BALTIMORE, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2026.

Highlights:

  • Total Revenue increased by 16% and Total Adjusted EBITDA increased by 113% year-over-year
  • Total Adjusted EBITDA of $213 million
  • Political Advertising Revenue of $136 million, an increase of 55% versus 3Q22
  • Full-year preliminary Political Advertising Revenue of approximately $455 million, an increase of $50 million above our prior political revenue record of $405 million in 2024 and $122 million above our prior mid-term political revenue record of $333 million in 2022
  • As an update to our ongoing strategic review, we continue to evaluate various broadcast transactions and while pleased with some of the progress we have made so far, we believe opportunities still remain. We have also evaluated the separation of the Ventures portfolio through a spin-off, split-off, or other transaction, and have determined at this time not to separate Ventures in a standalone transaction. We will continue to evaluate all options that provide value creation for the Company’s stakeholders
  • Increased Full Year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million

CEO Comment:

"Sinclair delivered strong third quarter results, with record mid-term political advertising revenue in both third and fourth quarters, and disciplined execution across the business. Political advertising revenue is expected to exceed our prior record year of 2024 as battleground races and the overall political environment helped drive record demand across our footprint. In addition, we have reached new network affiliation agreements with both ABC and CBS in recent weeks. Lastly, we are increasing our full year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million, which we note is higher than our 2024 Adjusted EBITDA of $816 million excluding the Diamond-related management fees received in that year."

Recent Developments:

Updated Full Year 2026 Guidance

  • Increasing Total Company Adjusted EBITDA from a range of $730 million to $760 million to a range of $825 million to $835 million
  • Total Company Revenue guidance increasing by $95 million at the mid-point of our new range
  • Distribution and Core Advertising Revenue ranges tightened

2026 Midterm Election

  • Political revenue of $136 million in the quarter is up 55% compared to the third quarter of the 2022 mid-term election cycle
  • Full-year political revenue of approximately $455 million represents a record political year for Sinclair, besting the $405 million in political revenue in 2024

Balance Sheet

  • Retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan
  • Ended the third quarter with total liquidity of ~$1.4 billion consisting of cash and cash equivalents of $659 million plus undrawn revolver and accounts receivable facility capacity

Content and Distribution

  • Reached network affiliation agreements with both ABC and CBS in recent weeks
  • Record setting 2026 FIFA World Cup, NFL and college football audiences highlight broadcast's lynchpin position for appointment viewing
  • Tennis Channel continued to grow engagement across linear, streaming, and direct-to-consumer (DTC) platforms with growth seen in DTC subscribers, as well as both distribution and core advertising revenue

Financial Results:

Consolidated Financial Results

($ in millions) Three Months Ended Percent Change
  September 30, 2026 June 30, 2026 September 30, 2025 QTQ YOY
Total revenue $893  $840  $773  6% 16%
Distribution revenue  426   444   422  (4)% 1%
Core advertising revenue  301   308   315  (2)% (4)%
Political advertising revenue  136   59   6  131% 2167%
Other media and non-media revenue  30   29   30  3% —%
           
Net income (loss) attributable to the Company $43  $(76) $(1) n/m n/m
Adjusted EBITDA(a) $213  $149  $100  43% 113%
           
  Nine Months Ended Percent Change    
  September 30, 2026 September 30, 2025 YOY    
Total revenue $2,540  $2,333   9%     
Distribution revenue  1,328   1,307   2%     
Core advertising revenue  914   923   (1)%     
Political advertising revenue  213   18   1083%     
Other media and non-media revenue  85   85   —%     
           
Net loss attributable to the Company $(13) $(221)  (94)%     
Adjusted EBITDA(a) $488  $315   55%     


n/m - not meaningful
(a) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.

Segment Financial Results

Segment financial information is included in the following tables for the periods presented. The Local Media segment consists primarily of broadcast television stations, which the Company owns, operates or to which the Company provides services, and includes multicast networks and original content. The Local Media segment assets are owned and operated by Sinclair Broadcast Group, LLC (SBG), including its wholly-owned subsidiary, Sinclair Television Group, Inc. (STG). The Tennis segment consists primarily of Tennis Channel, a cable network which includes coverage of most of tennis' top tournaments and original professional sport and tennis lifestyle shows; the Tennis Channel International subscription and streaming service; Tennis Channel streaming service; TennisChannel 2, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Other includes non-broadcast digital solutions such as Digital Remedy, technical services, and other non-media investments. The assets of the Tennis segment and Other are owned and operated by Sinclair Ventures, LLC (Ventures).

Three months ended September 30, 2026
($ in millions)		 Local Media
  Tennis
 Other
 Corporate and Eliminations
 Consolidated
Distribution revenue $373  $53  $—  $—  $426 
Core advertising revenue  258   17   37   (11)  301 
Political advertising revenue  135   —   1   —   136 
Other media revenue  22   1   —   (1)  22 
Media revenue $789  $71  $38  $(12) $885 
Non-media revenue  —   —   8   (1)  8 
Total revenue $789  $71  $46  $(13) $893 
            
Media programming and production expenses $381  $39  $—  $—  $419 
Media selling, general and administrative expenses  174   16   29   (13)  207 
Non-media expenses  2   —   14   —   15 
Amortization of program costs  16   —   —   —   16 
Corporate general and administrative expenses  24   1   1   13   38 
Stock-based compensation  8   —   1   (1)  7 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs  5   (1)  2   1   7 
Interest expense (net)(a)  75   —   (4)  —   71 
Capital expenditures  16   3   2   —   20 
Distributions to (contributions from) the noncontrolling interests  2   —   —   —   2 
Cash distributions from investments  —   —   —   —   — 
Net cash taxes received           (1)
            
Net income           43 
Operating income (loss)  135   10   1   (13)  134 
Adjusted EBITDA(b)  205   15   5   (12)  213 


Note: Certain amounts may not summarize to totals due to rounding differences.
(a) Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.

Three months ended September 30, 2025
($ in millions)		 Local Media
 Tennis
 Other
 Corporate and Eliminations
 Consolidated
Distribution revenue $370  $52  $—  $—  $422 
Core advertising revenue  269   14   38   (6)  315 
Political advertising revenue  6   —   —   —   6 
Other media revenue  22   1   —   (1)  22 
Media revenue $667  $67  $38  $(7) $765 
Non-media revenue  —   —   10   (2)  8 
Total revenue $667  $67  $48  $(9) $773 
              
Media programming and production expenses $378  $35  $—  $—  $413 
Media selling, general and administrative expenses  165   15   30   (7)  203 
Non-media expenses  2   —   12   (2)  12 
Amortization of program costs  21   —   —   —   21 
Corporate general and administrative expenses  21   1   2   16   40 
Stock-based compensation  9   —   —   2   11 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs  3   —   2   —   5 
Interest expense (net)(a)  81   —   (5)  —   76 
Capital expenditures  21   1   —   —   22 
Distributions to the noncontrolling interests  3   —   —   —   3 
Cash distributions from investments  —   —   2   —   2 
Net cash taxes paid            3 
              
Net income            1 
Operating income  27   11   14   6   58 
Adjusted EBITDA(b)  92   16   6   (14)  100 


Note: Certain amounts may not summarize to totals due to rounding differences.
(a) Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.

Consolidated Balance Sheet and Cash Flow Highlights:

  • Total Company debt was $4,035 million, all of which is indebtedness of STG.
  • Cash and cash equivalents were $659 million, of which $170 million was STG cash and $489 million was Ventures cash. In addition, the Company had $724 million of available borrowing capacity under its revolver and undrawn capacity in our accounts receivable facility, bringing available liquidity to $1.4 billion. Leverage Metrics1 were:
    • First Out First Lien Leverage Ratio – 1.7x (Covenant <3.5x2)
    • Total Leverage Ratio – 5.1x (Covenant <7.0x)
  • 48,558,461 Class A common shares and 23,755,236 Class B common shares were outstanding, for a total of 72,313,697 common shares.
  • In September, the Company paid a quarterly cash dividend of $0.25 per share.
  • Capital expenditures for the third quarter of 2026 were $20 million.

Outlook:

The Company is updating its 2026 full year financial guidance that was announced in August in conjunction with the Company's second quarter earnings release.

Updated Guidance
For the twelve months ending December 31, 2026 ($ in millions) Local Media Consolidated
Total Revenue $3,110 to 3,160 $3,530 to 3,600
Distribution Revenue $1,525 to 1,555 $1,735 to 1,775
Core Advertising Revenue $1,040 to 1,060 $1,220 to 1,250
Political Advertising Revenue Approx. $455 Approx. $455
     
Adjusted EBITDA(a) $805 to 815 $825 to 835
     
Capital expenditures   $75 to 80
Net interest expense(b)   $290 to 295
Net cash tax payments   Approx. $50


Previous Guidance as announced in August 2026
For the twelve months ending December 31, 2026 ($ in millions) Local Media Consolidated
Total Revenue $3,000 to 3,120 $3,400 to 3,540
Distribution Revenue $1,510 to 1,570 $1,720 to 1,790
Core Advertising Revenue $1,040 to 1,090 $1,220 to 1,280
Political Advertising Revenue At least $375 At least $375
     
Adjusted EBITDA(a) $710 to 740 $730 to 760
     
Capital expenditures   $75 to 80
Net interest expense(b)   $290 to 295
Net cash tax payments   Approx. $50


Note: Certain amounts may not summarize to totals due to rounding differences.
(a) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.
(b) Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense and is net of interest income.

Conference Call:

The senior management of Sinclair will hold a conference call to discuss the Company's third quarter 2026 results on Wednesday, November 4, 2026, at 4:30 p.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investor Relations/Events and Presentations." After the call, an audio replay will remain available at www.sbgi.net. The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 545-0523, with entry code 437861.

Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)

  As of September 30,
2026		 As of December 31,
2025
ASSETS    
Current assets:    
Cash and cash equivalents $659  $866 
Accounts receivable, net of allowance for doubtful accounts of $8 and $5, respectively  604   687 
Prepaid expenses and other current assets  168   147 
Total current assets  1,431   1,700 
Property and equipment, net  637   655 
Operating lease assets  110   110 
Goodwill  2,083   2,085 
Indefinite-lived intangible assets  24   149 
Customer relationships, net  234   269 
Other definite-lived intangible assets, net  324   264 
Other assets  667   717 
Total assets $5,510  $5,949 
     
LIABILITIES AND EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities $482  $496 
Income taxes payable  31   21 
Current portion of notes payable, finance leases, and commercial bank financing  22   25 
Current portion of operating lease liabilities  26   24 
Current portion of program contracts payable  70   70 
Other current liabilities  96   67 
Total current liabilities  727   703 
Notes payable, finance leases, and commercial bank financing, less current portion  4,013   4,358 
Operating lease liabilities, less current portion  108   112 
Program contracts payable, less current portion  6   13 
Deferred tax liabilities  159   213 
Other long-term liabilities  164   180 
Total liabilities  5,177   5,579 
Commitments and contingencies    
Shareholders’ equity:    
Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 48,558,461 and 45,979,350 shares issued and outstanding, respectively  1   1 
Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 23,755,236 and 23,755,236 shares issued and outstanding, respectively, convertible into Class A Common Stock  —   — 
Additional paid-in capital  648   613 
Accumulated deficit  (239)  (171)
Total Sinclair shareholders’ equity  410   443 
Noncontrolling interests  (77)  (73)
Total equity  333   370 
Total liabilities and equity $5,510  $5,949 


Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(In millions, except share and per share data)

  Three Months Ended
September 30,		 Nine Months Ended
September 30,
   2026   2025   2026   2025 
REVENUE:        
Media revenue $885  $765  $2,519  $2,312 
Non-media revenue  8   8   21   21 
Total revenue  893   773   2,540   2,333 
         
OPERATING EXPENSES:        
Media programming and production expenses  419   413   1,255   1,251 
Media selling, general and administrative expenses  207   203   638   595 
Amortization of program costs  16   21   52   57 
Non-media expenses  15   12   43   36 
Depreciation of property and equipment  28   25   80   75 
Corporate general and administrative expenses  38   40   132   137 
Amortization of definite-lived intangible assets  38   37   119   108 
(Gain) loss on asset dispositions and other, net  (2)  (36)  10   (19)
Total operating expenses  759   715   2,329   2,240 
Operating income  134   58   211   93 
         
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs  (79)  (85)  (244)  (311)
Gain on extinguishment of debt  4   —   17   6 
Loss from equity method investments  (1)  (2)  (5)  (9)
Other income (expense), net  8   29   (15)  (55)
Total other expense, net  (68)  (58)  (247)  (369)
Income (loss) before income taxes  66   —   (36)  (276)
INCOME TAX (PROVISION) BENEFIT  (23)  1   23   61 
NET INCOME (LOSS)  43   1   (13)  (215)
Net income attributable to the noncontrolling interests  —   (2)  —   (6)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR $43  $(1) $(13) $(221)
         
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:        
Basic earnings per share $0.60  $(0.02) $(0.19) $(3.20)
Diluted earnings per share $0.60  $(0.02) $(0.19) $(3.20)
Basic weighted average common shares outstanding (in thousands)  72,321   69,660   71,687   68,921 
Diluted weighted average common and common equivalent shares outstanding (in thousands)  72,462   69,660   71,687   68,921 


Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
($ in millions)

  Nine Months Ended September 30,
   2026   2025 
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $(13) $(215)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Amortization of definite-lived intangible and other assets  119   108 
Depreciation of property and equipment  80   75 
Amortization of program costs  52   57 
Stock-based compensation  43   42 
Deferred tax benefit  (54)  (98)
Loss on asset dispositions and other, net  10   26 
Loss from equity method investments  5   9 
Loss from investments  40   83 
Distributions from investments  1   4 
Gain on extinguishment of debt  (17)  (6)
Debt issuance costs  —   68 
Change in assets and liabilities, net of acquisitions:    
Decrease in accounts receivable  77   12 
Increase in prepaid expenses and other current assets  (47)  (18)
(Decrease) increase in accounts payable and accrued and other current liabilities  (4)  12 
Net change in net income taxes payable/receivable  6   1 
Decrease in program contracts payable  (56)  (55)
Other, net  (4)  (14)
Net cash flows from operating activities  238   91 
     
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Acquisition of property and equipment  (55)  (55)
Acquisition of businesses, net of cash acquired  (15)  (25)
Purchases of investments  (24)  (26)
Distributions and proceeds from investments  45   13 
Other, net  13   — 
Net cash flows used in investing activities  (36)  (93)
     
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Proceeds from notes payable and commercial bank financing  —   1,430 
Repayments of notes payable, commercial bank financing, and finance leases  (344)  (1,420)
Dividends paid on Class A and Class B Common Stock  (55)  (52)
Debt issuance costs  —   (110)
Distributions to noncontrolling interests  (4)  (8)
Other, net  (6)  (9)
Net cash flows used in financing activities  (409)  (169)
     
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH  (207)  (171)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period  866   697 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $659  $526 


Adjusted EBITDA is a non-GAAP operating performance measure that management and the Company’s Board of Directors use to evaluate the Company’s operating performance and for executive compensation purposes. The Company believes that Adjusted EBITDA provides useful information to investors by allowing them to view the Company’s business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of relative operating performance.

Adjusted EBITDA is provided on a forward-looking basis under the section entitled “Outlook” above. The Company has not included a reconciliation of projected Adjusted EBITDA to net income, which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, income taxes. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not rely upon them for internal use or measurement of operating performance, and therefore cannot create a quantitative projected Adjusted EBITDA to net income reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to net income for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to net income for the periods presented will consist of items similar to those described in the reconciliation of historical results below. The timing and amount of any of these excluded items could significantly impact the Company’s net income for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

In addition to the reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income, the Company also discloses a reconciliation of the Adjusted EBITDA of its segments to its more directly comparable GAAP measure, segment operating income.

Non-GAAP measures are not formulated in accordance with GAAP, are not meant to replace GAAP financial measures and may differ from other companies’ uses or formulations. Further discussions and reconciliations of the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures can be found on its website www.sbgi.net.

Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
($ in millions)

Reconciliation of Consolidated Sinclair, Inc. Net Income (Loss) to Consolidated Adjusted EBITDA

   Three Months Ended
September 30,		 Nine Months Ended
September 30,
    2026   2025   2026   2025 
Reconciliation of Consolidated Sinclair, Inc. Net Income (Loss) to Consolidated Adjusted EBITDA
        
 Net income (loss) $43  $1  $(13) $(215)
Add:Income tax provision (benefit)  23   (1)  (23)  (61)
Add:Other expense (income), net  1   (1)  (5)  (4)
Add:Loss from equity method investments  1   2   5   9 
Add:(Income) loss from other investments and impairments  (3)  (21)  40   82 
Add:Gain from extinguishment of debt/insurance proceeds  (3)  —   (16)  (7)
Add:Interest expense  79   85   244   311 
Less:Interest income  (6)  (7)  (20)  (22)
Less:(Gain) loss on asset dispositions and other, net  (2)  (36)  10   (19)
Add:Amortization of intangible assets & other assets  38   37   119   108 
Add:Depreciation of property & equipment  28   25   80   75 
Add:Stock-based compensation  7   11   46   47 
Add:Non-recurring and unusual transaction, implementation, legal, regulatory and other costs  7   5   21   11 
Adjusted EBITDA
 $213  $100  $488  $315 


Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
($ in millions)

Reconciliation of Segment Operating Income to Segment Adjusted EBITDA

Three months ended September 30, 2026 Local Media Tennis Other
Total revenue $789  $71  $46 
Media programming and production expenses  381   39   — 
Media selling, general and administrative expenses  174   16   29 
Depreciation and intangible amortization expenses  59   5   1 
Amortization of program costs  16   —   — 
Corporate general and administrative expenses  24   1   1 
Non-media expenses  2   —   14 
Gain on asset dispositions and other, net  (2)  —   — 
Segment operating income $135  $10  $1 
        
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:         
Segment operating income $135  $10  $1 
Depreciation and intangible amortization expenses  59   5   1 
Gain on asset dispositions and other, net  (2)  —   — 
Stock-based compensation  8   —   1 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs  5   (1)  2 
Segment Adjusted EBITDA $205  $15  $5 


Three months ended September 30, 2025 Local Media Tennis
 Other
Total revenue $667  $67  $48 
Media programming and production expenses  378   35   — 
Media selling, general and administrative expenses  165   15   30 
Depreciation and intangible amortization expenses  56   5   1 
Amortization of program costs  21   —   — 
Corporate general and administrative expenses  21   1   2 
Non-media expenses  2   —   12 
Gain on asset dispositions and other, net  (3)  —   (11)
Segment operating income $27  $11  $14 
        
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:         
Segment operating income $27  $11  $14 
Depreciation and intangible amortization expenses  56   5   1 
Gain on asset dispositions and other, net  (3)  —   (11)
Stock-based compensation  9   —   — 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs  3   —   2 
Segment Adjusted EBITDA $92  $16  $6 


Note: Certain amounts may not summarize to totals due to rounding differences.

Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled “Outlook,” include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the rate of decline in the number of subscribers to services provided by traditional and virtual multi-channel video programming distributors (“Distributors”); the Company’s ability to generate cash to service its substantial indebtedness; the successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network and Distributor affiliation agreements; the Company’s ability to identify and consummate acquisitions and investments, to manage increased financial leverage resulting from acquisitions and investments, and to achieve anticipated returns on those investments once consummated; the Company’s ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company’s information systems; the impact of FCC and other regulatory proceedings against the Company; compliance with laws and uncertainties associated with potential changes in the regulatory environment affecting the Company’s business and growth strategy; the impact of pending and future litigation claims against the Company; the Company’s limited experience in operating or investing in non-broadcast related businesses; the outcome and timing of the strategic review process, which may be suspended or modified at any time; the possibility that the Company may decide not to undertake any transactions following the Board’s strategic review process; the Company’s inability to consummate any proposed transactions resulting from the strategic review; the potential for disruption to the Company’s business resulting from the strategic review process; potential adverse effects on the Company’s stock price from the announcement, suspension or consummation of the strategic review process and the results thereof; and any risk factors set forth in the Company’s recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.

Category: Financial

About Sinclair:
Sinclair, Inc. is a diversified media company and a leading provider of local news and sports. The Company owns, operates and/or provides services to 178 television stations in 79 markets affiliated with all major broadcast networks; and owns Tennis Channel, the premium destination for tennis enthusiasts, and multicast networks CHARGE, Comet, ROAR and The Nest. Sinclair’s AMP Media produces a growing portfolio of digital content and original podcasts. Additional information about Sinclair can be found at www.sbgi.net.

Investor Contact:
Christopher C. King, VP, Investor Relations
(410) 568-1500

Media Contact:
Jessica Bellucci
jbellucci-c@sbgtv.com

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1 Ratios as calculated and defined in STG’s bank credit agreement dated February 12, 2025.
2 The First-Out First Lien Leverage Ratio covenant in the STG Credit Agreement is only applicable if more than 35% of the first lien revolving credit facility is drawn and outstanding as of the end of the respective quarter. As of September 30, 2026, STG had no amounts outstanding under its first lien revolving credit facility.