Sinclair Broadcast Group, Inc. (SBGI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios y la transmisión, Sinclair Broadcast Group, Inc. (SBGI) surge como una potencia que navega estratégicamente el complejo terreno de los mercados de televisión locales y nacionales. Al aprovechar un modelo de negocio innovador que integra perfectamente la transmisión tradicional con plataformas digitales de vanguardia, Sinclair ha transformado la forma en que el público consumen noticias, entretenimiento y contenido deportivo. Esta exploración de su lienzo de modelo de negocio revela un enfoque sofisticado que equilibra el compromiso de la comunidad local con la influencia de los medios nacionales, posicionando a la compañía como un jugador fundamental en el ecosistema de medios en constante evolución.

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: asociaciones clave

Propietarios de estaciones de televisión locales y afiliados a la red

A partir de 2024, Sinclair posee u opera 185 estaciones de televisión en 86 mercados. Las asociaciones de afiliados de red clave incluyen:

Red	Número de estaciones
abecedario	42 estaciones
ZORRO	31 estaciones
CBS	21 estaciones
NBC	19 estaciones

Compañías de producción de contenido y estudios

Las asociaciones de producción de contenido estratégico incluyen:

• Estudios de entretenimiento
• Grupo de medios de Nexstar
• Tribune Media Content Partners

Agencias de publicidad y empresas de compra de medios

Los principales ingresos de la asociación publicitaria:

Agencia	Contribución anual de ingresos publicitarios
Grupo	$ 87.3 millones
Publicis Media	$ 62.5 millones
Grupo de medios de Omnicom	$ 53.2 millones

Proveedores de tecnología para transmisión y plataformas digitales

Inversiones clave de asociación tecnológica:

• AWS Cloud Services: $ 12.4 millones
• Tecnología de transmisión de Grass Valley: $ 8.7 millones
• Imagine comunicaciones: $ 6.2 millones

Ligas deportivas y titulares de derechos de contenido

Inversiones principales de asociación de contenido deportivo:

Proveedor de liga/contenido	Inversión anual de derechos
NFL	$ 45.6 millones
MLB	$ 22.3 millones
NCAA	$ 18.7 millones

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: actividades clave

Transmisión de televisión local y nacional

A partir de 2024, Sinclair Broadcast Group posee 185 estaciones de televisión en 86 mercados en los Estados Unidos. La compañía opera estaciones en múltiples redes, incluyendo:

Tipo de red	Número de estaciones
Afiliados de ABC	21
Afiliados de CBS	19
Afiliados de zorro	27
Afiliados de NBC	16

Creación y distribución de contenido de medios digitales

Sinclair genera ingresos digitales a través de múltiples plataformas con el siguiente alcance digital:

• Más de 70 millones de vistas de video digital mensual
• Aproximadamente 35 plataformas de transmisión digital
• Ingresos publicitarios digitales de $ 198.4 millones en 2023

Ventas y marketing publicitarios

Desglose de ingresos publicitarios para 2023:

Segmento publicitario	Ganancia
Publicidad local	$ 1.2 mil millones
Publicidad nacional	$ 672 millones
Publicidad política	$ 324 millones

Producción y sindicación de contenido deportivo

Las actividades de contenido deportivo incluyen:

• Propiedad del canal de tenis (100%)
• Producciones regionales de redes deportivas
• Distribución de contenido deportivo en 42 mercados

Desarrollo de la plataforma de tecnología y transmisión

Inversiones y plataformas tecnológicas:

• Plataforma de transmisión de agitación
• Aplicación de noticias móviles de Newson
• $ 87 millones invertidos en transformación digital en 2023
• Estructación de la plataforma Reach: 15 millones de usuarios activos mensuales

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: recursos clave

Extensa red de estaciones de televisión locales

A partir de 2024, Sinclair Broadcast Group posee 185 estaciones de televisión En 86 mercados en los Estados Unidos. La red cubre aproximadamente 40% de los hogares de televisión de EE. UU..

Tipo de estación	Número de estaciones
Estaciones de televisión totales	185
Mercados cubiertos	86
Porcentaje de hogares de televisión estadounidenses	40%

Diversas biblioteca de contenido y capacidades de producción

Sinclair mantiene una cartera de contenido integral con importantes capacidades de producción.

• Producción de contenido deportivo a través del canal de tenis
• Programación de noticias en múltiples mercados locales
• Plataformas de contenido de transmisión digital

Reconocimiento de marca fuerte en los mercados de medios locales

El valor de la marca de Sinclair se estima en $ 2.3 mil millones con una importante penetración del mercado local.

Infraestructura avanzada de transmisión y tecnología digital

Inversión de infraestructura tecnológica: $ 127 millones en 2023 para actualizaciones de tecnología digital y de transmisión.

Categoría de inversión tecnológica	Cantidad (2023)
Infraestructura digital	$ 67 millones
Tecnología de transmisión	$ 60 millones
Inversión tecnológica total	$ 127 millones

Profesionales de medios calificados y equipos técnicos

Fuerza laboral total a partir de 2024: 8.750 empleados.

• Personal técnico: 3.200 empleados
• Equipo de producción de contenido: 2.500 empleados
• Personal administrativo y administrativo: 3.050 empleados

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocio: propuestas de valor

Cobertura integral de noticias locales y entretenimiento

A partir del cuarto trimestre de 2023, Sinclair opera 185 estaciones de televisión en 86 mercados, cubriendo aproximadamente el 40% de los hogares de televisión de EE. UU.

Cobertura del mercado	Número de estaciones	Porcentaje de hogares estadounidenses
Mercados de televisión locales	185	40%
Mercados totales atendidos	86	N / A

Soluciones publicitarias específicas para empresas

Sinclair generó $ 2.1 mil millones en ingresos por publicidad en 2022, con un enfoque en estrategias de publicidad localizadas.

• Ingresos de publicidad digital: $ 380 millones en 2022
• Cuota de mercado de publicidad local: aproximadamente 15-20%
• Tasa de publicidad promedio por mercado: $ 12-15 millones anuales

Distribución de contenido multiplataforma

Los canales de distribución de contenido de Sinclair incluyen:

Plataforma	Alcanzar	Espectadores mensuales
Estaciones de televisión lineales	185 estaciones	35 millones
Plataformas digitales	Web y móvil	12 millones
Servicios de transmisión	Redes regionales	5 millones

Contenido localizado con un alcance nacional

Sinclair produce Más de 2.500 horas de contenido de noticias locales semanalmente a través de su red de televisión.

Servicios innovadores de medios y tecnología

Inversiones de tecnología e innovación en 2022-2023:

• Presupuesto de transformación digital: $ 120 millones
• IA y inversiones de aprendizaje automático: $ 45 millones
• Desarrollo de tecnología de transmisión: $ 75 millones

Segmento tecnológico	Monto de la inversión	Enfoque principal
Plataformas digitales	$ 120 millones	Mejora de la experiencia del usuario
Tecnología de transmisión	$ 75 millones	Optimización de entrega de contenido

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: relaciones con los clientes

Compromiso directo a través de la programación de noticias locales

A partir del cuarto trimestre de 2023, Sinclair opera 185 estaciones de televisión en 86 mercados, llegando a aproximadamente el 40% de los hogares de televisión estadounidense. Los datos de la audiencia de noticias locales indican un promedio de 2.3 millones de espectadores diarios por mercado.

Segmento de mercado	Número de estaciones	Espectadores diarios promedio
Mercados de noticias locales	185	2.3 millones

Contenido e interacción centrados en la comunidad

Las plataformas digitales de Sinclair generan 127 millones de vistas de video digitales mensuales en sitios web de la estación local y aplicaciones móviles.

• Las métricas de participación digital muestran que el 42% de los televidentes locales interactúan con el contenido de la estación en línea
• El seguimiento de las redes sociales en todas las estaciones locales excede los 3.2 millones de seguidores

Soluciones publicitarias personalizadas

Los ingresos por publicidad para 2023 totalizaron $ 1.98 mil millones, con publicidad digital dirigida que representa el 18% de los ingresos por publicidad total.

Flujo de ingresos publicitarios	Ingresos totales	Porcentaje de total
Ingresos publicitarios totales	$ 1.98 mil millones	100%
Publicidad digital dirigida	$ 356.4 millones	18%

Atención al cliente de la plataforma digital

Sinclair mantiene la atención al cliente digital 24/7 en sus 86 mercados locales, con un tiempo de respuesta promedio de 37 minutos a través de canales digitales.

• Tasa de resolución de boletos de soporte en línea: 92%
• Puntaje promedio de satisfacción del cliente: 4.3/5

Programas de fidelización para espectadores y anunciantes

El programa de fidelización de la plataforma digital incluye 1.7 millones de usuarios registrados en las redes de la estación local.

Métricas del programa de fidelización	Número
Usuarios digitales registrados	1.7 millones
Tasa de retención de anunciante repetido	68%

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: canales

Redes de transmisión de televisión local

Sinclair Broadcast Group opera 185 estaciones de televisión en 86 mercados a partir de 2023. La compañía posee o brinda servicios a 21 redes de transmisión.

Tipo de red	Número de estaciones	Cobertura del mercado
Afiliados de CBS	48	19% de los mercados de televisión estadounidenses
Afiliados de zorro	42	16% de los mercados de televisión estadounidenses
Afiliados de ABC	31	12% de los mercados de televisión estadounidenses

Plataformas de transmisión digital

Sinclair opera varios canales de transmisión digital a través de sus plataformas digitales:

• Canal de tenis+
• Servicio de transmisión del estadio
• Transmisiones digitales regionales de redes deportivas

Aplicaciones móviles

Sinclair ha desarrollado aplicaciones móviles para plataformas clave:

• Aplicación móvil del canal de tenis
• Aplicaciones móviles de la estación de noticias local
• Aplicación deportiva del estadio

Plataformas de redes sociales

El alcance de las redes sociales en múltiples canales:

Plataforma	Seguidores/suscriptores
Facebook	3.2 millones de seguidores combinados
Gorjeo	1.8 millones de seguidores combinados
Instagram	1,5 millones de seguidores combinados

Sitio web y portales de contenido en línea

Las propiedades web digitales incluyen:

• Sitios web de la estación local (185 sitios web del mercado local)
• Sitio web del canal de tenis
• Sitio web de Stadium Sports Network

Alcance digital total: aproximadamente 12 millones de espectadores digitales únicos mensuales en todas las plataformas en 2023.

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: segmentos de clientes

Visualizadores de televisión locales

A partir del cuarto trimestre de 2023, Sinclair opera 185 estaciones de televisión en 86 mercados, llegando a aproximadamente el 40% de los hogares de televisión estadounidense.

Segmento de mercado	Alcance del espectador	Demografía principal
Peíbles de noticias locales	32.4 millones de hogares	Edades de 35 a 54 años, ingreso familiar promedio $ 68,700
Espectadores de contenido deportivo	22.6 millones de hogares	Edades de 25 a 44 años, ingreso familiar promedio $ 75,300

Anunciantes regionales y nacionales

Los ingresos por publicidad de Sinclair en 2023 fueron de $ 2.1 mil millones.

• Cuota de mercado de publicidad local: 15.3%
• Cuota de mercado nacional de publicidad: 8.7%
• Ingresos de publicidad política: $ 537 millones en 2023

Consumidores de contenido deportivo

Sinclair es dueño del Diamond Sports Group, que cubre 14 redes deportivas regionales de béisbol de las Grandes Ligas.

Segmento de red deportiva	Base de suscriptores	Ingresos anuales
Redes regionales de MLB	8.2 millones de suscriptores	$ 624 millones

Audiencias de medios digitales

LA PLATAPATIA DIGITAL CAENCIADO AS de 2023:

• Vistas mensuales de video digital: 312 millones
• Usuarios de la plataforma de transmisión: 4.7 millones
• Ingresos publicitarios digitales: $ 186 millones

Organizaciones comunitarias locales

Métricas de compromiso de la comunidad:

Tipo de interacción comunitaria	Frecuencia anual	Alcance estimado
Patrocinios de eventos locales	1,247 eventos	2.3 millones de miembros de la comunidad
Cobertura comunitaria de noticias locales	12,500 historias locales	37 mercados

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocio: Estructura de costos

Gastos de producción y adquisición de contenido

Para el año fiscal 2023, Sinclair Broadcast Group reportó costos de producción y adquisición de contenido de $ 1.48 mil millones. Esto incluye gastos para:

• Programación de noticias locales
• Adquisición de contenido deportivo
• Desarrollo de programación original

Categoría de contenido	Costo anual
Programación de noticias locales	$ 612 millones
Contenido deportivo	$ 425 millones
Programación original	$ 443 millones

Mantenimiento de infraestructura de transmisión

Los costos de mantenimiento de la infraestructura para 2023 totalizaron $ 287 millones, cubriendo:

• Actualizaciones de equipos de transmisión
• Mantenimiento de la torre de transmisión
• Infraestructura de distribución de señales

Tecnología y desarrollo de plataforma digital

La inversión tecnológica para 2023 alcanzó los $ 214 millones, que incluyen:

Área tecnológica	Inversión
Desarrollo de plataforma digital	$ 98 millones
Tecnología de transmisión	$ 62 millones
Mejoras de ciberseguridad	$ 54 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 673 millones, desglosado de la siguiente manera:

• Salarios base: $ 456 millones
• Beneficios y atención médica: $ 147 millones
• Bonos de rendimiento: $ 70 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 ascendieron a $ 312 millones, distribuidos en todo:

Canal de marketing	Gasto
Publicidad tradicional	$ 142 millones
Marketing digital	$ 98 millones
Promoción de ventas	$ 72 millones

Sinclair Broadcast Group, Inc. (SBGI) - Modelo de negocios: flujos de ingresos

Ventas publicitarias locales y nacionales

En 2023, Sinclair Broadcast Group reportó ingresos publicitarios totales de $ 1.87 mil millones. La publicidad local representó aproximadamente $ 1.2 mil millones, mientras que la publicidad nacional contribuyó con $ 670 millones.

Categoría publicitaria	Ingresos (2023)
Publicidad local	$ 1.2 mil millones
Publicidad nacional	$ 670 millones

Tarifas de retransmisión de proveedores de cable y satélite

Las tarifas de retransmisión generaron $ 1.45 mil millones para Sinclair en 2023, representando un flujo de ingresos clave para la empresa.

Ingresos publicitarios digitales

La publicidad digital contribuyó con $ 230 millones a los ingresos de Sinclair en 2023, con un crecimiento año tras año del 12.5%.

Licencias de contenido y sindicación

Los ingresos por licencias de contenido alcanzaron los $ 185 millones en 2023, con distribuciones clave que incluyen:

• Contenido de la red deportiva regional
• Programación de noticias
• Espectáculos de entretenimiento sindicados

Derechos y asociaciones de transmisión deportiva

Los ingresos relacionados con los deportes totalizaron $ 340 millones en 2023, desglosados ​​de la siguiente manera:

Fuente de ingresos deportivos	Monto de ingresos
Derechos de la Red de Deportes Regionales (RSN)	$ 240 millones
Asociaciones deportivas	$ 100 millones

Los ingresos consolidados totales para Sinclair Broadcast Group en 2023 fueron de $ 4.05 mil millones, y las fuentes de ingresos anteriores contribuyeron al desempeño financiero de la compañía.

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.