2026
Max drawdown (5y)
−67.8%
14 Jan 2022 → 13 Oct 2023
Compound annual growth (5y)
−12.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
893.0 m USD
+15.5% YoY
Net income
43.0 m USD
unavailable YoY
Diluted EPS
0.60
unavailable YoY
net / operating
4.8% / 15.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.0 bn776.0 m784.0 m773.0 m836.0 m807.0 m840.0 m893.0 m
SG&A203.0 m192.0 m200.0 m203.0 m211.0 m214.0 m217.0 m207.0 m
Operating income266.0 m14.0 m21.0 m58.0 m80.0 m27.0 m50.0 m134.0 m
Depreciation & amortisation61.0 m62.0 m59.0 m62.0 m66.0 m65.0 m68.0 m66.0 m
Interest expense74.0 m144.0 m82.0 m85.0 m84.0 m85.0 m80.0 m79.0 m
Pre-tax income225.0 m-200.0 m-76.0 m0123.0 m-137.0 m35.0 m66.0 m
Income tax46.0 m-46.0 m-14.0 m-1.0 m7.0 m-158.0 m112.0 m23.0 m
Net income176.0 m-156.0 m-64.0 m-1.0 m109.0 m20.0 m-76.0 m43.0 m
Diluted EPS2.62 ≈-2.30-0.91-0.021.56 ≈0.28-1.060.60
Operating cash flow198.0 m5.0 m122.0 m ≈-36.0 m ≈98.0 m43.0 m66.0 m ≈129.0 m ≈
Capex23.0 m16.0 m17.0 m ≈22.0 m ≈19.0 m15.0 m20.0 m ≈20.0 m ≈
Dividends paid17.0 m17.0 m17.0 m ≈18.0 m ≈17.0 m18.0 m18.0 m ≈19.0 m ≈
Share repurchases0———————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 9-quarter history (min 3.5, median 8.6, max 18.7; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue6.1 bn3.9 bn3.1 bn3.5 bn3.2 bn
Revenue YoYunavailable−36.0%−20.2%+13.2%−10.7%
Net income-414.0 m2.7 bn-291.0 m310.0 m-112.0 m
Net income YoYunavailableunavailable−111.0%unavailable−136.1%
Diluted EPS-5.5137.54-4.464.69-1.61
Diluted EPS YoYunavailableunavailable−111.9%unavailable−134.3%
net %-6.7%67.5%-9.3%8.7%-3.5%
Free cash flow247.0 m694.0 m143.0 m14.0 m115.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
866.0 m USD
Financial debt
4.4 bn USD
Net debt
3.5 bn USD
Equity
370.0 m USD
Total assets
5.9 bn USD
Debt / equity
11.82x
Current ratio
2.42x
ROE
-25.3%
ROA
-1.9%
FCF margin
3.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.1 bn
2024
3.5 bn
2025
3.2 bn

SEC (XBRL)· 27 Feb 2026verified

SG&A
2023
747.0 m
2024
794.0 m
2025
806.0 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
-331.0 m
2024
551.0 m
2025
173.0 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
271.0 m
2024
250.0 m
2025
249.0 m

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
-60.0 m ≈
2024
801.0 m ≈
2025
422.0 m ≈

SEC (XBRL)· 27 Feb 2026derived

Interest expense
2023
305.0 m
2024
304.0 m
2025
395.0 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
-637.0 m
2024
395.0 m
2025
-153.0 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
-358.0 m
2024
76.0 m
2025
-54.0 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
-291.0 m
2024
310.0 m
2025
-112.0 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
-4.46
2024
4.69
2025
-1.61

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
65.1 m
2024
66.1 m
2025
69.1 m

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
662.0 m
2024
697.0 m
2025
866.0 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
616.0 m
2024
637.0 m
2025
687.0 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
1.5 bn
2024
1.5 bn
2025
1.7 bn

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
2.1 bn
2024
2.1 bn
2025
2.1 bn

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
779.0 m
2024
630.0 m
2025
533.0 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
6.1 bn
2024
5.9 bn
2025
5.9 bn

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
913.0 m
2024
416.0 m
2025
496.0 m

SEC (XBRL)· 27 Feb 2026verified

Short-term debt
2023
36.0 m
2024
38.0 m
2025
25.0 m

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
4.1 bn
2024
4.1 bn
2025
4.4 bn

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
1.1 bn
2024
605.0 m
2025
703.0 m

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
5.9 bn
2024
5.4 bn
2025
5.6 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
221.0 m
2024
516.0 m
2025
370.0 m

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
235.0 m
2024
98.0 m
2025
189.0 m

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
92.0 m
2024
84.0 m
2025
74.0 m

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
143.0 m ≈
2024
14.0 m ≈
2025
115.0 m ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
52.0 m
2024
77.0 m
2025
-120.0 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-509.0 m
2024
-140.0 m
2025
100.0 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
65.0 m
2024
66.0 m
2025
69.0 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
153.0 m
2024
0
2025
0

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-10.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
-6.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-68.6%
computed by olivLawFY 2025
Net income growth (YoY)
-136.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-134.3%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
721.4%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
16.5%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
8.6%
computed by olivLawTTM to 30 Sept 2026
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
7.8%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
25.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
insufficient data
ROCE
6.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
27.5%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
-637.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
-1.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
0.9x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
2.0x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.9x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
336.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
74.0 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
262.0 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
272.9%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
60.4%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
67 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
10.2x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
9.8%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

14.10 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
10.2x
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
25.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-10.7%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 626derived 55

Score by group

56% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · not enough peers
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Television Broadcasting Stations (SIC 4833)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality2.8%50 (vs peers)11%
FCF conversion · Quality272.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth-6.9%0 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-1.1x80 (vs peers)19%
Interest coverage · Balance sheet0.9x0 (on a fixed band)11%
Current ratio · Balance sheet2.0x97 (on a fixed band)7%
P/E (TTM) · Valuation10.2x90 (on a fixed band)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns27.5%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet59/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality75/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial90/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Sinclair, Inc. (SBGI). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth -10.7%; net margin 2.8%; ROE 25.4%; net debt/EBITDA -1.1x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 272.9%
  • Net debt / EBITDA: -1.1x
  • Current ratio: 2.0x
  • P/E (TTM): 10.2x
  • Payout ratio (FCF): 27.5%

What contradicts it

  • Revenue CAGR 3Y: -6.9%
  • Interest coverage: 0.9x

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
10.2x
vertical median 34.0x
below median (−70.1%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median —
P/B
—
vertical median 0.9x
ROE
25.4%
vertical median 5.1%
above median (+394.1%)
Net margin
2.8%
vertical median 1.9%
above median (+49.1%)
EBIT margin
8.6%
vertical median 3.1%
above median (+180.3%)
Revenue YoY
-10.7%
vertical median -5.3%
below median
Net debt/EBITDA
-1.1x
vertical median 3.5x
below median (−132.3%)
Dividend yield
—
vertical median 5.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PSKYSkydance Corp10.5 bn———−1.5%unavailable / unavailable
NXSTNexstar Media Group, Inc.5.7 bn34.08.3%3.2%−8.5%−4% / +30%
FOXFox Corporation6213.016.8%11.6%+5.1%+6% / +123%
SSPThe E.w. Scripps Company——-174.7%-58.0%−14.3%−9% / −45%
TVGrupo Televisa, S.A.B.——-7.5%-13.3%−6.0%−15% / −29%
FENGPhoenix New Media Limited——15.4%30.2%−15.8%−34% / −5%
VSNTVersant Media Group, Inc.——9.0%11.1%−5.3%unavailable / unavailable
GTNGray Media, Inc.——-1.2%-0.8%−15.1%+1% / −36%
FWONALiberty Media Corporation——5.4%9.4%+22.7%+4% / +59%
NMAXNewsmax Inc.——-5.8%-3.2%+10.7%−2% / unavailable
EVCEntravision Communications Corporation—710.64.8%0.6%+22.6%+162% / +83%
SBGISinclair, Inc.—10.225.4%2.8%−10.7%+6% / −5%

1- and 3-year price returns: for SBGI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

In brief

Sinclair is an American media group operating local television stations in more than seventy US markets, complemented by the Tennis Channel and digital and technical businesses. The company is in the middle of the 2026 election cycle, and political advertising revenue together with its raised EBITDA guidance frames its trajectory quarter to quarter 13. Local television stations remain the core of the business, though pressure from pay-TV distributors continues 1.

SWOT

Strengths

  • The company has broad station coverage in many local markets, with significant news production and numerous journalism awards 1.
  • Liquidity and leverage are reported as within covenant levels, which gives financial flexibility 3.

Weaknesses

  • Total debt is high and sits entirely with the subsidiary STG, which concentrates financial risk 3.
  • Revenue is sensitive to the election cycle, and odd years can look much weaker than even years 1.
  • Reliance on distribution and retransmission contracts exposes the company to changed terms when agreements are renewed 1.

Opportunities

  • Consolidation of local markets and relaxed rules could open station acquisitions and further synergies 1.
  • Expansion into digital advertising, podcasts and NextGen TV technical services could diversify revenue 1.
  • Continued strong audiences for major sporting events on FOX-affiliated stations could support advertising 3.

Threats

  • Continued declines in distributor subscribers could reduce retransmission fee revenue 1.
  • Competition from large technology platforms and streaming services could erode traditional advertising 1.
  • Regulatory changes or FCC decisions on retransmission and ownership could limit the company's options 1.

Risks

  • Strategic reviewmedium

    The strategic review of the local segment and a possible separation of Ventures may not be completed on favourable terms, and the process can disrupt business relationships 1.

  • Distributor subscriber declinehigh

    If the rate of decline increases or subscribers move to bundles without the company's channels, distribution revenue could fall materially 1.

  • Renewal of affiliation agreementsmedium

    Renewals with distributors and networks could come on less favourable terms or with revenue sharing 1.

  • Debt and refinancingmedium

    The level of debt and restrictions in financing agreements may limit flexibility, especially if revenue falls 13.

  • Regulation and retransmissionlow

    Changes to FCC rules on retransmission negotiation or ownership could directly affect the company's revenue model 1.

Investment thesis

What would need to be true (bull case)

  • If political advertising demand holds through the election cycle, the 2026 guidance could be exceeded and margins could expand 3.
  • The recent stabilisation in traditional pay-TV subscribers, as reported by the company, could ease pressure on retransmission revenue 3.
  • If the strategic review produces favourable transactions, the value of the segments could be realised more fully 1.

What would break the thesis

  • Core advertising has been guided lower, and pressure in cost-sensitive advertiser categories could continue 3.
  • If political advertising falls after the election cycle, revenue could drop well below election-year levels in off years 1.
  • High debt and possible refinancing costs could limit the capacity for investment 3.

What to watch

  • Trend in political advertising and its guidanceQ3 2026
  • Outcome of the strategic review and the decision on Ventures2026
  • Pay-TV subscriber trend and renewal of affiliation agreementsnext 10-K
  • Debt and liquidity levels after the 2026 debt reductionsQ3 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

The business

Sinclair, Inc. is the parent of Sinclair Broadcast Group, LLC, reorganised in 2023, and describes itself as a diversified media company with national reach focused on high-quality content on its local stations and digital platform 1. The core local media segment covers 179 stations in 81 markets, broadcasting 656 channels including affiliates of FOX, ABC, CBS, NBC, CW and MyNetworkTV 1. The company is also running a strategic review of its local media segment, which includes a possible separation of Ventures via spin-off or other transaction 13.

Segments

Local media

The local media segment earns revenue from selling advertising on its television stations and from fees paid by distributors for carriage, plus digital advertising and digital marketing services 1. In the second quarter of 2026 the segment generated total revenue of 731 million USD 3.

Tennis

The tennis segment consists mainly of Tennis Channel, a cable network covering major tennis tournaments, along with streaming services and a free ad-supported channel 1. In the second quarter of 2026 segment revenue was 70 million USD 3.

Market context

The US local television market depends on advertising and on retransmission fees paid by distributors, and both are shaped by declining pay-TV subscribers and the shift toward OTT and DTC services 1. Political advertising is cyclical and peaks in even years, so results in odd years differ markedly from those in even years 13.

Industry consolidation is encouraged by recent relaxation of media ownership rules, while large distributors that have consolidated hold greater bargaining power 1. Digital advertising keeps growing and connected TV is pulling ad budgets from other media 1.

Trends

  • Decline in distributor subscribersheadwind

    The number of US pay-TV subscribers is falling as viewers move to streaming and smaller bundles that may exclude the company's channels, which could reduce distribution revenue 1.

  • 2026 political cycletailwind

    The 2026 midterm cycle brings strong demand for political advertising, and the company has raised its guidance for it; if demand holds it could support the year's results 3.

  • Digital advertising and connected TVmixed

    Viewing on connected TVs is rising and digital advertising keeps growing, opening opportunities but also competition from large technology platforms 1.

  • Relaxed consolidation rulestailwind

    Recent FCC decisions and court rulings have relaxed some media ownership rules, which could create a more favourable environment for consolidation in local broadcasting 1.

Competitive position

Sinclair competes for viewers and advertisers with other programming networks, streaming services, other local broadcasters, pay-TV operators and large technology platforms such as Alphabet, Amazon, Apple, Meta and Microsoft 1. Many competitors have greater financial resources, which can affect viewership and advertising revenue 1.

In sports and tennis, competition comes from other platforms that acquire tournament rights and from streaming services offering specialised content 1. The company is also expanding its podcast business, which places it against audio and social platforms 1.

  • Connected TV and streaming services

    Compete for viewer attention and advertising budgets with OTT and DTC offers that can be cheaper 1.

  • Pay-TV distributors, cable, satellite and telecom providers

    They are both customers paying for retransmission and competitors through their channel bundles 1.

  • Large technology platforms

    Companies such as Alphabet, Amazon, Apple, Meta and Microsoft compete for digital advertising and offer OTT platforms 1.

  • Other local television and radio stations

    They compete directly in the same markets for audience and local advertising 1.

News & filings

In the press

The latest news item in our archive is from 30 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sinclair, Inc. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sinclair, Inc. · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Sinclair, Inc. · 05 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.