SBGI - Earnings call 3 2023 | Sinclair Broadcast Group, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to Sinclair Third Quarter 2023 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chris King, Vice President of Investor Relations. Sir, the floor is yours.

Christopher King

Thank you. Good afternoon, everyone, and thank you for joining Sinclair's Third Quarter 2023 Earnings Conference Call.

Rob call Officer; Chris Vice Local Lucy Chief Officer; the and our President Media. on Operating Financial Executive Chief Chief Rutishauser, and me today President Ripley, are President and Officer Joining and our of Weisbord, our Executive

this and for on website, on Before information discussed sbgi.net, Certain Investor page want forward-looking statements and on believes adjusted earnings company's company things, and factors. I as adjusted subject our in are be of our flow and webcast website a with matters financial a release. Included an leverage. risks release. as quarter call reports non-GAAP include Such statements. statements have on considers begin, remind everyone differ service call ability adjusted the earnings operating used analysts, we free is slides segment available the will page. discussion performance available that an result accordance company company operating to frequently EBITDA discloses earnings most as also of debt. to of future supplemental the forward-looking ability In today's Actual in cash in be XXX EBITDA, the on our been and filed EBITDA the company its to specifically could A update free measure operating these performance adjusted be for can The The in undertakes uncertainties. that will made source a of of The obligation industry. segments various a will be other quarterly included the set may valuation this an third investors from to adjusted industry is company's on our its free among to the cash reporting. The and regarding, of companies Information measures, statements and indicator in The debt. to by EBITDA company's available company of is www.sbgi.net. those number results. call indicator also considers results operating which media replay are at Such of service future and factors lenders to being and remain to ASC forth as no recent webcast until The to described a of the as the in company earnings website the company forward-looking the SEC public. call accessed commonly available indicator next be segment Regulation of also cash information, measure local The believes that the key FD, with flow used valuation the its adjusted uses flow with company important a accordance performance.

since uses or addition, this in GAAP forma companies. XXXX meant measure is and discussions which a Any basis. Further used other provide of industry formulations. Diamond, sold formulated was valuation with not measure not media differ and measurements by to and companies' reconciliations as exclude local company can from to may measures XXXX on our any not found In measures will are forward-looking frequently lenders the March are These and company's a replace XXXX. beginning business of analysts, for does GAAP the GAAP reconciliations The accordance investors website, comparable on non-GAAP financial financial of discussion measures be pro deconsolidated to as X, of www.sbgi.net. compared numbers

including For release. periods Diamond consolidated, earnings was that this actual please results, the to afternoon's refer

firmly occur regarding comment potential the or any surrounding financial that not Sinclair as meritorious it or in them. litigation, to specifics a result against has that the defend diamond believes are diamond to say plan and to defenses of on we In vigorously may any lawsuit, those matters impact we the diamonds may addition, due to other allegations to issues the legal pending than unable bankruptcy

now the Chris me over Ripley. to turn Let call

Christopher Ripley

thank Slide and our us. X joining for an you results. overview of start introducing on I'll by financial afternoon, third Good quarter

As see, our that in media guidance the quarter as Media Sinclair segments. our Tennis and met Local on expectations or you exceeded can third well across delivered as strong board revenues advertising both Channel and expenses results distribution both

by also we guidance. midpoint adjusted exceeded of free the exceeded cash for XX%, a adjusted quarter result, we guidance our EBITDA As the flow and

X. Slide to Turning

permit. XX%. our beginning priority a to over of strengthen our to which repurchases total well dated X We our repurchases, $XX place just tranches as all On acting the discount of while outlay market debt represents representing face XXXX made took when across notes have cash nearest maturity our open repurchased par in average, million These the yield million, to of a of at market balance term over debt XX% conditions were maturity June. a as since our loan $XX opportunistically sheet of value for our

Slide to Turning X.

in local to broader As our coming the has are in multiple quarters. committed as media transform we've traditional the we realization the with we industry said, believe coming Sinclair years well to With due as that the being growth regulatory stated churn past, the business and that to drivers subscriber in the constraints. industry needs

political record-breaking in advertising to XXXX. see expect we First, revenue

we above seeing significantly election. are appears issue-oriented and races what and to XXXX flows of several political year's advertising in-house political growth XXXX get Senate so year, levels this revenues trend current the will closer this be footprint to expect and both in our We strong next growth and we as far accelerate

sports with and as focus and programming XX% by to local content strong viewership, viewer as demand nonnetwork driven our syndicated continues loyal and on drive across content. high news portfolio differentiated well our Second, impressions of station

through for renewing revenues our all retrans X-year our from continue relative of negotiation for perspective a of next regarding items. from positive end XXXX. CAGR And big nearly broadcasters, industry cycle of expect to through positive while the tech with particularly to optimistic far couple X our are big we we subscribers competitors, addition, of single-digit big the a year, media from XXXX regulatory In environment and long-term overall traditional is by net a low cautiously changes

Slide Turning X. to

developments significant we refer weeks distribution addition changes the has could the the the strengthen as the Pay future. begin All to rebundling. to TV believe to to believe several Pay to the carriage these TV what of like potential in Disney in materially in bundle within We Charter model, past launch agreement great the recent I

TV la do It carte Disney+ Pay all increase of DTC significantly packages. including platforms, certain will appears DC it DXC to While know the we -- know current TV details the the relative incorporate don't a ESPN+ is into offerings. Charter's new value to proposition we Pay agreement, what regarding and Disney consumer

and In over leave consumer received, drop developments bundles addition, of traditional of pay-TV Charter time. meaningful reasons undifferentiated lower-rated which consumers' lead Disney's its reduction to overall agreement allows reduce some cable value to channels Pay should the TV believe these subscribers bundles. We increased from churn to

forward nationwide the compared as strong consumers TV bundle. other that back as that without example they, to reach their various the important subscribers from the but In tremendously as sports shift the carte the value to viable to can decision-making value network continuing all a and is as dissessions to on revenue bundle. the networks, this only offerings those add to approximately to to crucially that it's benefits. TV to how as it's of Pay channels. Add our as line our partners The want is, addition, TV the being advertising up, it compensation continues $X financially and that Pay maximize not the attract with receives look and And well. and the in la and a the television have important bundle reverse and and bundle of ] as networks DTC from The points most favor view annually distribution content the NFL significant groups network relative to Each billion league, improving [ these in our revenue streams leagues is distribution today distribution to having is also well content. fact, bundle station pay obvious doubtful bottom more to remain and over-the-air other are both benefits. value benefited we is of important partners the of network of in environment We

let me over [ to it our turn Rob Now local to discuss strategy. ] [indiscernible]

Robert Weisbord

Thanks, Chris.

our wanted way touch Turning to X. the on it. on to that to local and media our transformation of execute Slide are we pillars I strategic [indiscernible]

reaching content. multi-platform need to be To to days need multi-platform is The provider. linear generate TV we eyeballs First content transmission impressions. increase only through And gone. a we media impressions, of or revenues,

carry websites, station linear applications, podcast our every on are our presence active where various have media that need platform stations we every including and content viewers and be. to YouTube, social can is and platform, everywhere Our listeners

of and on our platform community interactive time accomplished impressions on monetize to is methods second to way working by that. engagement. our platforms. This engagement. be pillar, through to leads multiple constantly viewers not but maximizing we We the of We do capture for are and various We best impressions, only this on keeping that longer our periods

just further more opportunities to center viewers include user. a name of methods unique our us content, game may more few, developing revenue marketing brings the develop as per a and well of with and to running opportunities are services. third us viewers various to as engage to for content pillar us consumers contests or We which These for the unique

ad continue as ad digital order recent improvements well sale sales months, our to which together provide efficiency our introducing including massive digital, systems, refine for proposals our easier It traffic upon. which for the dramatically in execute platform services, makes teams. ties linear, digital for We and sales as multiplatform to entry billing, unified a

the We DDAS, increase profiles cases. the infrastructure which Media segment product prospects transition is sales the broadcast comprehensive of partners a Development and with is expected data velocity stack, year-end. before our build of our us final our This prospecting our business presentation conjunction service wireless distribution we rapidly, are and orchestrate technology and drive Next to talent of Gen broadcast data, in and across pillar our the expect modernization for now communications. The upon capability, technology sales also with to world. to Sinclair's distribution platform AI proceeding to technology our as and underway growth, or to country cloud. and the allow importantly, constructing is our This or distribution client this next-gen scale platform data launch to our around more of covers the to specific to dependent using is Local centrally development leveraging

lineup during quarter. free during true prime, growth of improvement, of engine national shows again content earlier home stack's Local the and ratings linear X, [ stack, series in years. On will our the expanding to of Nest, road launched were local portfolio XX% charge was week, celebrity-driven our the The advertising, networks. X into up our In strategic third develop The the over-the-air DBD which addition, are networks, pillars In factual our year-over-year Notably, our this national summary, pro addition ] family these broadcast up new media excluding political, programming transforming we Media to Nest coming network, the reality the forma maps comet approximately which Slide views. year-over-year the TV segment, once quarter. joined in and creation, core X% is

broader relatively news. year-over-year in Of welcome the note, for outlook quarter, which was current slightly National positive environment is the was good stable. Our advertising

year-over-year, to continued were while home to services home-related well, and to perform categories, XX% legal automotive contribute remained continues XX% of X%, products strong, growth. up our terms up up In

forward million record above a we trends. On are We I we $XX to million spending quarter, a core begin our look ago for the $X in quarter early million addition, mid-single-digit past million advertising quarter, $XX $XX now quarter, for still the budgets $X XXXX. And nonelection growth on In insurance million over million $XX are lock in rate reduced range XX, to currently in year third year ad trends for to year. a to would imply which wanted advertising million the to provide update quarter and $XX booked the which are fourth the to political the category, as to facing year. guiding to quick guidance of beginning while political to the in the to similar it is their a Slide full

see trends, a strong the heavy for year and the coming fundraising we issue-based continue these outlook to forecasted election Given XXXX. in advertising, spend political record-breaking up

to Slide XX. Turning

virtual negotiate includes ability MVPDs. We directly network to have Network, agreements in signed our with months. expands our X the deal affiliate which recent also a stations This CW with CW multiyear

entered of with big a CAGR extend network Network Sinclair all renewal Channel, all cycle we to our renew through company also for growth agreement its carriage confident virtually With XXXX, Yes low stations single-digit traditional X in [ Network. our television We [indiscernible] has multiyear XXXX reached Comcast affiliation remain station. for end CBS the agreements XXXX. guidance ] and our The also through retrans, from Sports for subscribers for renewal of renegotiation our and Marquee up a by an net

As earlier, see Chris positive stability retransmission the highlighted to continue of regarding industry we net trends long revenues.

on turn call let well Next Chris Now to update as me Gen to Ventures as our broadcast segment. the over plans provide back an

Christopher Ripley

XX% has our of been Next wanted a deployed quick Thanks, Rob. now our broadcast markets of updates of covering provide I On couple Slide population. half to covered technology, XX, in regarding which Gen XX

XX% Next above is reach. industry as continues In Gen now addition, to improve nationwide the coverage

recent in X.X television its the a Sony suspend available and U.S. ready has patent produce and the X.X XX to by caused inclusion dispute sell lineup, be chips LG U.S. continue and year-end. in to X.X While TVs, XXXX Samsung million industry to ATSC of receivers expects the

to patent appealed NPAT very and LG. verdict long We is little have expect being term by the

announced week, with Next of agreement Korea Radio we expand development In services South X.X and in Korea ATSC Association. addition, Promotion to an last the promote Gen

in play capabilities U.S. We transformation model leading a the only accelerating role globally. DDAS not in of local adoption of to but the and continue continued the the business broadcast

another million XX, adjusted total million of with EBITDA, strong our quarterly well As Tennis in $XX in both $XX seen on and excess recorded revenue guidance. in Slide Channel quarter

Tennis Channel Our increasing full for is a guidance year as result.

EBITDA of revenues $XX the $XXX expecting million. $XXX full in to adjusted year in million million, of million now are We range the full range $XX to with year

XXX% by media to in XX. viewing XX%. growth grew social on Fast impressions as The across strong highlights authenticated increased year-over-year, monthly quarter -- while year-over-year authenticating platform for delivery MVPD Turning the by by Channel by TC+ while audience The customers continues content Tennis grew Channel's by XX% Tennis year-over-year. streaming average third drive exclusive year-over-year, XX% Slide operational grew The XX% multiple grew TX the channels. subscribers to

and Carvana which all venture Tennis now a Professional fast Channel quarter, addition, a In announced pickable Association joint new for the a will in Tennis the Channel in October. the dedicated channel with stronger for about growth be PPA lie drive we more Tour. Pickleball not could We events opportunities produce Pickleball launched that excited during XX-hour also the even Channel believe ahead. metrics Tennis upcoming will quarters,

Before quarter, discuss Slide I Ventures portfolio turn our Channel over Lucy to XX, of which update brief the excludes call to the we investment impulse. financial know wanted results I a Tennis on and to the on provide

last several our quarter. consolidated quarter the from were smaller In investments addition, removed in were that investment calculation portfolio included this

apples-to-apples quarter, million As $XX position value of a of sequential on $X payments. and billion, majority-owned September $X investment a company XX, investments from Of of million of and minority an investments distributions represents market increase both million cash capital in the $X of the had values which note, excluding approximately quarters. during basis, approximately the includes including portfolio's of minority was million, investment exit million $X.XX approximately $XXX capital

growth into we a stated significant investments expect in to all into potential the have goal is you opportunities of have as assets. amount minority past, providing long-term visibility that consolidation As these time investments of majority as we the performance transition well to venture other over greater our and

portfolio. transform update the We investors continue on we basis will our regular as a to investment

our now me additional Lucy the to quarter. financial turn in the to on results over provide Let call detail

Lucy Rutishauser

delivered guidance political and a revenue consolidated on media revenue on and exceeded afternoon, than that during expectations higher quarter modestly Chris, Slide revenues forecast. and end XX, third distribution internal advertising good everyone. Thank high the we as the of our met Beginning basis, you, was core advertising

the and on high compared overachievement as the XX, to primarily and end quarter, expenses sales, digital lower Slide midterm for consolidated revenues subscriber during production G&A churn. On year, a quarter lower which last of $XXX exceeded to programming political a adjusted and extent, the driven decreased well revenue and the year, EBITDA on impact the as the revenues was lower-than-expected million media costs guidance to on As year-over-year lesser of costs. by media election consolidated lower

political our EBITDA last basis, lower a in Slightly As adjusted next EBITDA, to fewer we forma payments due investment shows balance the of on walks our the years onetime free XXXX favorable total media year, decline off-cycle of X.Xx minority Sinclair our first at political pro which meaningful with higher the and our year-over-year XX. revenue maturity costs, due portfolio basis sheet Sinclair Interest EBITDA cash exceeded quarter an year to of for expense the trailing results X-quarter on from exited high flow compared metrics the the the the a a leverage a basis. declined as Group's expenses, almost in to X.Xx, as on of as XX distributions discussed September as the corporate adjusted as the flow consolidated interest partially leverage film X while revenues in net end Group's quarter well and investments. Slide free Television result was forma X.Xx just decline was quarter contributing adjusted XX Television decreased through lower coverage several also pro the from guidance the primarily of was last offset cash revenues lien net STG, away. Adjusted adjusted with as overhead, media all year. consolidated cash period decline. Slide the end excluding results.

for million at end. Slide $XXX Ventures. at XX There SBG at cash $XXX were million was at position total calls $XXX shares introduces our million range. XX.X digital growth. quarter $XXX advertising $XXX media which be and core advertising anticipate of mid-single pro year-over-year quarter revenues cash by million Our outstanding digits end driven We million consolidated of and revenues total guidance, cash quarter million strong the to forma fourth with to up

up distribution year-over-year expected is the guidance. be at to slightly Our midpoint of revenue

We period be year, election anticipate EBITDA fees year ] to investments adjusted quarter. flow in cash off-cycle million from to and in infrastructure to network $XXX free million to the adjusted advertising down the programming production growth forma expect We political largely an $XXX cost of $XX in range revenue of ago and and the EBITDA adjusted the the technology pro in in [ million $XXX lower million, $XX of initiatives. million higher various due

Turning quarter to Slide XX, guidance. our fourth incorporating

For year, the billion. are total to expected the the favorable consolidated Media expenses full billion due primarily company expect full be to our of to to year in performance for we favorable revenues third quarter. guidance year the expense prior $X.XXX $X.XXX

year Adjusted Our growth approximately our $XX full million and reflects also between is in spending forecast. from $XXX million and EBITDA estimated $XX technology guidance infrastructure prior and million adjusted $XXX million at down initiative $XXX free that, the over some closing of ] between to [ comments. midpoint back share cash million for flow with to $XXX guidance. And I'd Chris at $X.XX call the turn million and like with per

Christopher Ripley

Thank you, Lucy.

our in quarter third our Sinclair quarter. to exceeded as Turning guidance XX. the expectations third we strong met takeaways results on Slide key delivered or

repurchased levels, strategic is than June. near our for of full we since to positioned Sinclair par $XX And display focused the been reducing sorry, to average million open our debt increased discount XX% the X through subscriber well addition, on broadcast continue pillars. market beginning debt we to and -- transforming In on repurchases an while the term value at commitment of linear more as we churn in face as long through has have have industry with transitioning deal

a value a highlights much-watched the dispute a in relative the political that the solid the quarter is industry Disney, trends as result. third ] for importance as remained positive [ carriage Charter bundle for we manner was believe the resolved trends which year. In significant that long-term anticipate nonpolitical improved TV for of we with addition, revenues subscriber linear churn Pay record during Advertising and a

which XXXX, XXXX. flow In in EBITDA quarter. growth growth record categories we during expect quarter for drive advertising We in in year-over-year improve to free cash as trends the core fourth strong from political us the several and will adjusted saw the revenues continued both and significant meantime,

increased us. Lucy, over the We for assets meantime, to that open next Sinclair will that positioned and to and excited to Rob the I the demand, today. internationally programming. Channel of are retransmission also future, domestically for agreements looking questions. the well our and about is related both remain the XX Thank coming up renewal are for opportunities we ahead In months. joining we Tennis lie us significant continue for you call and ahead see now

Operator

the is from [Operator Instructions] Benchmark Kurnos Dan Your coming Company. from first question

Daniel Kurnos

you lot has appear of the start these side, Great. your Disney, distribution, continue seems the dollars more your as commentary you're to think I'm or here? you quarter. can the your accruing into results the just and these there's Chris, we've retrans what Maybe, on just of some it around much strong guide broadcast. of curious, to here. how of have reduction you It's conversations just a how carriage nice in of pick to been that or to seen Charter on kind your side, But like pretty other reflecting the much your on also guess aspect of factoring of low-value net side unpack cable rate kind And commentary the from is flip I nets commentary rate that. up

Christopher Ripley

it's a great Well, observation.

get from paid. nonpremium few content getting deal takeaways Disney of got key or and content, Charter, dropped that is Charter a dozen premium the like -- where there's the channels think which from don't one at Disney it does and and is so get I not paid

think we And that's so significant.

is a Our to available programming premium Pay pound distributor. most TV pound, the per programming

the now everything inclusion DTC point pricing we've about think I Disney have value into carte of a reinforces fact. plus extent spreads would I a as essentially give significant of our consumer and ESPN+ out other ] arrangement media is companies, just proposition other base the right charter it a value And leading like is that in on definitely to real [ is real that main to carte that think being seen power. from that Disney+ consumer. And cobble DTC Charter month, way, by I we to together So offerings. distributors recent the the far offerings so get ala alternative other see the these and proposition that to validation the and we the those a And the is ] will negotiations month [ up positive these the of day and relative view really they And day think ads for added way go by the packages we price the for solid by and to leading ala down passwords. they cracked that thing

relative carte the TV of more the is and pay skyrocketing is DTC more relative up of increasing So offering. actually and ala getting cost because added the value is to

seeing a few we're think the seeing case we wasn't of alternatives trend very ago, a the choose a we're the entertainment. last years positive of but people that for base so that And video their over years, rightsizing X that's couple

Daniel Kurnos

in or That's the just today, super release housekeeping, do after the XX deals months? you over next you have what helpful. And renewals left announced the

Christopher Ripley

and subscribers have between vast all -- the the traditional now up TV of coming still -- We [indiscernible] XXXX. in Pay our next almost

that about good really feel we should heading into what be dynamic step-ups. significant So

Daniel Kurnos

and record go the fundraising whole guaranteed of Scott afraid have obviously, outcome year presidential given sort out been side. I people there side, just but then or the front, uncertainties next for stuff, then the on political talk on lot to Tim obviously, been the presidential And and know about on and talk a -- the of about maybe there's

record of backdrop? your 'XX color incremental on in any confidence that just calling So with for sort

Robert Weisbord

It's answer that. Rob. Yes, I'll

We on have Senate of house races seeing money spent a lot significant and advertising. issue-based

couple we're seeing year a bullish some a presidential calling us. just The record on in we're spending for hours of election, money So came Iowa, still ago. for it down

out are be and are So the significant. money local presidential that that there election the the it's will the for issues whether spent, races

Christopher Ripley

external still the record on is money topic the research money fundraising, is really And towards and the pointing raised spent. that's key

Daniel Kurnos

true. historically been has That

if Chris, ask on one allocation. one allocation last capital just just or Just I can

market credit for obviously a your guys equity. open accrues to the discount You the deserve in at buying since debt it back

I sky thinks equity. the the value smart. think care falling, that you point -- is guys at given We're I the of know your here, and that's been everyone where about

think at on and So balancing these most from point next you know free that is but levels. how X big the don't this just of you just kind to about the year, buyback I on? thoughts come had your X knowing a balancing the in cash of going

Christopher Ripley

it too never of be back And as buy Sure. to this you did these noted, to forward of like we when year. looking a amount But types we comes things. stock we -- significant

debt the We've We benefit have on active debt. of that very from been heard side. investors the would equity amounts from lower

are low the from and current really, pointing focus our focus that equity ignore right today, really in perspective, and fundamentals our it's shifted a you out that but to that. have we so is And hard is

Operator

Your Cahall Wells from next coming question is Fargo. Steven from

Steven Cahall

sub of have, sub year. declines renewing, in virtually much you all and think, And so now noise virtuals. just you every between and next middle the between there's retrans pricing Chris, and So said, as these I days

X think it So peaks think you X% I it where if with we back was your just get help you after renewals? to to these retrans very us going retrans And accelerating guidance. to this guidance. for the so soon. hard on very, might and that's down step that revenue all helpful to really Lucy, see versus a net I Slide Because really in from. expectation is where then, think outperformed related you understanding the came kind of thing EBITDA retrans your lot that the all, revenue here around start quarter. when clearly in from It's QX Can

make than what came programming sure seeing performance but QX cost revenue just A -- Can had you cost doesn't as on but that in side it you to this good out I like the expenses. understand what Some I of well. you It better been Is there. doing? Are that. want on it's help cutting just guide, to I unpack significantly is us based just cost that expected? the look want in timing, lot lower you've

Christopher Ripley

All right.

relates on to XXXX into you guidance low year are single as we're it a now. by digits we X-year which standing point ago a our we So gave to over over to net I growth. CAGR, back would so retrans, guidance year And [ of the that a ] XXXX,

see in on based to do And where here, were math headed to so where XXXX. if you XXXX want from where but necessarily we just it peaks, it's in not the

meaningful fourth way So making that is -- number a much where in up quarter number that you to today to the see rating in starting should and a its growth acceleration from XXXX. it you're right, run then higher basically,

Lucy Rutishauser

Yes.

so Steven, focused on of we focus it's and is a have so question, the on company expense been all our to some And look year company-wide questioning -- really is at a as something expenses. this

And of so all where spending categories across coming our you're seeing it and is large departments. really

a and out will usually on higher this just quarter year. the quarter-to-quarter, commissions this cost Again, business year. has kind QX So you can't been full And move quarter, for lot a sales some one QX, focused expense QX you this area. and bigger and But have really right, for be to as there is from on focus a be seasonality really we point into just just third will be us the that in but of company-wide here forward, revenue. from the up not of taken the of will just

Christopher Ripley

I I'd getting not This things expect to we will -- that that of is just think is nature. rid are onetime These things saves. changes right? be permanent, need, are more cost efficient, add us getting what of that these that we didn't that

will So continue.

making the other around it investments this we what number have, platform, revenue efficient a initiatives. selling ad geared think that what of be year, In transformation, the improve. smaller to be all or They're making either on DDAS, continue fact, we so running we're quite being business with bound there's which the more be cloud, more it expense. less it more unified will have, significant All is we with

won't so we year. continue drives just stop efficiency after will that And greater this

Operator

Watts from Bank. Your [Operator Instructions] from question is coming Deutsche Aaron next

Aaron Watts

One follow-up Chris, distribution more for on questions side. few the a guess, Just I me.

months. at in, Disney, renewal as You've prolonged these up post distributors abrasive your have get highlighted more we even you owners these and discussions sub given backdrop that With we that of that between you you base a Charter with are any notable outside that blackouts? go looking the without of elongated should base bracing can And couple station the a NFL blackouts ongoing. over any approaching you XX that into couple with, seen for and for majority case a We've past, ones is in on next the the work the negotiations is done all them to least are differently. compared negotiations are of

Christopher Ripley

increased. multiple just would a I that for on But common broadcast the people a blackouts remember tell have a think years. plenty we in paying from attention actually, times industry. where are notion So them. had blackout Periodic blackouts of I much the perspective, the had side occurrence have single for been I challenge can haven't to longer more Aaron, you, years. blackouts And I'll Sinclair we

I looked with to each a -- one haven't start myself always fashion. so at would the need that actually think the be we accurate say very other. though one, battle friendly from numbers It's in It's increased. been it that's to continues of fought And both be retrans. I blackouts all a and don't it have the And

talked Disney that deal desirable I secure so the ours about with distributors for available the And terms the and reasons most I don't expect to we the Charter is how to change content, see stop. of a meaningful for that I when interact full what's I in continue. all in cited

video need So business, -- be that, still you assure in they I want all video which to want they're business, be the in they our the they if to content.

And so much. the changed I marketplace don't think has really that

Aaron Watts

Okay. call? a your picture and sustainable? positive trends these That's early quarter going on sustainable like it corner be early traction? can Or advertising results they Can make And towards say rolling like positive a positive core to little seems helpful I signs is national the guess, be forward And direction. ad to it more turning it context. and into towards moving XXXX? secondly, that XQ too heading just third in around the right you then based early too may Is guide,

Robert Weisbord

Retail ] returned. it's strong. Aaron, [ I getting travel we're Yes, would categories strong. are has stronger. Services Auto say cautiously and optimistic. Rob. that is legal The

optimistic pandemic had We've seen the turnaround. process. but we full thought I So And ball, are crystal this recession, I [ wish through a we that have come gone we've now ]. turn

pricing years, value maximize I dynamic we've us our we're And been allow building think our last pricing kick system ] in including because that will everything to assets. the ML to it election of robust. for [ AI, year makes few our excited the

Christopher Ripley

reflection put bigger of this of I a sellers our consultants and is transforming dividends. also has shift, and starting work put advertising That's of work marketing has total bigger continued pay a Rob's of lot [indiscernible] multi-platform a a digital team into to is strategy becoming lot think and really our into pie, a portion as

Robert Weisbord

world, solution in single our monetize stated every earlier we we live and and Yes, platform. building we're that the assets cross-platform we single platform on every

to are the So hiring well on happy network Conde, a little our as a give we that HBO the podcasting to from our with as going gentleman different how space. upon to look media social NAS bit various Max and of expanding we came impact social networks really media the be presence

a with it. as plan do content, along to we So we also have the monetization go

Operator

Ripley, That for concludes the Please will now go CEO, session. hand our remarks. Q&A ahead. I and President to back conference closing Chris

Christopher Ripley

And free you or us to feel joining reach questions out. all extent you for today. to have Thank any comments, the

Operator

event. today's This Thank concludes you, everyone.

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

Sinclair Broadcast (SBGI) 1 Nov 232023 Q3 Earnings call transcript