Sinclair Broadcast Group, Inc. (SBGI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias et de la radiodiffusion, Sinclair Broadcast Group, Inc. (SBGI) émerge comme une puissance qui navigue stratégiquement sur le terrain complexe des marchés télévisés locaux et nationaux. En tirant parti d'un modèle commercial innovant qui intègre de manière transparente la diffusion traditionnelle avec les plateformes numériques de pointe, Sinclair a transformé la façon dont le public consomme des nouvelles, du divertissement et du contenu sportif. Cette exploration de leur toile de modèle commercial révèle une approche sophistiquée qui équilibre l'engagement communautaire local avec l'influence des médias nationaux, positionnant l'entreprise en tant qu'acteur pivot dans l'écosystème des médias en constante évolution.

Sinclair Broadcast Group, Inc. (SBGI) - Modèle commercial: partenariats clés

Propriétaires de stations de télévision locaux et affiliés du réseau

En 2024, Sinclair possède ou exploite 185 stations de télévision sur 86 marchés. Les partenariats des affiliés clés du réseau comprennent:

Réseau	Nombre de stations
abc	42 stations
RENARD	31 stations
CBS	21 stations
NBC	19 stations

Sociétés de production de contenu et studios

Les partenariats de production de contenu stratégique comprennent:

• Studios de divertissement
• Groupe de médias Nexstar
• Tribune Media Content Partners

Agences de publicité et entreprises d'achat de médias

Top Partnership Advertising Revenues:

Agence	Contribution annuelle des revenus publicitaires
Groupe	87,3 millions de dollars
Publicis Media	62,5 millions de dollars
Groupe de médias Omnicom	53,2 millions de dollars

Provideurs de technologie pour la diffusion et les plateformes numériques

Investissements clés de partenariat technologique:

• Services Cloud AWS: 12,4 millions de dollars
• Technologie de radiodiffusion Grass Valley: 8,7 millions de dollars
• Imaginez les communications: 6,2 millions de dollars

Ligues sportives et détenteurs de droits de contenu

Investissements de partenariat de contenu sportif majeur:

Ligue / fournisseur de contenu	Investissement annuel sur les droits
NFL	45,6 millions de dollars
MLB	22,3 millions de dollars
NCAA	18,7 millions de dollars

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: Activités clés

Diffusion télévisée locale et nationale

En 2024, Sinclair Broadcast Group possède 185 stations de télévision sur 86 marchés aux États-Unis. La société exploite des stations sur plusieurs réseaux, notamment:

Type de réseau	Nombre de stations
Affiliés ABC	21
Affiliés de CBS	19
Affiliés de Fox	27
Affiliés NBC	16

Création et distribution de contenu médiatique numérique

Sinclair génère des revenus numériques via plusieurs plates-formes avec la portée numérique suivante:

• Plus de 70 millions de vues de vidéo numérique mensuelles
• Environ 35 plateformes de streaming numérique
• Revenus publicitaires numériques de 198,4 millions de dollars en 2023

Ventes publicitaires et marketing

Répartition des revenus publicitaires pour 2023:

Segment publicitaire	Revenu
Publicité locale	1,2 milliard de dollars
Publicité nationale	672 millions de dollars
Publicité politique	324 millions de dollars

Production et syndication du contenu sportif

Les activités de contenu sportif comprennent:

• Propriété de Tennis Channel (100%)
• Productions de réseaux sportifs régionaux
• Distribution de contenu sportif sur 42 marchés

Technologie et développement de plate-forme de streaming

Investissements et plateformes technologiques:

• Plate-forme de streaming d'agitation
• Application de nouvelles mobiles Newson
• 87 millions de dollars investis dans la transformation numérique en 2023
• Plateforme de streaming Reach: 15 millions d'utilisateurs actifs mensuels

Sinclair Broadcast Group, Inc. (SBGI) - Modèle commercial: Ressources clés

Réseau étendu de stations de télévision locales

Depuis 2024, Sinclair Broadcast Group possède 185 stations de télévision sur 86 marchés aux États-Unis. Le réseau couvre approximativement 40% des ménages de télévision américaine.

Type de station	Nombre de stations
Stations de télévision totales	185
Marchés couverts	86
Pourcentage des ménages de télévision américains	40%

Diverses capacités de bibliothèque de contenu et de production

Sinclair maintient un portefeuille de contenu complet avec des capacités de production importantes.

• Production de contenu sportif via le canal de tennis
• Programmation de nouvelles sur plusieurs marchés locaux
• Plates-formes de contenu en streaming numérique

Solide reconnaissance de la marque sur les marchés des médias locaux

La valeur de la marque de Sinclair est estimée à 2,3 milliards de dollars avec une pénétration importante du marché local.

Infrastructure avancée de la diffusion et de la technologie numérique

Investissement sur l'infrastructure technologique: 127 millions de dollars en 2023 pour les mises à niveau des technologies numériques et de radiodiffusion.

Catégorie d'investissement technologique	Montant (2023)
Infrastructure numérique	67 millions de dollars
Technologie de diffusion	60 millions de dollars
Investissement technologique total	127 millions de dollars

Professionnels des médias qualifiés et équipes techniques

Total de la main-d'œuvre à partir de 2024: 8 750 employés.

• Personnel technique: 3 200 employés
• Équipe de production de contenu: 2 500 employés
• Personnel de gestion et administratif: 3 050 employés

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: propositions de valeur

Couverture complète des actualités locales et des divertissements

Depuis le quatrième trimestre 2023, Sinclair exploite 185 stations de télévision sur 86 marchés, couvrant environ 40% des ménages de télévision américaine.

Couverture du marché	Nombre de stations	Pourcentage de ménages américains
Marchés de télévision locaux	185	40%
Les marchés totaux servis	86	N / A

Solutions publicitaires ciblées pour les entreprises

Sinclair a généré 2,1 milliards de dollars de revenus publicitaires en 2022, en mettant l'accent sur les stratégies publicitaires localisées.

• Revenus publicitaires numériques: 380 millions de dollars en 2022
• Part de marché de la publicité locale: environ 15-20%
• Taux publicitaire moyen par marché: 12 à 15 millions de dollars par an

Distribution de contenu multiplateforme

Les canaux de distribution de contenu de Sinclair comprennent:

Plate-forme	Atteindre	Téléspectateurs mensuels
Stations de télévision linéaires	185 stations	35 millions
Plates-formes numériques	Web et mobile	12 millions
Services de streaming	Réseaux régionaux	5 millions

Contenu localisé avec portée nationale

Sinclair produit Plus de 2 500 heures de contenu d'actualités locales chaque semaine à travers son réseau de télévision.

Services innovants dans les médias et la technologie

Investissements technologiques et d'innovation en 2022-2023:

• Budget de transformation numérique: 120 millions de dollars
• Investissements en IA et en apprentissage automatique: 45 millions de dollars
• Développement de la technologie de streaming: 75 millions de dollars

Segment technologique	Montant d'investissement	Focus principal
Plates-formes numériques	120 millions de dollars	Amélioration de l'expérience utilisateur
Technologie de streaming	75 millions de dollars	Optimisation de la livraison de contenu

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: relations avec les clients

Engagement direct grâce à la programmation d'informations locales

Depuis le quatrième trimestre 2023, Sinclair exploite 185 stations de télévision sur 86 marchés, atteignant environ 40% des ménages de télévision américains. Les données locales d'audience d'information indiquent une moyenne de 2,3 millions de téléspectateurs quotidiens par marché.

Segment de marché	Nombre de stations	Téléspectateurs quotidiens moyens
Marchés d'information locaux	185	2,3 millions

Contenu et interaction axés sur la communauté

Les plates-formes numériques de Sinclair génèrent 127 millions de vues de vidéos numériques mensuelles sur les sites Web de la station locale et les applications mobiles.

• Les métriques d'engagement numérique montrent que 42% des téléspectateurs locaux interagissent avec le contenu de la station en ligne
• Les médias sociaux suivants dans les stations locales dépassent 3,2 millions de followers

Solutions publicitaires personnalisées

Les revenus publicitaires pour 2023 ont totalisé 1,98 milliard de dollars, la publicité numérique ciblée représentant 18% des revenus publicitaires totaux.

Stronce des revenus publicitaires	Revenus totaux	Pourcentage du total
Revenus publicitaires totaux	1,98 milliard de dollars	100%
Publicité ciblée numérique	356,4 millions de dollars	18%

Support client de plate-forme numérique

Sinclair maintient le support client numérique 24/7 sur ses 86 marchés locaux, avec un temps de réponse moyen de 37 minutes grâce aux canaux numériques.

• Taux de résolution des billets d'assistance en ligne: 92%
• Score moyen de satisfaction du client: 4,3 / 5

Programmes de fidélité pour les téléspectateurs et les annonceurs

Le programme de fidélisation de la plate-forme numérique comprend 1,7 million d'utilisateurs enregistrés sur les réseaux de station locaux.

Métriques du programme de fidélité	Nombre
Utilisateurs numériques enregistrés	1,7 million
Répéter le taux de rétention des annonceurs	68%

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: canaux

Réseaux de diffusion de télévision locaux

Sinclair Broadcast Group exploite 185 stations de télévision sur 86 marchés à partir de 2023. La société possède ou fournit des services à 21 réseaux de radiodiffusion.

Type de réseau	Nombre de stations	Couverture du marché
Affiliés de CBS	48	19% des marchés télévisés américains
Affiliés de Fox	42	16% des marchés télévisés américains
Affiliés ABC	31	12% des marchés télévisés américains

Plateformes de streaming numérique

Sinclair exploite plusieurs canaux de streaming numériques via ses plates-formes numériques:

• Channel de tennis +
• Service de streaming du stade
• Réseau sportif régional Streams numériques

Applications mobiles

Sinclair a développé des applications mobiles pour les plates-formes clés:

• Application mobile de la chaîne de tennis
• Applications mobiles de la station locale
• Application sportive du stade

Plateformes de médias sociaux

Les médias sociaux atteignent plusieurs canaux:

Plate-forme	Adeptes / abonnés
Facebook	3,2 millions d'abonnés combinés
Gazouillement	1,8 million d'adeptes combinés
Instagram	1,5 million d'adeptes combinés

Site Web et portails de contenu en ligne

Les propriétés Web numériques comprennent:

• Sites Web de la station locale (185 sites Web du marché local)
• Site Web de la chaîne de tennis
• Site Web du réseau sportif du stade

Total Digital Reach: environ 12 millions de téléspectateurs numériques uniques mensuels sur toutes les plateformes en 2023.

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: segments de clientèle

Téléspectateurs locaux

Depuis le quatrième trimestre 2023, Sinclair exploite 185 stations de télévision sur 86 marchés, atteignant environ 40% des ménages de télévision américains.

Segment de marché	Visionneur Reach	Démographie primaire
Téléspectateurs de nouvelles locaux	32,4 millions de ménages	35 à 54 ans, revenu médian des ménages 68 700 $
Visionneurs de contenu sportif	22,6 millions de ménages	25 à 44 ans, revenu médian des ménages 75 300 $

Annonceurs régionaux et nationaux

Les revenus publicitaires de Sinclair en 2023 étaient de 2,1 milliards de dollars.

• Part de marché de la publicité locale: 15,3%
• Part de marché de la publicité nationale: 8,7%
• Revenus publicitaires politiques: 537 millions de dollars en 2023

Consommateurs de contenu sportif

Sinclair possède le Groupe de sports de diamant, qui couvre 14 réseaux sportifs régionaux de la Ligue majeure de baseball.

Segment de réseau sportif	Base d'abonné	Revenus annuels
Réseaux régionaux MLB	8,2 millions d'abonnés	624 millions de dollars

Audience des médias numériques

Plateforme numérique à la portée de 2023:

• Vues de vidéos numériques mensuelles: 312 millions
• Utilisateurs de la plate-forme de streaming: 4,7 millions
• Revenus publicitaires numériques: 186 millions de dollars

Organisations communautaires locales

Métriques d'engagement communautaire:

Type d'interaction communautaire	Fréquence annuelle	Portée estimée
Commandites de l'événement local	1 247 événements	2,3 millions de membres de la communauté
Couverture de la communauté des nouvelles locales	12 500 histoires locales	37 marchés

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: Structure des coûts

Frais de production et d'acquisition de contenu

Pour l'exercice 2023, Sinclair Broadcast Group a déclaré des coûts de production et d'acquisition de contenu de 1,48 milliard de dollars. Cela comprend les dépenses pour:

• Programmation de nouvelles locales
• Acquisition de contenu sportif
• Développement de programmation original

Catégorie de contenu	Coût annuel
Programmation de nouvelles locales	612 millions de dollars
Contenu sportif	425 millions de dollars
Programmation originale	443 millions de dollars

Maintenance d'infrastructure de diffusion

Les coûts de maintenance des infrastructures pour 2023 ont totalisé 287 millions de dollars, couvrant:

• Mises à niveau des équipements de transmission
• Entretien de la tour de diffusion
• Infrastructure de distribution de signal

Technologie et développement de plate-forme numérique

L'investissement technologique pour 2023 a atteint 214 millions de dollars, notamment:

Zone technologique	Investissement
Développement de plate-forme numérique	98 millions de dollars
Technologie de streaming	62 millions de dollars
Améliorations de la cybersécurité	54 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 673 millions de dollars, ventilée comme suit:

• Salaires de base: 456 millions de dollars
• Avantages et soins de santé: 147 millions de dollars
• Bonus de performance: 70 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour 2023 s'élevaient à 312 millions de dollars, distribués à travers:

Canal de marketing	Dépense
Publicité traditionnelle	142 millions de dollars
Marketing numérique	98 millions de dollars
Promotion des ventes	72 millions de dollars

Sinclair Broadcast Group, Inc. (SBGI) - Modèle d'entreprise: Strots de revenus

Ventes publicitaires locales et nationales

En 2023, Sinclair Broadcast Group a déclaré un chiffre d'affaires publicitaire total de 1,87 milliard de dollars. La publicité locale représentait environ 1,2 milliard de dollars, tandis que la publicité nationale a contribué 670 millions de dollars.

Catégorie publicitaire	Revenus (2023)
Publicité locale	1,2 milliard de dollars
Publicité nationale	670 millions de dollars

Frais de retransmission des fournisseurs de câbles et de satellites

Les frais de retransmission ont généré 1,45 milliard de dollars pour Sinclair en 2023, représentant un Stronce des revenus clés pour l'entreprise.

Revenus publicitaires numériques

La publicité numérique a contribué à 230 millions de dollars aux revenus de Sinclair en 2023, avec un croissance d'une année à l'autre de 12,5%.

Licence et syndication de contenu

Les revenus des licences de contenu ont atteint 185 millions de dollars en 2023, avec des distributions clés, notamment:

• Contenu du réseau sportif régional
• Programmation de nouvelles
• Spectacles de divertissement syndiqué

Droits et partenariats de la diffusion sportive

Les revenus liés au sport ont totalisé 340 millions de dollars en 2023, en panne comme suit:

Source des revenus sportifs	Montant des revenus
Droits régionaux du réseau sportif (RSN)	240 millions de dollars
Partenariats sportifs	100 millions de dollars

Total Consolidated Revenue for Sinclair Broadcast Group en 2023 était de 4,05 milliards de dollars, les sources de revenus ci-dessus contribuant à la performance financière de la société.

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.