Sinclair, Inc. (SBGI) Deutsche Bank 34th Annual Media, Internet & Telecom Conference March 9, 2026 1:30 PM EDT
Company Participants
Narinder Sahai – Executive VP & CFO
Conference Call Participants
Benjamin Soff – Deutsche Bank AG, Research Division
Presentation
Benjamin Soff
Deutsche Bank AG, Research Division
Good afternoon, everyone. My name is Benjamin Soff. I’m the equity analyst at Deutsche Bank, covering TV broadcasters. I’m very pleased to be joined today by Narinder Sahai, Sinclair’s CFO. Welcome. Thanks for being here.
Narinder Sahai
Executive VP & CFO
Thanks, Ben. It’s great to be here.
Question-and-Answer Session
Benjamin Soff
Deutsche Bank AG, Research Division
You reported 4Q earnings a couple of weeks ago. Looking back to 2025, what were some of the highlights for Sinclair? And what are your key priorities for 2026?
Narinder Sahai
Executive VP & CFO
Sure. So in 2025, we delivered at or above the guidance ranges we provided for our business. We saw strong momentum in core advertising translating into Q1 as we look back. Distribution stabilized. Some of the traditional MVPD churn moderated. So that was essentially flat year-over-year. We started executing on our JSA/LMA buy-ins. We are about 70% of the way through there. We expect to finish that in the second quarter of this year with the full run rate synergy benefit realized in the back half of this year, which we have said is about $30 million annualized. And looking at the balance sheet, we ended the year with $866 million of cash, $1.5 billion of liquidity. And our nearest material maturity is not until the end of 2029.
So we feel really good about where we entered the year in 2025. And we’re looking at 2026 as a catalyst year with a broadcast, sports as well as political heavy calendar, we want to use
Read the full article here