Sinclair Reports Preliminary First Quarter 2022 Earnings for Select Segments and Announces First Quarter 2022 Earnings Call
Sinclair to Report First Quarter 2022 Results May 4, 2022 at 7:30 a.m. EST
BALTIMORE, April 11, 2022–(BUSINESS WIRE)–Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair”, today released preliminary media revenue results for its Broadcast segment and for Other/Enterprise/Eliminations for three months ended March 31, 2022 Preliminary results, which exclude the Home Sports segment, are provided as supplemental information to lenders evaluating a debt refinancing of Sinclair Television Group, Inc. (STG) launched on April 6, 2022.
Media revenue for the broadcast segment is expected to be within the range of prior guidance released on February 23, 2022, of $709 million to $725 million, which included $28 million in revenue for services provided by the segment. broadcast to the local sports segment. Media revenue for other/business/elimination is expected to reach the $66 million forecast, which included the elimination of $28 million in revenue for services provided by the broadcast segment to the local sports segment.
The preliminary results described in this press release are estimates only and are subject to revision. The company will release its full first quarter 2022 results at 7:30 a.m. ET on Wednesday, May 4, 2022, followed by a conference call to discuss the results at 9:00 a.m. ET. The call will be webcast live and accessible at www.sbgi.net below “Investors/ Webcasts.” The dial-in number for the earnings call is 888-506-0062, with entry code 976184.
If you plan to participate in the conference call, please call two minutes before the start time and tell the conference operator that the subject of the conference call is the “Sinclair Earnings Conference Call”.
If you are unable to listen to the live webcast or participate in the live conference call, a replay of the call and the release of the results will be available on the Sinclair Broadcast Group website at www.sbgi.net. This will be the only location through which a replay will be available.
Members of the news media will be welcome on the call in listen-only mode. Key executives will be made available to members of the news media, time permitting, following the conference call.
Sinclair Broadcast Group, Inc. is a diversified media company and a leading provider of sports and local news. The Company owns and/or operates 21 regional sports network brands; owns, operates and/or provides services to 185 television stations in 86 markets, owns several national networks, including Tennis Channel and Stadium; and has television stations affiliated with all major broadcast networks. Sinclair’s content is distributed through multiple platforms, including live multi-channel video program distributors and digital and streaming platforms NewsOn and STIRR. The Company regularly uses its website as a key source of information about the Company, which can be accessed at www.sbgi.net.
Matters discussed in this press release include forward-looking statements regarding, among other things, future events and actions. When used in this press release, the words “outlook”, “intends”, “believes”, “anticipates”, “expects”, “achieves”, “estimates” and the expressions similar statements are intended to identify forward-looking statements. These statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements due to a variety of important factors, including and in addition to the assumptions set forth herein, but not limited to, the potential impacts of COVID-19. pandemic of January 19 on our business operations, financial results and financial condition as well as on the global economy, including the significant disruption of operations of professional sports leagues, the need to offer discounts to our distributors related to sporting events canceled professionals and loss of advertising revenue due to the postponement or cancellation of professional sporting events and reduced consumer spending due to shelter-in-place and stay-at-home orders; our ability to generate cash to service our substantial indebtedness; proper execution of outsourcing agreements; the successful execution of retransmission consent agreements; the proper performance of affiliation and network distribution agreements; the successful execution of media rights agreements with professional sports teams; the impact of OTT and other emerging technologies and their potential impact on cord-cutting; the impact of distributors offering “skinny” programming packages that may not include all of our networks’ programming; prices and fluctuations in demand in local and national advertising; the successful implementation and consumer adoption of our direct-to-consumer sports platform; the volatility of programming costs; market acceptance of new programming; our ability to identify and complete acquisitions and investments, manage increased leverage resulting from acquisitions and investments, and earn anticipated returns on such investments when made; the impact of pending and future litigation against the Company; the ongoing assessment of the October cybersecurity event, the significant legal, financial and reputational risks resulting from a breach of the Company’s information systems and operational disruptions due to the cybersecurity event; the impact of FCC and other regulatory proceedings against the Company, uncertainties associated with potential changes in the regulatory environment affecting our business and our growth strategy, and any risk factors disclosed in the Company’s recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurance that the assumptions and other factors mentioned in this press release will occur. The Company undertakes no obligation to release the outcome of any revisions to these forward-looking statements, except as required by law.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220411005804/en/
Steve Zenker, Vice President, Investor Relations
Billie-Jo McIntire, Director, Investor Relations