Sinclair Broadcast Group, Inc. (SBGI): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out if Sinclair Broadcast Group, Inc. (SBGI) is a legacy media dinosaur or a future-proofed broadcaster, and honestly, the answer is complicated. This company, sitting on a portfolio of 178 US TV stations that give it mass reach to over 40% of households, is juggling massive near-term risk-namely, servicing about $4.1 billion in debt-with a strategic pivot toward NextGen TV and digital assets. We see the core model still relies heavily on retransmission fees, which brought in $380 million in Q2 2025, but the real story is how they fund that technological transition while managing that debt load. Dive into the Business Model Canvas below to see exactly where their local news strength meets their capital expenditure for ATSC 3.0 deployment and what that means for your investment thesis.

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

You're looking at the core relationships that keep Sinclair Broadcast Group, Inc. (SBGI) running and growing in late 2025. These are the entities that provide essential access, content, and technology infrastructure.

MVPDs (cable/satellite/vMVPDs) for retransmission contracts

Retransmission agreements with multichannel video programming distributors (MVPDs) remain a bedrock revenue source. For the full year 2025, Sinclair anticipates mid-single-digit growth in net retransmission revenues.

Looking at the second quarter of 2025 specifically, distribution revenue reached $380,000,000. While this was 1% below the prior year quarter, the full-year 2025 distribution revenue compared to the prior year was up 1%.

International Tennis Federation (ITF) for Tennis Channel content rights

Sinclair Broadcast Group, Inc. fully owns the Tennis Channel, which is a key content asset. The channel is a destination for tennis and other racquet sports programming.

The Tennis Channel's contribution to profitability in the second quarter of 2025 was $13,000,000 in Adjusted EBITDA. Furthermore, a key content rights partnership was extended:

• WTA Ventures and Tennis Channel secured a new six-year media rights deal through 2032 for exclusive WTA tennis coverage in the United States.

ONE Media Technologies for NextGen TV (ATSC 3.0) deployment

ONE Media Technologies, a Sinclair subsidiary, is central to the ATSC 3.0 (NextGen TV) transition. Sinclair executives are actively advocating for regulatory certainty to accelerate this shift.

The proposed timeline Sinclair is pushing for the sunset of legacy ATSC 1.0 signals is:

• Top 55 television markets by February 2028.
• Remaining markets by February 2030.

Sinclair and ONE Media Technologies hosted an interoperability event in June 2025 with over 30 manufacturers and vendors to test compatibility for the transition.

Local station partners for operational efficiencies and acquisitions

Sinclair Broadcast Group, Inc. maintains a vast operational footprint through direct ownership and agreements with affiliate companies. As of late 2025, the company owns, operates, or provides services to 185 television stations across 85 markets.

Operational efficiencies are gained through partnerships with affiliate companies that own stations but are operated by Sinclair under agreements:

In terms of expansion, Sinclair closed an acquisition in the first quarter of 2025 for approximately $30,000,000 in cash for a digital marketing services company. Separately, in August 2025, the company acquired license assets of KMEG in Sioux City, IA, from Waitt Broadcasting.

Digital Remedy for omnichannel media activation services

Digital Remedy, formerly Compulse, is a consolidated venture partner focusing on omnichannel media activation. Sinclair acquired the remaining 75% stake in Digital Remedy for approximately $30,000,000.

The financial contribution from this partnership in Q2 2025 was significant:

To be clear, Sinclair now represents only approximately 40% of Digital Remedy's total revenue, indicating growth from outside clients.

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

You're looking at the core operational drivers for Sinclair Broadcast Group, Inc. (SBGI) as of late 2025. These aren't just things they do; these are the activities that define how they generate value right now.

Local news and original content production across 178 stations

Sinclair Broadcast Group, Inc. owns, operates, and/or provides services to 193 television stations across the United States in over 100 markets, reaching about 40% of American households. The company also owns the Tennis Channel and multicast networks like Comet, CHARGE!, TBD., and The Nest. The newsrooms are definitely active; year-to-date in 2025, Sinclair's newsrooms have won a total of 227 journalism awards, including 25 RTDNA regional Edward R. Murrow Awards.

Negotiating retransmission consent agreements with distributors

The company has secured multi-year agreements with distributors like Altice and DirecTV, covering over 78% of subscribers. Sinclair forecasts net retransmission revenues to grow through 2025, projecting a mid-single-digit Compound Annual Growth Rate (CAGR) through that year.

Deploying NextGen TV (ATSC 3.0) technology across markets

Sinclair is actively pushing for regulatory certainty to accelerate the ATSC 3.0 transition. The company supports a timeline to complete the transition in the top 55 markets by February 2028 and all remaining markets by February 2030. Currently, more than three-quarters of U.S. viewers have access to NextGen TV broadcasts. The company hosted an end-to-end interoperability event in June 2025 with over 30 manufacturers and vendors to test compatibility.

Managing a high-leverage balance sheet (Total debt approx. $4.1 billion)

The balance sheet management is a critical, ongoing activity, especially given the debt load. As of September 30, 2025, Total Company debt stood at $4,101 million. This translates to a leverage ratio of 6x. The company did take action to optimize this structure, redeeming, in full, $89 million of Sinclair Television Group's 5.125% Senior Unsecured Notes due 2027 on October 6, 2025. Here's a quick look at the capital structure snapshot from that period:

Strategic review of Broadcast business and Ventures separation

In August 2025, the board authorized a comprehensive strategic review for the Broadcast business, exploring acquisitions, partnerships, and business combinations. Simultaneously, the company began evaluating separating its Ventures segment through a spin-off, split-off, or other transaction. The company noted that partner station transactions are progressing, with eleven option exercises closed and more deals pending FCC approval, representing at least $30 million in incremental annualized EBITDA once finalized.

The company is definitely focused on maximizing value from its distinct segments.

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

The Key Resources for Sinclair Broadcast Group, Inc. (SBGI) center on its extensive broadcast infrastructure, valuable intellectual property, and significant cash reserves held across its operating and venture units as of late 2025.

The core physical and licensed assets include:

• Portfolio of 178 TV stations in 81 US markets.
• FCC broadcast licenses and spectrum rights, which are foundational to over-the-air transmission and NextGen TV development.

Financially, Sinclair Broadcast Group, Inc. maintained substantial liquidity as of the third quarter of 2025. Consolidated cash stood at $526 million as of September 30, 2025. A significant portion of this was held within its investment arm.

The breakdown of cash reserves as of September 30, 2025, was:

This Ventures portfolio cash of approximately $404 million is a key resource for strategic investment or potential shareholder actions.

Intellectual property and content assets represent another critical resource area, encompassing owned and operated networks and digital platforms.

Key content and digital assets include:

• Tennis Channel, which generated an Adjusted EBITDA of $13,000,000 in the second quarter of 2025. The network has extensions through 2028 for Davis Cup and through 2027 for Billie Jean King Cup.
• A portfolio of multicast networks, including Comet, CHARGE!, The Nest, and ROAR (or TBD).
• NewsON, identified as the nation's largest streaming aggregator of local news content.

The company also holds significant debt, which is a factor in its financial flexibility. Total debt for Sinclair Television Group stood at $4.1 billion as of September 30, 2025. However, the company strengthened its balance sheet by redeeming $89 million of Senior Unsecured Notes due 2027 on October 6, 2025, leaving no material debt maturities until the end of December 2029.

The company also operates or provides services to 185 television stations in 85 markets as of June 2025, affiliated with all major broadcast networks. Other reports indicate Sinclair owns or operates 193 stations across over 100 markets, covering 40% of American households as of February 2025.

Finance: draft 13-week cash view by Friday.

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.

• 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:

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:

And for the specialized Tennis Channel segment in Q2 2025:

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:

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:

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:

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.