Sinclair, Inc.
sbgi.netWhat Do They Do?
Produces local television programming, including news and sports, for viewers; sells advertising to advertisers and channel carriage to distributors. Operates Tennis Channel, offering tennis coverage and shows to viewers and distributors.
10-K for FY2025, filed Feb 27, 2026As of December 31, 2025, Sinclair and SBG’s local media segment primarily consisted of our broadcast television stations, original…View ↗
Our local media segment provides free over-the-air programming to television viewing audiences for stations in markets located throughout…View ↗
Our local media segment derives revenue primarily from the sale of advertising inventory on our television stations and fees received from…View ↗
As of December 31, 2025, Sinclair’s tennis segment consisted of Tennis Channel, a cable network which includes coverage of many of tennis’…View ↗
Sinclair’s tennis segment derives revenue primarily from fees received from Distributors, including vMVPDs, as well as other OTT…View ↗
How Do They Make Money?
Local media earns fees from distributors for carrying its stations, based on monthly subscriber counts, and advertising sales when spots air; advertisers generally pay around the time their ads run.
10-K for FY2025, filed Feb 27, 2026Our local media segment derives revenue primarily from the sale of advertising inventory on our television stations and fees received from…View ↗
Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our stations and…View ↗
Core Advertising Revenue. We generate core advertising revenue primarily from the sale of non-political advertising spots/impressions…View ↗
$3.2B
-
10-K for FY2025, filed Feb 27, 2026
$3.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Local media
Recurring
10-K for FY2025, filed Feb 27, 2026 |
88%
FY2022: 81%
|
Local media, FY2025
$2.8B Sources
|
Recurring |
|
Tennis
Recurring
|
8.4%
FY2022: 5.5%
|
Tennis, FY2025
$265M Sources
|
Recurring |
|
Other
Sold outright
|
5.2%
FY2022: 2.4%
|
Other, FY2025
$166M Sources
|
Sold outright |
Who Are Their Customers?
Television distributors carry Sinclair’s stations and Tennis Channel; national advertisers are reached through marketing representatives, while local advertisers work with station sales teams.
10-K for FY2025, filed Feb 27, 2026
10-K for FY2025, filed Feb 27, 2026
For the year ended December 31, 2025, two customers accounted for 11% and 11%, respectively, of our total revenue. For the year ended…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $112M in FY2025, but brought in more cash than it spent: $115M of free cash flow.
10-K for FY2025, filed Feb 27, 2026
$173MView ↗
10-K for FY2025, filed Feb 27, 2026
−$112MView ↗
10-K for FY2025, filed Feb 27, 2026
$115MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$76MView ↗
- ▲ +19% (Loss)
- vs −$64M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
-
Aug 5, 2026
Sinclair raised full-year Adjusted EBITDA guidance
The range rose from $700 million-$740 million to $730 million-$760 million.
Sources
8-K, filed Aug 5, 2026
Increasing Total Company Adjusted EBITDA from a range of $700 million-$740 million to $730 million-$760 million Total Company and Local…View ↗
Shrinking. Revenue fell 48% in 4 years, from $6.1B in FY2021 to $3.2B in FY2025, about 15% a year.
Who Do They Compete With?
Competes with Alphabet, Amazon, Apple, TikTok, Microsoft, Meta, Netflix, Comcast, Charter, Disney, Echostar, DirecTV, and Paramount Skydance
10-K for FY2025, filed Feb 27, 2026Our stations and networks compete for audience share, advertising revenue and distribution revenue with a growing number of media and…View ↗
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