SBGI Sinclair Broadcast

Sinclair Broadcast Group, Inc. is a publicly traded American telecommunications conglomerate which is controlled by the family of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations , owning or operating a total of 193 stations across the country in over 100 markets , many of which are located in the South and Midwest, and is the largest owner of stations affiliated with Fox, ABC, and The CW. Sinclair also owns four digital multicast networks , sports-oriented cable networks , and a streaming service , and owns or operates four radio stations in the Pacific Northwest. Among other non-broadcast properties, Sinclair also owns the professional wrestling promotion Ring of Honor and its streaming service Honor Club. A 2019 study in the American Political Science Review found that "stations bought by Sinclair reduce coverage of local politics, increase national coverage and move the ideological tone of coverage in a conservative direction relative to other stations operating in the same market."

Company profile

Christopher Ripley
Fiscal year end
IRS number
SEC advisor number
FINRA CRD number
$74.36M (as of 1 Jan 20)
2 (as of 1 Jan 20)
4 (3 investment advisory or research)
Sinclair Broadcast
MD 21030

SBGI stock data



10 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 945M 945M 945M 945M 945M 945M
Cash burn (monthly) 105.67M 33.08M (positive/no burn) 255.33M 68.67M (positive/no burn)
Cash used (since last report) 259.59M 81.27M n/a 627.26M 168.69M n/a
Cash remaining 685.41M 863.73M n/a 317.74M 776.31M n/a
Runway (months of cash) 6.5 26.1 n/a 1.2 11.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 32.658 15,000 489.87K 689,000
9 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 33.3025 12,488 415.88K 704,000
8 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 33.4654 25,276 845.87K 716,488
7 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 33.4558 40,819 1.37M 741,764
4 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 33.309 58,204 1.94M 782,583
3 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 34.2416 314 10.75K 840,787
3 Jun 21 Smith Frederick G Class A Common Stock Sell Dispose S No No 33.7346 62,899 2.12M 841,101
12 May 21 Mccanna Lawrence E Class A Common Stock Sell Dispose S No No 33.0015 5,000 165.01K 22,650
12 Apr 21 Smith J Duncan Class A Common Stock Sell Dispose S No No 30.0027 69,366 2.08M 185
12 Apr 21 Smith J Duncan Class A Common Stock Other Aquire J No No 0 69,366 0 69,551

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

80.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 182 197 -7.6%
Opened positions 33 50 -34.0%
Closed positions 48 22 +118.2%
Increased positions 45 55 -18.2%
Reduced positions 69 59 +16.9%
13F shares
Current Prev Q Change
Total value 3.01B 1.46B +105.8%
Total shares 41.65M 45.88M -9.2%
Total puts 126.8K 507.5K -75.0%
Total calls 682K 2.27M -69.9%
Total put/call ratio 0.2 0.2 -17.0%
Largest owners
Shares Value Change
HG Vora Capital Management 4.75M $138.99M 0.0%
Vanguard 4.59M $134.28M +6.9%
BLK Blackrock 3.71M $108.7M +8.4%
Contrarius Investment Management 3.68M $107.54M +3.7%
Conifer Management, L.L.C. 2.88M $84.4M -30.6%
GS Goldman Sachs 2.16M $63.25M +1613.4%
GBL Gamco Investors 1.99M $58.14M +47.2%
Vaughan Nelson Investment Management 1.82M $53.3M +16.0%
STT State Street 893.95K $26.16M -3.0%
Gabelli Funds 791.1K $23.15M +80.4%
Largest transactions
Shares Bought/sold Change
MS Morgan Stanley 521.22K -2.11M -80.2%
GS Goldman Sachs 2.16M +2.04M +1613.4%
Conifer Management, L.L.C. 2.88M -1.27M -30.6%
Rubric Capital Management 0 -1.01M EXIT
Alden Global Capital 0 -654.11K EXIT
GBL Gamco Investors 1.99M +636.87K +47.2%
Norges Bank 0 -588.07K EXIT
Arrowstreet Capital, Limited Partnership 562.39K +562.39K NEW
140 Summer Partners 0 -468.49K EXIT
ATAC Neuberger Berman 0 -389.2K EXIT

Financial report summary

Management Discussion
  • Any references to the second, third, or fourth quarters are to the three months ended June 30, September 30, or December 31, respectively, for the year being discussed. We have two reportable segments, "broadcast" and "local sports," that are disclosed separately from our other and corporate activities.
  • The operating results of our broadcast segment are usually subject to cyclical fluctuations from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to advertising expenditures preceding the presidential election. Also, the second and fourth quarter operating results are usually higher than the first and third quarters’ because advertising expenditures are increased in anticipation of certain seasonal and holiday spending by consumers.
  • The operating results of our local sports segment are usually subject to cyclical fluctuations based on the timing and overlap of the MLB, NBA and NHL seasons. Usually, the second and third quarter operating results are higher than the first and fourth quarter operating results.
Content analysis
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