SBGI - Earnings call transcript Q3 2018 | Sinclair Broadcast Group, Inc.

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Operator

Greetings and welcome to the Sinclair Broadcast Group's Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It is now my please to introduce your host, Lucy Rutishauser, Senior Vice President and Chief Financial Officer. you. Thank

begin. may You

Lucy A. Rutishauser

of Participating Executive call and Chairman; Vice and Operating Marks, operator. Weisbord, and are Vice Senior CEO; me David Executive President Officer Chief and Smith, Chris Revenue President Television on you, Group, with Rob Officer. the Chief today Steve our Thank Ripley, President

McIntire Billie-Jo begin, our we will make forward-looking statement Before (XX:XX:XX) disclaimer.

Unverified Participant

non-GAAP our and third Non-GAAP earnings GAAP include Such company Certain our Such is most In our to company. forth their Ripley matters on A these set operating number cash uncertainties. you public. website measures, company our specifically, no operating replay accordance among release. results. statements television statements as with other broadcast available financial a A The company's financial update future accessed quarter and to to from obligation through be subject now to FD, reports regarding, flow, the available results take the These can will in flow call undertakes call could free of of the source discussed important Chris of detail our assist replace www.sbgi.net. the as provided statements. on as leverage. information, highlights. not its been under our with supplemental on website recent on the and Included those Actual meant available which risks result forward-looking is this uses made the our GAAP in are next in being discussion a website of non-GAAP the be described factors. financial this of the remain things, analysis The statements Investors, will will the of key metrics measures have earnings various to company and call forward-looking measures forward-looking provided filed a webcast release. in until Measures. measurements, quarterly will are but are included in may as a to SEC differ factors future Regulation and public EBITDA, statements in at reconciliation be valuation cash

Christopher S. Ripley

thank Good quarter you third earnings and joining call. everyone for our morning,

represents But some times great per approximately to of it million let since I news X% hand We've have the a At of additional X.X We outstanding, equaling review share. to an generating more repurchased walk our place report. meaningful free shares, value have million cash free flow to that X some before through cash multiple, Lucy activities over our shares flow of $X.XX of me those, annualized that taken equity earnings created. last call. $XXX you over

for congratulate That R. are greatest election XXX This and context additional our newsrooms, XX unprecedented our awards. Our stations. news our stations of of We the difference of and General We awards, added and/or includes the the on all County point impactful XX total House Representatives, year the this year why Mayor, issues Murrows, year to Senate, number including an of of candidates. bringing political XX for Council, content cycle, a this extremely Murrows true hosting committed our election news and regional U.S. requires aired by races. Executive, Emmys of We two won news That's unprecedented national City XX Edward proud operate to XX centers award-winning their and Gubernatorial, we're XX with winners. during journalism. of Attorney at that debates is key providing coverage. produced debates

make viewers our more learn sure informed can and make to decisions. is commitment Our

faced the of and stations, the Coast impacted employees. our to and like with really The of its New the We hurricanes Florence and through service, lifesaving our stations but North recent local crisis. through communities in put their community care people worst stations network able help again to bring other. the number Bern, continued the supporting into is substitute of was for communities operations Our Hurricane Carolinas broadcasters. and to hurricanes severe once support and that broadcast maintain alerting college our the serving times no each these of saw In the the Gulf other great information. stations of reliability their our There in other flooding a disasters Carolina, emergency

and be across the the the efforts more with by help news communities. to country affected than Salvation of twice raised $XXX,XXX Sinclair in the Additionally, the used stations promoted fundraising entire the footprint, Army

On front, support and to X.X adopt announcing NBC are the their with standard. new Fox recently things the ATSC progressing,

and will first Saankhya our towards the to in mobile this markets X.X we're January Labs, another chipset CES. we be Additionally, at deploying X.X XX in XXXX. partner, showcasing working ATSC Also XX

decree sharing resolving potential dispute no On the actual cost impact pacing requires costs this The significant adopt to lawsuit. allows into decree minimal with entered of us only of plans financial laws investigation of the anti-trust court the with certain the on or of is Department governmental this or Justice wrongdoing to There of potential and us DOJ to pricing that the compliance any because DOJ measures. settlement decree yesterday do tomorrow. consent to this this to the and file decree with consent admission and front, was avoid despite agreed are a information. on additional We of our consent compliance consent consent the continuing we the of violation there belief a advertising potential no the

higher our This Based the that or interest history through how anyone combined no flow you our XXXX XXXX's million of of our to a range being to of roll look to needs third $XX.XX TV's year if let XXXX-XXXX presidential than the free our to this the our year be of $X.XXX $X.XX expense power on billion than taxes cash an implies combined flow will in local presidential XXXX-XXXX XXX of per of above the reflects cash ONE political to spending on Media say cash will paid previously political pro to favorable flow quarter XXXX. awareness is brand results, higher to on in per cash on We capabilities, shares. be. just me doubted a the we're to billion, per further by takes to will XX% CapEx free political $X.XXX expenses indicator has and on Lucy quarterly is XX XXXX growth As offset With share political million political in $XX.XX be share billion, part mid-term income. forma stations, cash forma $XXX flow, increase board will expected shares. is billion. XXXX, expected billion only $X.XX year's political $XX.XX in on spending. which overachievement, mid-term by from higher this billion million plus approved free that cash history, $XXX $X.XXX free dividend increased into election guidance XXXX-XXXX $XX.XX total be $X.XXX year's of to elections million our Based to ad this timing variable other not flow largest but this free regular these spending flow pro year $X.XX. robust and $XXX share expectation also just believe $XXX every free provided strong increasing surpass million our year's cash million $X to

expectations. Lucy Now, you take full-year third the results quarter will through and

Lucy A. Rutishauser

increase a financial Thank a key third you, Chris. basis, third lower quarter Media of third revenues metrics. the quarter offset Continuing were quarter part all the quarter XX% media XX%, to of am than million of of for as with quarter pro news, exceeded we revenue, political $XXX distribution exceeding pleased guidance I displacement. were XXXX third higher midpoint XXXX and in XXXX pro by million, higher million. in and our guidance the or $XX the an by forma higher positive core report political result on $XXX that advertising digital than third advertising, revenues forma On

quarter Included in prior-year revenues revenues of our third a to $XXX For is the are $X.XXX billion of distribution media the year, over increase $X.XXX expecting we media XX% period. billion. revenue, million

year approximately were forma million, stated, our of still SG&A from a billion million. low $XX last to are million third expenses expenses, are million, initiatives. year percent as of pro $XX XX% pro revenues million and which end the both media a political are that's cost Chris operating to the fees, on $XXX to higher by single-digit of in the revenue, million higher $XXX be third reverse retrans in For was higher for quarter And grow defined versus and year, last forma the year $X we in primarily XX% to Political net revenues Media on year. year up retrans $X.XXX distribution quarter expected to related In third as expected up our cases, the this and growth revenues full top our track non-election basis. production on commissions third and the and media be guidance result quarter, than quarter were range. $XXX

expected full Our and bond media are a Corporate as to with write-off $XX is overhead Corporate prior that fee well in for million quarter to expenses was cost. favorable of in the be guidance. we consent $X.XXX reported in and due million the was million overhead media guidance costs. the the approximately legal line in $X expenses XXXX were which year, guidance, our Tribune-related had million, higher for as $XX sheet, our Tribune million previous $X balance includes on prior to paid above and

million the is million, the our million in corporate Non-media of million costs in $XX on $X overhead to year, Media $X R&D in $XX was for $XX and ONE of expenses the timing Tribune-related will guidance than cost, $X ONE million, compensation. quarter, EBITDA approximately adjusted And our that's midpoint that For and million expected XXXX. higher million prior prior on be stock-based better excluding Tribune-related company the the lower revenue was than third now EBITDA occur expenses. in Media in quarter, beat that's $XX and million range. $XXX the in guidance political for the

the in interest ticking the For be $XX on method included or of was $XXX to is EBITDA share, $X.XX, $XX $XXX a costs the $XXX EBITDA. the million million, quarter of Equity ticking million a weighted the fees. and higher investments impact which Net average year, million million loss common for quarter, million, financing. Tribune-related a Tribune-committed $XXX million expired per to for XXX expense million quarter to $X.XX last diluted expected on pro fees the the excluding $XX than acquisition forma year's earnings that's was of were and shares

an we at third price X.X of As quarter average $XX.XX. mentioned, repurchased in million the shares

the midpoint pay million $XX of Excluding prior free the taxes CapEx of cash the EBITDA flow to $XX $XX the and cash to the guidance share year, approximately paid. to the million $XX generated million $XXX million exceeding by cash distributions. of $XXX debt $XXX on flow fourth we to went million that's million million repurchases, beat, for the is $XXX cash Free down, be Tribune-related quarter, and flow million. of cash lower expected in million lower free in quarter and and million is to in to expected flow expenses, be $XX free $XXX dividend the

me case anyone let in just say Now, missed again that that.

year, the million $XXX cash to to expected be free million. is $XXX For flow

$XX.XX. free cash to expect cash share to be XXXX-XXXX be As per to to share per XXXX-XXXX free $XX.XX our we flow and $XX.XX $XX.XX mentioned, flow

capital the $XX repack. balance $XX to in were for the sheet million the flow highlights, Turning including cash third and million, expenditures quarter

reducing For expected of $XXX on projects. a we year, $XX million our the non-repack from timing guide an CapEx are to million

is CapEx quarter revised a addition, from payments reducing $XX we Cash our on we million also payments were are million third expected paid be $XX with prior and taxes timing. cash $XX to $X the million. guidance. that quarter for the $XXX Net the year, to third a program were expect million repack XXXX In during in line the and million, full-year programming in

to be approximately million. are taxes XXXX, cash For we $XX estimating

of add back Now spectrum flow on as in (XX:XX:XX) $XXX $XX free million we for free flow. taxes cash since not million calls, included sales, the the prior on purposes, are the spectrum cash full-year mentioned proceeds should of

expected be expected XXXX to was percent VIE the benefit related QX So QX. to September credits rate, including spectrum the of lower that and is was in to debt. gain as this income single-digit in well $XX tax-free and $XX tax the approximately September tax $XX at $X.XXX as effective Cash XXth, rate a million million million quarter. initiatives Milwaukee add statutory first in and $XX sale total million The non-guaranteed hit of sustainability a At federal is $X.XXX tax low reflects XXth on of debt in billion, rate billion. back,

million net This had an excluding the times year-end. the to available full basis, we company by $XXX liquidity a a based at revolver, our historically net quarter low of more the bringing addition, VIE to leverage was Total we $X.X is X.X sheet In through trailing company expect eight and on quarter-end and billion. our on than on total in strongest cash. improve to non-guaranteed debt guidance, it history. balance times X.XX And holding

first lien on of third we X.X X.XX. million X.X was mentioned, The as quarter, the repurchased eight and quarter. a covenant million another fourth X.X indebtedness trailing shares shares on ratio quarters And a times in in

our remaining $XXX million have on share authorization. We

Now will you Steve through Marks operating performance. take our

Steven M. Marks

million spending third Well good I with million $X And revenues political million $XXX was what didn't either morning let-up quarter expectation be year of revenue quarter say? of expect $XX expected, ad approximately in to in third our $XXX million. to we and of in full what Political fourth $XX $XXX and compared XXXX, our to million to political Lucy it of quarter with now million $XX guidance Thank you, the $XXX disclosed versus can previously expected. to million million. beyond even $XXX We everybody. million another

is We spend presidential we this indication a this the which second mid-term ad As could just political our of mentioned, a (XX:XX:XX) year XXXX for is be. would politically best robust ever, strong how year expect believe election.

period with revenues XX% forma growing well very same year. compared quarter third perform pro to continues as the the in business last digital to Our

$XX quarter, to Turning to million to $XXX fees be amount Pro quarter political our normal million core to quarter, political, we're period as digit excluding million with the $XXX for media XX% includes expecting in displaced assumes that's expected advertisers. especially the versus versus fourth booked to year. then large fourth our fourth distribution outlook, million and to year, are million XX% compared is This last versus approximately last advertising of and year. This XXXX. to million, be revenues political the mid-single $XXX same revenues revenues forma percents up $XXX $XXX million last in the down $XXX expected of

fourth versus of the from side, the On in $XXX forecasting XXXX, quarter and in million media quarter the the of we retrans expense approximately $XXX are with expenses coming million reverse fourth initiatives. to majority the be growth increase

expense guidance our not media from has year, previous expectations. the For changed

to $X.XXX are $XXX to the Media to of on We up driven political $XXX beginning primarily pro of estimating the fourth compensation versus year-over-year the net on million by timing that, to increases, be to at billion. in it is billion due quarter between added EBITDA retrans, expected number And ONE XXXX the questions. sales initiatives agreements by expenses. year, I'd quarter EBITDA open of revenue The $X.XXX renewed fourth is partially reverse like growth of annual approximately offset XXXX commissions retrans is The forma million media that and political increase expenses larger and with $XXX higher of the revenues. increase versus the network million.

Operator

you. Thank

We and will now conducting session. you. be answer Thank a . question

Our first Deutsche the proceed Aaron line from of Watts comes with question question. your Bank. of Please

Aaron L. Watts

core in having think, digits. me ad start for the for quarter was the mid-single you I What fourth to heard say off. thanks Steve, quarter? on. that I clarifier Everyone down One that revs third

Steven M. Marks

getting have the with in to out, I to-date. the quarter quarter that low-single directly it's think, our your was core, the crowd question core quarter important third best we Third that to was And note digits. answer and into

third advertising was that's And said, created than we quarter, clear-out pretty this so year. encouraging, far so through the that core I with political best was roof expected. it more the we So, in obviously think had quarter

Aaron L. Watts

from place XXXX. we rest good feeling entire That's I talk can Okay. early of and heading morning of half the of kind tone know into is the to this core hear year the hearing election, the beyond an market you're all maybe how and you to on are a

Steven M. Marks

Is election. the from the election over. We're drunk

third core because that's in down. We as know encouraged performance as could automotive said, category well, the been the the of about talk we the we're Now, we about quarter. But a category. the we subsets take up. actually automotive on when matter, at you our fact those the eight that count are we automotive have Half look subsets of the category, of

is been that's So exactly mid-single where will minus not a factor. category The encouraging. I'm yet be the but sure there months the out in has XXXX, automotive in six digits. last low obviously crowd

that However, I we were up. the subsets as actually of and stated, the encouraging with some have news category pacing four

So that's encouraging.

to you into have line the able to continue go we XXXX, going. where be to is As follow

company see industry going a are following going, ourselves any going. wrong other we company, where than think, as to ourselves, and have an the those we're the where after we're dollars. we so nothing dollar. I that reinventing more ad with has becoming of this money reinvent the There's demonstrated We're dollars is really custom

dollars to You where are just going. able to have the be follow

Christopher S. Ripley

I the out be for for a back that the get a and December add half well And lot for we'll would revenue which in, to bodes XXXX, us. back able of based crowd on finish the strong of November displaced

Aaron L. Watts

maybe just great. Okay, one then, bigger more picture. And

I college work lot content a peers, of to football, you've of somewhat Tennis put in unique from money think, Channel, your wrestling. initiatives non-local some via

on position initial affect acquiring As you say said vein working lot versus your going platforms your in obviously that a of expectations? similar on point would do a you're experiences forward, And, can sitting more on are how you us you vantage mindset front. about an out maybe those investments those give of today, content enviable your maybe cash

experience. about So, just that curious that

Christopher S. Ripley

Sure.

maybe lot invested I slight a look think we've mischaracterization. that of a is saying money So,

and couple a on actually We pretty should as for (XX:XX:XX) WWE. I that's think light it's, Square Ring haven't is be that in sold year think, Honor, in minutes. bought XX ultimately Beyond the And Tennis, we hundred Gardens unpolished we for really spent Madison event significant of we thousand next dollars. content which an gem an dollars same something out

grass brand a that increasing what has on that loyal turn hasn't, that to the avid a equity we costs on there, and found we've we various which it potential. has our So, – you right also or in yet, And our with little-to-no know it about only support to the reduce not just just It really like the very programs need quite leverage but there have keep dials very, is it we but haven't and in we to explode base fan syndicated positions side, been using investments – brand. various positions smart get capital. roots equity

just and on for it So that's been was probably a profitable then a million Tennis, net a app. rights Tennis very also did change chunk on of a more further and saw in revamped WTA us. And Tennis.com Open that magazine for where we then our we premium spend of and and the investments air decent five-year categories, buying, OTT endeavor the our put we've which we deal French in also signed matches and up other price other you expanded $XXX like

will as year for the work all So, say, to Tennis with Tennis period Tennis. be and and for an back look this future for a is setting be huge breakout that'll off it's Tennis year in investment – XXXX that up has And for XXXX exceptionally and we we been where in wow, well way. in be really big we the growth looks a spades sit year paid put investment and

a that of we've but your that everything done, company stages we're in always across to question when overall risk what is you we've when look the the the we've of I I answer but all guess, I return say good capital spent content, much development, we've consider wouldn't overall. on scale had done varying in So,

Aaron L. Watts

Thanks, Chris. Okay.

Operator

Quadrani Our question. with next with question comes your Alexia from proceed the of Please line JPMorgan.

Alexia S. Quadrani

think in the can on following you DISH the August. if outlook, that more I very retrans Hi. And sort of provide you staying deals Altice much. Thank you on guess with Any and topic, agreement station, color of should coming affiliate XXXX. executed sort talk May about the Fox think maybe of about was Tribune tied much in the you you to negotiation we how that can How ahead?

Lucy A. Rutishauser

Yeah.

I'll Alexia, the part. take first So

that's our timing network heard you our of of net reconfirmed come low today, agreements affiliation and digits So growth we've guidance how for year as on just versus really single in. this the based retrans MVPD

and For at looking XXXX XXXX, growth low next for we're teen percent. year,

a environment still there's very retran side. So for strong the on us

Christopher S. Ripley

here we that on affiliation and value was deal of stated, fair of And end market summer, Fox retrans. the previously market as will renewal pretty on January. deal for at much in deal for come up the a cut The I stations the reverse

what don't expect in a XXXX. So, material gets renewed we in difference

Alexia S. Quadrani

any coming the just the the timing you timeline on any quick comments changes for – changes, a follow-up, And something happen, any that when up, you outlook really or FCC sense there? do may of or may see rules

Christopher S. Ripley

local now quadrennial Well, Really rules, discount to right the those and well. thing outstanding coming ownership the is effect. were only on the in is the as cap UHF national effect, up do review is the in what

don't still on forward on they if in a some want review. get in on expecting of there, which the moving do meantime. to the from think movement FCC the will the same what on preventing page exactly be industry see lack quadrennial There on can perhaps front. industry sort action something unanimity that, there has I I the that But cap is we out of we're So, then think been can of we'll the come But, deregulate. that that much not know

Alexia S. Quadrani

you. Thank

Operator

comes Our Crockett proceed from Riley with next question. of B. Barton question your the with FBR. Please line

Barton Crockett

some was even meaningful, get to wondering wondering take would taking accelerator is what guys a for pursuits, do it have couple guys to share thinking more you of action you And as bit things. do the repurchase, did. was the I frankly question. the been more I Thanks I'm you but and I that might a of then, repurchase, M&A great. in potentially. little have was on thought a a One push partly the kind of because you some of environment bit the to part the interest it are which even this holding more on and given holding Okay, could repurchase, with stock, in just other than political in reserve, back the setup would in

Christopher S. Ripley

to When to years. that and spent span we're the billion in authorization, price with the two able we're we our valuation to happy over happy comes announced it three spend program. $XXX We've through sensitive of was to plan months always we with over $X achieve been that so two the million were pace, a about the that repurchase period. We've when

we probably too, dividend as of also, you shareholder as We return. know the that increased another form

free And flow have trading looking between could we're opportunities, balance so, number that's of where at to in the pipeline. always going our forward, of and other what we which going but a mix be change we deployment, opportunities are cash a

Barton Crockett

wondering Okay, could I if sense those fourth second of growth how as that little year-over-year, I that you kind kind guess, topic see versus breakdown a other and a kind how a is into us the right. bit see of retrans of distribution fee of was XXXX. and you in much go quarter. of give the on contributing you Tennis different we two of the sources Channel distribution

Lucy A. Rutishauser

Yeah.

quarter majority in the seeing the retrans you're Barton, and timing. de-growth fourth the the So, is it, really there of (XX:XX) is again,

get that of that going break numbers, the did I the not third we we quarter, with the second in the You majority it but But to principle we're know, to quarter. that think is what Altice the we in those know much distribution, agreement up out makes pretty retrans. DISH all did level to starting deal have in

Barton Crockett

great. you. That's Thank Okay.

Operator

the Please comes Marci Our question Wolfe with Ryvicker Research. your proceed question. with from of next line

Marci L. Ryvicker

you. Thank

subs this peers your of X%. TV about trending about up pay One talked morning

curious net Just your that's contributing to seeing what and how you're retrans growth?

Lucy A. Rutishauser

flattish. year-over-year, if very are subs reporting, Marci, those which still you just of less ramping we're again include stages the early really were that sort we in subs so declined the the up X%, call of Yes. than – MVPDs, virtual and

Marci L. Ryvicker

any the conversations update process. any be work. that Okay. has ALJ And think then you on been don't is the in I on may But having going judge there having marketplace? is the to impact

Christopher S. Ripley

hasn't. No, it

months and the acquisition continue haven't in from the was to it anything move affected out hasn't has it we not ALJ, heard opportunities. be conversations forward to ago, We timing come, our marketplace, supposed but on order other

Marci L. Ryvicker

Okay. press on I back Vue. in PlayStation Sony noticed And then, the you're release,

on So, any agreement? color or that conversation

Christopher S. Ripley

XX% of it a conversation, of those them parties. benefit come distribution Vue, other while, eventually any with and to we to of go we deal don't. swimmingly a had both new we a to work and like were the dispute Just out few And for a able

Lucy A. Rutishauser

subs. to And want question back come your Marci, to I on the

performance story of with on is, the peer growing. we're takeaway So, some the our flat subs you or and there, flat that whether that's good growth is seeing mentioned who a it's regardless

broadcasters. both it's a good people so for platform the that's And playing on important for to understand for story that entire ecosystem, we're which distributions,

Marci L. Ryvicker

you. Thank Great.

Operator

with question proceed with comes question. Griffin line from of your the Bank. Deutsche Clay next Our Please

Clay Griffin

platforms? some might the guys just questions Thanks. terms portfolio and of where the be outlook like I then, address to major cost need in of feel Good been side, able any set us guess, hoping you level And are those of Hi. you've virtual help with kind to you just you initiatives my undertaken you MVPD can there? that platforms, the just with just that station there asked. Most holes, you the major other of have on But talk secondly, morning. to your non-programming following are

Christopher S. Ripley

the MVPD is side only working now Hulu. which really is right on on So, hole we're the major

activity side, we without where them, on on our of that vertical forces station, every on newsroom, a not all going the things activity total over TV within but other or do more in about what's stations every all taken down of our hubbed detail, covered majors on be how how are the we so quality of And examining across have pretty granular we're very we losing time the we're every can of some way great are significant of and side, the all to actually output. have level volume there, innovation a We and administration become side. step just all what non-programming can the the in virtual our a push sales stations, that's organized, studying that in efficient MVPD

Clay Griffin

Chris. thanks, Great,

Operator

question line the of your comes with proceed next Our from Evercore. David Joyce question. with Please

David Joyce

Thank you.

that just volumes, to could an you've some moving with lighter. along, the coming guidance some is your you've going how you – CapEx, fee ATSC got on there that in and provide more kind of If into What's (XX:XX:XX) other been path your station groups update X.X live? and encountering given Thanks.

Christopher S. Ripley

Dallas cities Chicago a Phoenix, Well basis. already a of it's live in on test and including couple

in New it. in basically I Two at which a of remarks, XX third you saw think supported similar of networks, XX prepared broadcasters is are plans, to majority rollout XXXX our a X.X roughly As major is rollout on in behind NBC FOX Other the working portfolio. working on a of the mentioned which York. we're markets vast milestone industry we more our working to tells that major that is NAB and on this and you the plan

chipset partner, we've a Saankhya was invested make chasing as in not side that so side is, transmission in X.X, goal and (XX:XX:XX) the a distribution nationwide accelerate as bit we to usage to working ahead coverage we're so, the that to the diligently and mentioned of a of sure it's get XXXX a order for the up. of time for more Labs, full ramps receiver a goal that industry help available, So, of by we're to

David Joyce

Great. Thank much. very you

Operator

Thank you.

Rutishauser, back to closing the would floor the comments. like over the to session. for We Mr. turn have now you I end reached of question-and-answer

Lucy A. Rutishauser

very Thank a good This XXXX. you, our quarter for company into operator. and we going good very have was outlook

free have a us call. you If to feel questions, any give please

Operator

today's conclude Ladies does and this teleconference. gentlemen,

your at wonderful and disconnect you this day. have time. lines your You participation for may Thank a

Sinclair Broadcast (SBGI) 7 Nov 182018 Q3 Earnings call transcript