Sinclair (SBGI) 34th Annual Media, Internet & Telecom Conference summary

Financial performance and priorities

• Delivered results at or above 2025 guidance, with strong core advertising momentum and stabilized distribution trends.

• Ended 2025 with $866 million in cash, $1.5 billion in liquidity, and no material debt maturities until late 2029.

• 2026 is positioned as a catalyst year, focusing on leveraging a sports and political-heavy calendar to drive cash generation and deleveraging.

• Continued execution on JSA/LMA buy-ins, expecting $30 million in annualized synergy benefits by the second half of 2026.

• Ongoing strategic review includes broadcast business optimization and planning for Ventures separation.

Regulatory and industry landscape

• Recent deregulation developments, including the Eighth Circuit vacating the Top-Four Prohibition, are creating opportunities for industry consolidation.

• Multiple FCC proceedings are underway, including reviews of national ownership caps, ATSC 3.0, and local ownership rules.

• Optimism about a supportive regulatory environment, but operational plans are designed to be flexible regardless of regulatory outcomes.

Consolidation and portfolio strategy

• Envisions an industry structure with two large super groups in local broadcasting to compete with big tech and media.

• Actively pursuing large-scale M&A, including previous offers for Tegna and Scripps, while optimizing the station portfolio through JSAs, LMAs, and station swaps.

• JSA/LMA transactions are expected to deliver $30 million in annualized synergies, mainly through operational efficiencies and improved retransmission economics.

• Current JSA/LMA opportunity set is largely captured, with further deals dependent on return profiles.