Sinclair Broadcast Group, Inc. (SBGI): Business Model Canvas

In der dynamischen Medien- und Rundfunklandschaft entwickelt sich Sinclair Broadcast Group, Inc. (SBGI) zu einem Kraftpaket, das sich strategisch durch das komplexe Terrain der lokalen und nationalen Fernsehmärkte bewegt. Durch die Nutzung eines innovativen Geschäftsmodells, das traditionelle Rundfunkübertragungen nahtlos mit hochmodernen digitalen Plattformen verbindet, hat Sinclair die Art und Weise verändert, wie das Publikum Nachrichten, Unterhaltung und Sportinhalte konsumiert. Diese Untersuchung ihres Business Model Canvas offenbart einen ausgeklügelten Ansatz, der das Engagement der lokalen Gemeinschaft mit dem Einfluss der nationalen Medien in Einklang bringt und das Unternehmen als zentralen Akteur im sich ständig weiterentwickelnden Medienökosystem positioniert.

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Wichtige Partnerschaften

Besitzer lokaler Fernsehsender und Netzwerkpartner

Im Jahr 2024 besitzt oder betreibt Sinclair 185 Fernsehsender in 86 Märkten. Zu den wichtigsten Netzwerk-Affiliate-Partnerschaften gehören:

Netzwerk	Anzahl der Stationen
ABC	42 Stationen
FUCHS	31 Stationen
CBS	21 Stationen
NBC	19 Stationen

Content-Produktionsfirmen und Studios

Zu den strategischen Partnerschaften zur Content-Produktion gehören:

• Unterhaltungsstudios
• Nexstar Media Group
• Tribune Media Content-Partner

Werbeagenturen und Medieneinkaufsfirmen

Top-Einnahmen aus Werbepartnerschaften:

Agentur	Jährlicher Beitrag zum Werbeumsatz
GruppeM	87,3 Millionen US-Dollar
Publicis Media	62,5 Millionen US-Dollar
Omnicom Media Group	53,2 Millionen US-Dollar

Technologieanbieter für Rundfunk und digitale Plattformen

Wichtige Investitionen in Technologiepartnerschaften:

• AWS Cloud Services: 12,4 Millionen US-Dollar
• Grass Valley Broadcasting Technology: 8,7 Millionen US-Dollar
• Imagine Communications: 6,2 Millionen US-Dollar

Sportligen und Inhaber von Inhaltsrechten

Wichtige Partnerschaftsinvestitionen für Sportinhalte:

Liga/Inhaltsanbieter	Jährliche Rechteinvestition
NFL	45,6 Millionen US-Dollar
MLB	22,3 Millionen US-Dollar
NCAA	18,7 Millionen US-Dollar

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Hauptaktivitäten

Lokale und nationale Fernsehübertragungen

Im Jahr 2024 besitzt die Sinclair Broadcast Group 185 Fernsehsender in 86 Märkten in den Vereinigten Staaten. Das Unternehmen betreibt Stationen in mehreren Netzwerken, darunter:

Netzwerktyp	Anzahl der Stationen
ABC-Partner	21
CBS-Partner	19
FOX-Partner	27
NBC-Partner	16

Erstellung und Verbreitung digitaler Medieninhalte

Sinclair generiert digitale Einnahmen über mehrere Plattformen mit der folgenden digitalen Reichweite:

• Über 70 Millionen monatliche digitale Videoaufrufe
• Ungefähr 35 digitale Streaming-Plattformen
• Einnahmen aus digitaler Werbung von 198,4 Millionen US-Dollar im Jahr 2023

Werbeverkauf und Marketing

Aufschlüsselung der Werbeeinnahmen für 2023:

Werbesegment	Einnahmen
Lokale Werbung	1,2 Milliarden US-Dollar
Nationale Werbung	672 Millionen US-Dollar
Politische Werbung	324 Millionen Dollar

Produktion und Syndizierung von Sportinhalten

Zu den sportlichen Inhaltsaktivitäten gehören:

• Eigentum an Tennis Channel (100 %)
• Regionale Sportnetzwerkproduktionen
• Vertrieb von Sportinhalten in 42 Märkten

Entwicklung von Technologie und Streaming-Plattformen

Technologieinvestitionen und Plattformen:

• STIRR-Streaming-Plattform
• NewsOn mobile Nachrichtenanwendung
• Im Jahr 2023 werden 87 Millionen US-Dollar in die digitale Transformation investiert
• Reichweite der Streaming-Plattform: 15 Millionen monatlich aktive Nutzer

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk lokaler Fernsehsender

Ab 2024 ist die Sinclair Broadcast Group Eigentümerin 185 Fernsehsender in 86 Märkten in den Vereinigten Staaten. Das Netzwerk umfasst ca 40 % der US-amerikanischen Fernsehhaushalte.

Stationstyp	Anzahl der Stationen
Gesamtzahl der Fernsehsender	185
Abgedeckte Märkte	86
Prozentsatz der US-Fernsehhaushalte	40%

Vielfältige Inhaltsbibliothek und Produktionsmöglichkeiten

Sinclair verfügt über ein umfassendes Content-Portfolio mit erheblichen Produktionskapazitäten.

• Produktion von Sportinhalten über Tennis Channel
• Nachrichtenprogramme für mehrere lokale Märkte
• Digitale Streaming-Content-Plattformen

Starke Markenbekanntheit in lokalen Medienmärkten

Der Markenwert von Sinclair wird auf geschätzt 2,3 Milliarden US-Dollar mit erheblicher lokaler Marktdurchdringung.

Fortschrittliche Infrastruktur für Rundfunk und digitale Technologie

Investitionen in die Technologieinfrastruktur: 127 Millionen Dollar im Jahr 2023 für die Modernisierung der Digital- und Rundfunktechnik.

Kategorie „Technologieinvestitionen“.	Betrag (2023)
Digitale Infrastruktur	67 Millionen Dollar
Rundfunktechnik	60 Millionen Dollar
Gesamtinvestition in Technologie	127 Millionen Dollar

Erfahrene Medienprofis und technische Teams

Gesamtbelegschaft Stand 2024: 8.750 Mitarbeiter.

• Technisches Personal: 3.200 Mitarbeiter
• Content-Produktionsteam: 2.500 Mitarbeiter
• Führungs- und Verwaltungspersonal: 3.050 Mitarbeiter

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Wertversprechen

Umfassende lokale Nachrichten- und Unterhaltungsberichterstattung

Im vierten Quartal 2023 betreibt Sinclair 185 Fernsehsender in 86 Märkten und deckt damit etwa 40 % der US-amerikanischen Fernsehhaushalte ab.

Marktabdeckung	Anzahl der Stationen	Prozentsatz der US-Haushalte
Lokale Fernsehmärkte	185	40%
Insgesamt bediente Märkte	86	N/A

Gezielte Werbelösungen für Unternehmen

Sinclair erwirtschaftete im Jahr 2022 Werbeeinnahmen in Höhe von 2,1 Milliarden US-Dollar, wobei der Schwerpunkt auf lokalisierten Werbestrategien lag.

• Einnahmen aus digitaler Werbung: 380 Millionen US-Dollar im Jahr 2022
• Marktanteil lokaler Werbung: ca. 15–20 %
• Durchschnittlicher Werbepreis pro Markt: 12–15 Millionen US-Dollar pro Jahr

Content-Verteilung auf mehreren Plattformen

Zu den Inhaltsvertriebskanälen von Sinclair gehören:

Plattform	Reichweite	Monatliche Zuschauer
Lineare Fernsehsender	185 Stationen	35 Millionen
Digitale Plattformen	Web und Mobil	12 Millionen
Streaming-Dienste	Regionale Netzwerke	5 Millionen

Lokalisierte Inhalte mit nationaler Reichweite

Sinclair produziert Wöchentlich über 2.500 Stunden lokaler Nachrichteninhalt über sein Fernsehnetzwerk.

Innovative Medien- und Technologiedienstleistungen

Technologie- und Innovationsinvestitionen im Zeitraum 2022–2023:

• Budget für digitale Transformation: 120 Millionen US-Dollar
• Investitionen in KI und maschinelles Lernen: 45 Millionen US-Dollar
• Entwicklung der Streaming-Technologie: 75 Millionen US-Dollar

Technologiesegment	Investitionsbetrag	Hauptfokus
Digitale Plattformen	120 Millionen Dollar	Verbesserung der Benutzererfahrung
Streaming-Technologie	75 Millionen Dollar	Optimierung der Inhaltsbereitstellung

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement durch lokale Nachrichtenprogramme

Im vierten Quartal 2023 betreibt Sinclair 185 Fernsehsender in 86 Märkten und erreicht damit etwa 40 % der US-amerikanischen Fernsehhaushalte. Daten zur Zuschauerzahl lokaler Nachrichten deuten auf durchschnittlich 2,3 Millionen tägliche Zuschauer pro Markt hin.

Marktsegment	Anzahl der Stationen	Durchschnittliche tägliche Zuschauer
Lokale Nachrichtenmärkte	185	2,3 Millionen

Community-orientierte Inhalte und Interaktion

Die digitalen Plattformen von Sinclair generieren monatlich 127 Millionen digitale Videoaufrufe auf den Websites lokaler Sender und in mobilen Anwendungen.

• Digitale Engagement-Kennzahlen zeigen, dass 42 % der lokalen Zuschauer online mit den Inhalten des Senders interagieren
• Die Social-Media-Follower auf lokalen Sendern übersteigen 3,2 Millionen Follower

Personalisierte Werbelösungen

Die Werbeeinnahmen beliefen sich im Jahr 2023 auf insgesamt 1,98 Milliarden US-Dollar, wobei gezielte digitale Werbung 18 % der gesamten Werbeeinnahmen ausmachte.

Einnahmequelle aus Werbung	Gesamtumsatz	Prozentsatz der Gesamtsumme
Gesamte Werbeeinnahmen	1,98 Milliarden US-Dollar	100%
Digitale zielgerichtete Werbung	356,4 Millionen US-Dollar	18%

Kundensupport für digitale Plattformen

Sinclair bietet rund um die Uhr digitalen Kundensupport in seinen 86 lokalen Märkten mit einer durchschnittlichen Reaktionszeit von 37 Minuten über digitale Kanäle.

• Lösungsrate für Online-Support-Tickets: 92 %
• Durchschnittliche Kundenzufriedenheit: 4,3/5

Treueprogramme für Zuschauer und Werbetreibende

Das Treueprogramm der digitalen Plattform umfasst 1,7 Millionen registrierte Benutzer in lokalen Sendernetzwerken.

Kennzahlen zum Treueprogramm	Nummer
Registrierte digitale Benutzer	1,7 Millionen
Wiederholungsrate der Werbetreibenden	68%

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Kanäle

Lokale Fernsehsender

Die Sinclair Broadcast Group betreibt ab 2023 185 Fernsehsender in 86 Märkten. Das Unternehmen besitzt 21 Rundfunknetze oder bietet Dienste für diese an.

Netzwerktyp	Anzahl der Stationen	Marktabdeckung
CBS-Partner	48	19 % der US-Fernsehmärkte
FOX-Partner	42	16 % der US-Fernsehmärkte
ABC-Partner	31	12 % der US-Fernsehmärkte

Digitale Streaming-Plattformen

Sinclair betreibt über seine digitalen Plattformen mehrere digitale Streaming-Kanäle:

• Tenniskanal+
• Stadion-Streaming-Dienst
• Digitale Streams des regionalen Sportnetzwerks

Mobile Anwendungen

Sinclair hat mobile Anwendungen für wichtige Plattformen entwickelt:

• Mobile Tennis Channel-App
• Mobile Apps lokaler Nachrichtensender
• Stadionsport-App

Social-Media-Plattformen

Social-Media-Reichweite über mehrere Kanäle:

Plattform	Follower/Abonnenten
Facebook	3,2 Millionen Follower zusammen
Twitter	1,8 Millionen Follower zusammen
Instagram	1,5 Millionen Follower zusammen

Website- und Online-Content-Portale

Zu den digitalen Web-Eigenschaften gehören:

• Lokale Sender-Websites (185 lokale Markt-Websites)
• Tennis Channel-Website
• Website des Stadionsportnetzwerks

Gesamte digitale Reichweite: Ungefähr 12 Millionen monatliche einzigartige digitale Zuschauer auf allen Plattformen im Jahr 2023.

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Kundensegmente

Lokale Fernsehzuschauer

Im vierten Quartal 2023 betreibt Sinclair 185 Fernsehsender in 86 Märkten und erreicht damit etwa 40 % der US-amerikanischen Fernsehhaushalte.

Marktsegment	Zuschauerreichweite	Primäre Demografie
Lokale Nachrichtenzuschauer	32,4 Millionen Haushalte	Alter 35–54, mittleres Haushaltseinkommen 68.700 $
Zuschauer von Sportinhalten	22,6 Millionen Haushalte	Alter 25–44, mittleres Haushaltseinkommen 75.300 $

Regionale und nationale Werbetreibende

Sinclairs Werbeeinnahmen beliefen sich im Jahr 2023 auf 2,1 Milliarden US-Dollar.

• Marktanteil lokaler Werbung: 15,3 %
• Nationaler Werbemarktanteil: 8,7 %
• Einnahmen aus politischer Werbung: 537 Millionen US-Dollar im Jahr 2023

Verbraucher von Sportinhalten

Sinclair besitzt die Diamond Sports Group, das 14 regionale Sportnetzwerke der Major League Baseball abdeckt.

Segment Sportnetzwerk	Abonnentenbasis	Jahresumsatz
Regionale MLB-Netzwerke	8,2 Millionen Abonnenten	624 Millionen US-Dollar

Zielgruppen digitaler Medien

Reichweite der digitalen Plattform ab 2023:

• Monatliche digitale Videoaufrufe: 312 Millionen
• Nutzer der Streaming-Plattform: 4,7 Millionen
• Einnahmen aus digitaler Werbung: 186 Millionen US-Dollar

Lokale Gemeinschaftsorganisationen

Kennzahlen zum Community-Engagement:

Community-Interaktionstyp	Jährliche Häufigkeit	Geschätzte Reichweite
Lokales Event-Sponsoring	1.247 Veranstaltungen	2,3 Millionen Community-Mitglieder
Lokale Nachrichten-Community-Berichterstattung	12.500 lokale Geschichten	37 Märkte

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion und den Erwerb von Inhalten

Für das Geschäftsjahr 2023 meldete die Sinclair Broadcast Group Kosten für die Produktion und Beschaffung von Inhalten in Höhe von 1,48 Milliarden US-Dollar. Darin enthalten sind Aufwendungen für:

• Lokale Nachrichtensendungen
• Akquise von Sportinhalten
• Ursprüngliche Programmierentwicklung

Inhaltskategorie	Jährliche Kosten
Lokale Nachrichtenprogramme	612 Millionen Dollar
Sportinhalte	425 Millionen Dollar
Originalprogrammierung	443 Millionen US-Dollar

Wartung der Rundfunkinfrastruktur

Die Wartungskosten für die Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 287 Millionen US-Dollar und umfassen:

• Modernisierung der Übertragungsausrüstung
• Wartung des Sendeturms
• Signalverteilungsinfrastruktur

Entwicklung von Technologie und digitalen Plattformen

Die Technologieinvestitionen für 2023 erreichten 214 Millionen US-Dollar, darunter:

Technologiebereich	Investition
Entwicklung digitaler Plattformen	98 Millionen Dollar
Streaming-Technologie	62 Millionen Dollar
Verbesserungen der Cybersicherheit	54 Millionen Dollar

Gehälter und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 673 Millionen US-Dollar und teilte sich wie folgt auf:

• Grundgehälter: 456 Millionen US-Dollar
• Sozialleistungen und Gesundheitsversorgung: 147 Millionen US-Dollar
• Leistungsprämien: 70 Millionen US-Dollar

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf 312 Millionen US-Dollar, verteilt auf:

Marketingkanal	Ausgaben
Traditionelle Werbung	142 Millionen Dollar
Digitales Marketing	98 Millionen Dollar
Verkaufsförderung	72 Millionen Dollar

Sinclair Broadcast Group, Inc. (SBGI) – Geschäftsmodell: Einnahmequellen

Lokaler und nationaler Werbeverkauf

Im Jahr 2023 meldete die Sinclair Broadcast Group einen Gesamtwerbeumsatz von 1,87 Milliarden US-Dollar. Auf die lokale Werbung entfielen rund 1,2 Milliarden US-Dollar, während die nationale Werbung 670 Millionen US-Dollar beisteuerte.

Werbekategorie	Umsatz (2023)
Lokale Werbung	1,2 Milliarden US-Dollar
Nationale Werbung	670 Millionen Dollar

Weiterverbreitungsgebühren von Kabel- und Satellitenanbietern

Die Weiterverbreitungsgebühren brachten Sinclair im Jahr 2023 1,45 Milliarden US-Dollar ein, was a entspricht wichtigste Einnahmequelle für das Unternehmen.

Einnahmen aus digitaler Werbung

Digitale Werbung trug im Jahr 2023 230 Millionen US-Dollar zum Umsatz von Sinclair bei jährliches Wachstum von 12,5 %.

Lizenzierung und Syndizierung von Inhalten

Die Einnahmen aus der Lizenzierung von Inhalten erreichten im Jahr 2023 185 Millionen US-Dollar. Zu den wichtigsten Distributionen gehörten:

• Inhalte des regionalen Sportnetzwerks
• Nachrichtenprogrammierung
• Syndizierte Unterhaltungsshows

Sportübertragungsrechte und Partnerschaften

Die sportbezogenen Einnahmen beliefen sich im Jahr 2023 auf insgesamt 340 Millionen US-Dollar und setzten sich wie folgt zusammen:

Einnahmequelle Sport	Umsatzbetrag
Rechte des Regional Sports Network (RSN).	240 Millionen Dollar
Sportpartnerschaften	100 Millionen Dollar

Der konsolidierte Gesamtumsatz der Sinclair Broadcast Group betrug im Jahr 2023 4,05 Milliarden US-Dollar, wobei die oben genannten Einnahmequellen zur finanziellen Leistung des Unternehmens beitrugen.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Value Propositions

Essential local news and emergency information for communities remains a core value proposition for Sinclair Broadcast Group, Inc. The company owns, operates and/or provides services to 185 television stations across 85 markets. The Local Media segment generated $667 million in revenue in Q3 2025. Demonstrating the value of this local focus, core advertising revenue grew by $20 million year-over-year on an as reported basis in Q3 2025. Furthermore, the commitment to informing the community is evidenced by the newsrooms winning a total of 227 journalism awards year-to-date, including 25 RTDNA regional Edward R. Murrow Awards.

For advertisers, Sinclair Broadcast Group, Inc. offers mass reach across its local and regional platforms, which reach approximately 70% of the U.S. population. The company's scale, operating around 185 television stations in 85 markets, means it covers over 40% of U.S. households. The total reach is amplified by digital assets that collectively reach an average of 80 million unique visitors each month. The sheer scale of the operation is reflected in the Q3 2025 Total Revenue of $773 million, with total advertising revenue reaching $321 million for that quarter.

High-quality niche sports content is delivered through the Tennis Channel. This segment showed revenue growth of 12% compared to Q3 2024, contributing $67 million to the Q3 2025 segment revenue. The commitment to premium tennis programming is underscored by recent contract extensions with the International Tennis Federation for the Davis Cup (through 2028) and the Billie Jean King Cup (through 2027). As of November 2023, the channel was available to approximately 38,000,000 pay television households in the United States.

Sinclair Broadcast Group, Inc. is positioning for future data and advanced advertising services via NextGen TV (ATSC 3.0). Sinclair Broadcast Group, E.W. Scripps Company, Gray Media, and Nexstar Media Group formed EdgeBeam Wireless in early 2025 to provide data services using this technology. EdgeBeam's internal estimates for the total addressable market for these new services include automotive connectivity services at up to $3.7 billion annually, content delivery network services at up to $3.65 billion per year, and enhanced GPS services at up to $220 million annually. As of early 2025, more than 80 million viewers had access to NEXTGEN TV with High Dynamic Range (HDR) broadcasts. The company is actively pushing for regulatory certainty to accelerate adoption, urging the FCC to establish a sunset date for legacy ATSC 1.0 signals in the top 55 television markets by February 2028, with remaining markets transitioning by February 2030.

Cost-free, over-the-air (OTA) access to major network programming is a foundational value proposition, supported by the company owning, operating, and/or providing services to stations affiliated with all major broadcast networks. The distribution revenue for Q3 2025 was $422 million, and the company expected a mid-single-digit net retransmission two-year CAGR growth rate from 2023 through 2025. The value of the local/syndicated content is also significant, with 43% of viewer impressions across the station portfolio driven by non-network content in Q4 2023.

Value Proposition Metric	Associated Financial/Statistical Number	Reporting Period/Context
Local Media Segment Revenue	$667 million	Q3 2025
Core Advertising Revenue Growth	$20 million increase year-over-year	Q3 2025
Total Company Revenue	$773 million	Q3 2025
Total Advertising Revenue	$321 million	Q3 2025
Distribution Revenue	$422 million	Q3 2025
Tennis Channel Revenue Growth	12%	Year-over-year (Q3 2025 vs Q3 2024)
Tennis Channel Segment Contribution	$67 million	Q3 2025
NEXTGEN TV HDR Viewer Access	More than 80 million viewers	Early 2025
Total Television Stations Operated	185	As of mid-2025
Markets Reached	85	As of mid-2025

• Sinclair Cares campaign recruited over 600 volunteer drivers for the American Cancer Society in July.
• The company's digital assets reach an average of 80 million unique visitors monthly.
• The ATSC 1.0 sunset is being advocated for by February 2028 (top 55 markets) and February 2030 (remaining markets).
• Potential TAM for EdgeBeam Wireless's data services includes $3.7 billion annually for automotive connectivity.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Customer Relationships

You're looking at how Sinclair Broadcast Group, Inc. (SBGI) manages its relationships with the entities that pay for its content and advertising inventory. This is a mix of large-scale, multi-year agreements and highly localized, direct sales efforts.

Long-term, high-value B2B contracts with MVPDs

The relationship with Multi-Video Program Distributors (MVPDs) centers on carriage agreements for Sinclair Broadcast Group, Inc. (SBGI)'s local stations and national networks. Distribution revenues are a key component of the overall media revenue base. For the three months ended June 30, 2025, distribution revenues were $434 million, a slight decrease versus $435 million in the prior year period. Distribution revenue for the Local Media segment in Q2 2025 was $380 million, which came in slightly below expectations, largely due to lower than expected subscriber growth for virtual MVPDs. Still, for the full year 2025, net retransmission revenues are forecasted to experience mid-single-digit growth. The Tennis Channel customer relationship is secured through long-term content deals, including extensions for the Davis Cup through 2028 and the Billie Jean King Cup through 2027.

Here's a look at the scale of the content distribution relationship:

Metric	Value (Q2 2025)	Context
Local Media Distribution Revenue	$380 million	Three months ended June 30, 2025
Tennis Channel Davis Cup Extension End Date	2028	Secures major international tennis content rights
Total Company Cash and Cash Equivalents	$616 million	As of June 30, 2025, providing liquidity for contract negotiations

Dedicated local sales teams for core advertising clients

The local sales teams are critical for driving core advertising revenue, which excludes political spending. This segment shows the direct relationship with local and regional businesses. For the three months ended June 30, 2025, core advertising revenues were $316 million, marking a 4% increase year-over-year. This positive trend continued into the third quarter of 2025, where core advertising revenue grew by $20 million year-over-year on an as-reported basis. This growth is a clear sign that the focus on local markets is driving results. The Local Media segment pulled in $667 million in revenue in Q3 2025, demonstrating the financial backbone of these local client relationships.

Key advertising performance indicators:

• Core advertising revenue growth (Q3 2025 YoY): $20 million
• Core advertising revenue (Q2 2025): $316 million
• Core advertising revenue growth (Q2 2025 YoY): 4%
• Local Media segment revenue (Q3 2025): $667 million

Community engagement through local news and Sinclair Cares initiatives

Community engagement builds goodwill and reinforces the local relevance that advertisers pay for. Sinclair Cares is the company-wide initiative that mobilizes assets for charitable endeavors and awareness campaigns. In July 2025, a Sinclair Cares campaign partnered with the American Cancer Society, helping recruit over 600 volunteer drivers for their Road to Recovery program. Furthermore, the commitment to impactful journalism is quantified by awards; year-to-date as of Q3 2025, Sinclair's newsrooms have won a total of 227 journalism awards. The third annual Sinclair Day of Service in April 2025 saw over 1,300 employees volunteer more than 3,600 hours.

Automated digital advertising services via Compulse/Digital Remedy

Sinclair Broadcast Group, Inc. (SBGI) enhances its digital customer offering through its rebranded digital advertising platform. In mid-March 2025, the Company acquired the remaining 75% of Digital Remedy, and by June 2025, the Compulse business was rebranded under the Digital Remedy name. Digital Remedy is positioned as a software company focusing on omnichannel media activation solutions, with a specialty in Connected TV offerings. This move was supported by strategic investment, as Sinclair Ventures invested approximately $30 million in cash for a digital marketing services company acquisition during the first quarter of 2025, which aligns with the Digital Remedy expansion.

Digital Remedy capabilities and investment:

• Acquisition of remaining stake in Digital Remedy: Completed in Q2 2025.
• Digital Remedy focus: Omnichannel media activation, specialty in CTV.
• Q1 2025 Digital Marketing Acquisition Cost: Approximately $30 million cash.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Channels

You're looking at how Sinclair Broadcast Group, Inc. (SBGI) gets its content-the programming and the signal-out to the paying customer, and it's a multi-layered approach, heavy on the traditional broadcast foundation but increasingly focused on digital distribution. Here's the breakdown of those channels as of late 2025.

Over-the-air (OTA) broadcast via owned/operated TV stations

This is the bedrock of Sinclair Broadcast Group, Inc. (SBGI)'s business model. They own, operate, and/or provide services to a substantial footprint of local television stations across the country. This channel directly serves the audience via free, over-the-air signals, which is a growing segment as more consumers cut the cord on expensive pay TV packages. You should know that the company owns, operates and/or provides services to 185 television stations in 85 markets, affiliated with all the major broadcast networks. This network covers approximately 40% of American households. The revenue generated here is primarily through local advertising sales, which splits into core advertising and political advertising. For instance, in the second quarter of 2025, the Local Media segment pulled in $272 million in Core Advertising Revenue. The company is also actively pursuing consolidation, evidenced by its November 2025 move to acquire a stake in The E.W. Scripps Company in a bid to expand its broadcast reach.

Multichannel Video Programming Distributors (MVPDs) like Comcast and YouTube TV

This channel represents the carriage fees, or retransmission consent fees, that Sinclair Broadcast Group, Inc. (SBGI) collects from cable, satellite, and virtual MVPDs for the right to carry their broadcast signals. This revenue stream is the most stable and largest single source for the Local Media segment. For the three months ended March 31, 2025, Distribution Revenues for the Company totaled $451 million, an increase from $436 million in the prior year period. In the second quarter of 2025 alone, Distribution Revenue in the Local Media segment was $380 million. The company has been active in securing these deals; for example, in the first quarter of 2025, Sinclair Broadcast Group, Inc. (SBGI) reached a distribution agreement with YouTube TV to continue carriage of several of its networks. Furthermore, Sinclair Broadcast Group, Inc. (SBGI) has secured multi-year agreements with Altice and DirecTV, covering over 78% of subscribers. Full-year net retransmission revenues are forecasted to experience mid-single-digit growth through 2025. It's a critical revenue component, even as subscriber churn presents a headwind.

NewsON and Tennis Channel International streaming platforms

Sinclair Broadcast Group, Inc. (SBGI) uses its specialized digital and cable assets to reach specific audiences. The Tennis segment, which includes the Tennis Channel and the Tennis Channel International subscription and streaming service, is a key part of this. For the second quarter of 2025, the Tennis Channel delivered an Adjusted EBITDA of $13,000,000. The company is focused on growing this digital footprint, highlighted by the hiring of Jeff Blackburn, formerly of Amazon, to lead the Tennis Channel's digital and streaming growth. Separately, NewsON serves as the nation's largest streaming aggregator of local news content. These digital and specialized ventures fall under the broader Other Media Revenue category in the financial reporting.

Multicast networks (e.g., CHARGE!, Comet, Roar) for niche content

Sinclair Broadcast Group, Inc. (SBGI) has successfully built out its portfolio of free, over-the-air multicast networks, which are distributed on digital sub-channels of their main stations. These networks-CHARGE!, Comet, Roar, and The Nest-are showing strong audience traction, making them a fast-growing part of the free TV sector. The growth is tangible: between January and May 2025 in the top 10 Designated Market Areas (DMAs), Nielsen data showed Charge viewership up 21% year-over-year, Comet up 17%, and Roar up 40%. This growth is fueled by strategic content acquisitions, such as adding shows like Criminal Minds to Charge! and the Matrix trilogy to Comet for the 2025-26 season. The NFL playoffs also provided a significant channel-surfing boost; for instance, after the NFC Championship game, Roar (formerly TBD) saw a 229% lift in the first hour following the game in four key markets. The company is actively expanding distribution, noting the highest year-over-year coverage growth among Nielsen-rated broadcast networks for May 2025.

Here's a look at how the main media revenue components stacked up in Q2 2025:

Revenue Component (Local Media Segment)	Q2 2025 Amount (USD)	Year-over-Year Change (Approximate)
Distribution Revenue (MVPDs)	$380,000,000	Down 1%
Core Advertising Revenue	$272,000,000	Down 4.7%

And for the specialized Tennis Channel segment in Q2 2025:

Segment	Q2 2025 Adjusted EBITDA (USD)
Tennis Channel	$13,000,000

You can see the reliance on the stable, albeit flat, distribution revenue versus the more volatile advertising revenue. The multicast networks are the clear growth story in terms of audience engagement right now.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Customer Segments

You're looking at the core groups Sinclair Broadcast Group, Inc. (SBGI) serves as of late 2025. It's a mix of traditional local advertisers, large distributors, and niche sports fans. Honestly, the business relies heavily on local reach, but the growth narrative is increasingly tied to digital and specialized content.

Local and regional businesses seeking mass-market advertising reach

This segment is the bedrock of the Local Media business. These are the businesses that need to reach people within specific Designated Market Areas (DMAs) where Sinclair operates. While overall advertising revenue can fluctuate, the core advertising component shows resilience. For the three months ended September 30, 2025, the Local Media segment pulled in $269 million in Core advertising revenue. This is the bread-and-butter for local businesses wanting to connect with mass audiences through broadcast signals.

To give you a clearer picture of the revenue mix driving this segment:

Revenue Type (Local Media Segment, Q3 2025)	Amount ($ in millions)
Distribution revenue	370
Core advertising revenue	269
Political advertising revenue	6
Other media revenue	22

Also, remember that Sinclair's multicast networks-like Charge, Comet, Roar, and The Nest-are growing their audience base, which offers smaller, targeted advertising opportunities within the free TV sector. For instance, in the top 10 DMAs, Charge saw a 21% year-over-year audience growth, Comet was up 17%, and Roar grew 40% season-to-date. That's a new avenue for regional advertisers.

Cable, satellite, and virtual MVPDs (vMVPDs)

These distributors are crucial because they pay Sinclair carriage fees to carry its local broadcast signals and cable networks like Tennis Channel. Distribution revenue is the most stable, largest single source for the Local Media segment. In the third quarter of 2025, this revenue stream accounted for $370 million for Local Media alone. You see this relationship in action; for example, Sinclair reached an agreement with YouTube TV in the first quarter of 2025 to continue carriage of several channels, including Tennis Channel.

US television households relying on local news and network affiliates

This segment represents the sheer scale of Sinclair Broadcast Group, Inc. (SBGI)'s footprint. They are the second-largest television station operator in the United States, owning or operating 193 stations across more than 100 markets. This translates to a reach covering approximately 40% of American households. Local news is the sticky content here; Sinclair's newsrooms have won 227 journalism awards year-to-date as of Q3 2025. This commitment to local content is what keeps households tuning in via antenna or traditional pay-TV packages.

Niche sports enthusiasts (Tennis Channel viewers)

The Tennis Channel serves a dedicated, niche audience. While the channel's overall daily viewership as of late November 2025 was measured at 19,000 people, the major tennis tournaments draw significantly larger crowds. For Grand Slam events in 2025, TV audiences averaged 24 million viewers per tournament, with streaming adding another 12 million viewers. This segment is also served by the Tennis Channel International subscription and streaming service. The Tennis segment itself generated $52 million in Distribution revenue and $14 million in Core advertising revenue in Q3 2025.

Political campaigns and PACs (high-margin, cyclical advertising)

Political advertising is a high-margin, cyclical business that provides significant boosts during election years. Since 2025 was an off-year for major national elections, the political advertising revenue was naturally lower, coming in at $6 million for the Local Media segment in Q3 2025. However, the expectation for the next cycle is strong; Sinclair anticipates a record-breaking year for mid-term political advertising revenue in 2026, aiming to match or exceed the $333 million achieved in 2022. This segment is a key driver of profitability when active.

Here are the key takeaways for this customer group:

• Anticipated 2026 mid-term political revenue to match or exceed $333 million.
• Q3 2025 political advertising revenue was $6 million.
• Political revenue is high-margin but tied to the election calendar.

Finance: draft 13-week cash view by Friday.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep the broadcast infrastructure of Sinclair Broadcast Group, Inc. running, and honestly, it's a capital-intensive business. The cost structure is heavily weighted toward fixed obligations and necessary ongoing investments.

High fixed costs for broadcast infrastructure and licenses represent a significant, non-negotiable part of the monthly outlay. These costs cover everything from spectrum usage fees to maintaining transmission towers across the country. While the exact annual figure isn't explicitly broken out in the latest reports, these are the sunk costs underpinning the entire Local Media segment.

The debt load is a major cost driver. As of March 31, 2025, Sinclair Broadcast Group, Inc.'s total Company debt stood at $4.191 billion. Servicing this debt results in substantial interest expense. For the three months ended March 31, 2025, total interest expense, including amortization of debt discount and deferred financing costs, was $144 million. To be fair, that Q1 figure included $68 million in non-recurring fees and expenses related to the comprehensive refinancing completed in that quarter. The interest expense forecast for 2025 also included an expected increase of about $50 million due to higher rates on new debt from that refinancing.

Programming and production expenses are another major component. For the first quarter of 2025, Media Programming and Production Expenses were reported to have increased to $418 million, largely due to contract fee hikes. This is a direct cost tied to the content Sinclair delivers, whether it's local news production or network programming fees.

Capital expenditures are necessary to keep the technology current. For the third quarter of 2025, capital expenditures were $22 million, which was $5 million below the midpoint of guidance due to deferring certain projects. This spending is increasingly focused on the NextGen TV deployment, though specific capex for that initiative isn't isolated in the summary data.

Selling, General, and Administrative (SG&A) expenses are managed closely, as evidenced by the company's focus on cost management. For Q1 2025, adjusted EBITDA exceeded guidance partly because several SG&A line items were lower than forecast. The combined media programming & production expenses and media selling, general and administrative expenses for Q1 2025 were reported in a range of $565 to $571 million.

Here's a quick look at some of the key financial metrics that factor into the cost side of the equation for the first half of 2025:

Cost/Expense Category	Period/Date	Amount
Total Company Debt	March 31, 2025	$4.191 billion
Interest Expense (Net)	Three Months Ended March 31, 2025	$144 million
Refinancing Fees Included in Q1 Interest	Three Months Ended March 31, 2025	$68 million
Media Programming & Production Expenses	Three Months Ended March 31, 2025	$418 million
Capital Expenditures (Capex)	Q3 2025	$22 million
Capital Expenditures (Capex)	Q1 2025	$16 million
Media Programming & Production + SG&A (Combined Range)	Three Months Ended March 31, 2025	$565 to $571 million

You can see the impact of debt service and content costs clearly. The company is actively working to manage the variable parts of the cost structure:

• Lower SG&A line items drove Q1 adjusted EBITDA beat.
• Q3 2025 capital expenditures were below guidance due to project deferrals.
• The refinancing pushed the nearest meaningful maturity to December of 2029.
• Anticipated 2026 capital expenditures are expected to be consistent with 2025 levels.

Finance: draft 13-week cash view by Friday.

Sinclair Broadcast Group, Inc. (SBGI) - Canvas Business Model: Revenue Streams

Distribution Revenue (Retransmission fees) from MVPDs (MVPDs - Multichannel Video Programming Distributors) for Q2 2025 was reported at $380 million.

Core Advertising Revenue from local businesses for Q2 2025 was $272 million.

Political Advertising Revenue, which is highly cyclical, was only $6 million in Q3 2025.

The Local Media segment's distribution revenue in Q2 2025 was $380 million, while its core advertising revenue was $272 million.

For the third quarter of 2025, Tennis Channel revenue grew by 12% compared to Q3 2024, reaching $67 million.

The combined Digital Remedy (which includes the rebranded Compulse business) recorded $38 million in revenue during Q2 2025.

Sinclair Ventures, LLC (Ventures) made approximately $6 million in minority investments during Q3 2025 and received $2 million in cash distributions in the same period.

You can see a snapshot of the key media revenue components across the most recently reported quarters here:

Revenue Component	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Distribution Revenue	$451 million	$380 million	$422 million
Core Advertising Revenue	$292 million	$272 million	Not explicitly stated
Total Advertising Revenue	$298 million	$322 million	$321 million

The revenue streams from the Tennis Channel and Digital/Ventures portfolio are detailed below:

• Subscription and advertising revenue from Tennis Channel: Q1 2025 revenue was $68 million; Q3 2025 revenue was $67 million.
• Digital and non-media revenue from Ventures portfolio and Compulse: Compulse/Digital Remedy revenue in Q2 2025 was $38 million.
• Ventures cash distributions in Q3 2025 were $2 million.

Finance: draft 13-week cash view by Friday.