Sinclair (SBGI) Deutsche Bank 32nd Annual Leveraged Finance Conference summary

Operational momentum and business performance

• Achieved strong momentum across all business segments, with core advertising consistently outperforming peers for six to eight quarters.

• Political ad revenue expectations were raised, with significant increases over previous record years.

• Completed 75% of Big Four subscriber renewals, all meeting or exceeding expectations.

• Tennis Channel expanding internationally and launching a direct-to-consumer package in Q4.

• Implemented cost containment and a cloud transformation project, driving efficiency and permanent savings.

Strategic evolution and asset management

• Focused on maximizing shareholder value through nimble asset management, including potential sales of ventures and TV stations.

• Monetizing minority positions in ventures to unlock value and respond to market undervaluation.

• Capital allocation between ventures and station group is flexible but managed independently.

Cost controls and technology investments

• Permanent cost savings achieved through cloud migration and operational efficiencies.

• Cloud investment provides better data, automation, and decision-making, with $20 million in expected savings.

• Cost control culture is ingrained across all business units.