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Sinclair Reports Fourth Quarter Financial Results

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Sinclair Reports Fourth Quarter Financial Results

Sinclair, Inc. recently reported its fourth quarter financial results for the three and 12 months ended Dec. 31, 2023, revealing performances and insights about several key facets to its business. The diversified media conglomerate is the parent company of Diamond Sports Group, which is currently in Ch. 11 bankruptcy hearings and trying to enact a resolution to emerge. Earlier in the week, the regional sports network operator received approval for $450 million in debt financing and an amended management services agreement (MSA) with Sinclair. Diamond had sued Sinclair earlier last year alleging that the company had attained funds through misconduct, but plans to drop the litigation in exchange for a cash payment of $495 million.

Company-wide revenue for the quarter finished at $826 million, down 14% to last year’s period when it garnered $960 million in this category. Media revenue specifically also fell 14% to $821 million, $54 million of which comes from the Tennis Channel. Adjusted EBITDA for the company equated to $181 million, attributing the 41% decline from last year’s fourth quarter to lower political advertising revenues. The adjusted free cash flow for the company, which includes several factors deducted from adjusted EBITDA such as distributions to non-controlling interest holders and capital expenditures, totaled $91 million.

During the quarter, Sinclair reached an agreement with Verizon to renew and extend carriage agreements for its television stations in addition to Tennis Channel and YES Network. Last month, the company achieved a multi-year renewal of all its FOX affiliations in Sinclair marketplaces and those where Sinclair provides sales and other services as per the terms of a joint sales agreement or master service agreement. In the fourth quarter for the three months ending Dec. 31, 2022, Sinclair earned $12 million in management and incentive fees from Diamond Sports Group and Marquee Sports Network.

“Sinclair delivered a solid finish to 2023 with our local media segment meeting guidance and Tennis Channel exceeding expectations,” Chris Ripley, Sinclair president and chief executive officer, said in a statement. “During the year and through early January, we continued our commitment to deleveraging, repurchasing over $91 million in debt principal across all tranches, at an average discount to par of 19%.”

On the year, Sinclair earned $3.1 billion in media revenues but operated at a $279 million loss overall in its net income. At the conclusion of 2022, the company had income of $2.7 billion, representing an 89.6% drop-off in this area. The company noted that it considers adjusted EBITDA to indicate its operating performance and ability to service its debt, implementing several factors within the calculation to finish at $549 million on the year. This figure is also down year-over-year from the $944 million it posted at the end of 2022, paying $325 million in cash sports programming rights during that year. Adjusted free cash flow declined by 72% to $234 million, which includes Sinclair, Inc. and its subsidiaries.

As of Dec. 31, 2023, Sinclair has $4.175 billion in debt and has 63.5 million outstanding common shares, which are composed of Class A and Class B varieties. The company paid a quarterly cash dividend of $0.25 per share last December. Cash and cash equivalents for Sinclair total $662 million – $319 million from Sinclair and $343 million from Ventures. At the conclusion of the fiscal first quarter of 2024, the company projects to achieve between $787 million and $800 million in media revenue with an adjusted EBITDA of $128 million to $139 million.

Sinclair continues to roll out NextGen Broadcasting technology, which has been launched in 43 markets thus far, and projects that Diamond Sports Group’s reorganization plan improves the positioning of regional sports networks. Ripley referred to RSNs as “an important asset for pay-TV bundles” in his statement accompanying the earnings report.

Sean Bass Gets Texas Rangers’ World Series Box Score Tattooed on His Back

BSM Staff
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Sean Bass Gets Texas Rangers’ World Series Box Score Tattooed on His Back

Sean Bass, co-host of The Sweet Spot on The Ticket in Dallas, showed off his new tattoo today, which just so happens to be the box score from Game 5 of the 2023 World Series. The tattoo is to commemorate the Texas Rangers winning the World Series, and was something Bass said he would do 14 years ago.

Bass’ co-host David Mino set up the reveal, saying, “This has been the best year of Sean Bass’ life. The Texas Rangers won the World Series, we get to go to [Spring Training], it’s all you’ve been talking about…also, you got a radio show, that’s awesome, big year for you. You said this 14 years ago, in 2010?”

Bass explained, “Sometime around mid-July, I was filling in for Ty doing The Hardline ‘Tickers’…we were talking about how the good the Rangers were. I was feeling very good about where the Rangers were at that moment in time and I said, ‘Listen if they win the World Series, I will get the full game-winning box score tattoed on my back.

“The crew loved the idea, because if you open up a newspaper and read a box score, it’s not what you get on some websites, it’s everything…its runners left on base, time of game, the umpires, all the pitching lines, all the hitting lines, you name it.”

Bass continued, “It didnt happen in ’10, of course we were one strike away twice in 2011 and I would have been very happy to do this then. Then, we go through the desert for over 12 years, of not making the Fall Classic. And then they got it done in five games against Arizona and I was like, ‘Ok, man of my word, I’ve talked about it on the air enough, let’s do this.’ And this week was the right time.”

Bass had a PDF made of the actual box score from the Dallas Morning News and took it to a local tattoo artist. He said four and a half hours after he sat down it was complete.

“That is beautiful,” said Mino as he described the tattoo. “It’s on the left side below the shoulder blade…about 12-13 inches long.”

NAB Plots ‘First of Its Kind’ Welcome Session for Upcoming NAB Show

BNM Staff
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NAB Plots ‘First of Its Kind’ Welcome Session for Upcoming NAB Show

The NAB Show is still several weeks away, but that hasn’t stopped the staff at the National Association of Broadcasters from planning an exciting first session for the 2024 edition.

The first session will happen on Monday, April 15th at 9:30 AM PT. The program will debut with NAB President and CEO Curtis LeGeyt sitting down with NewsNation anchor Adrienne Bankert for a fireside chat.

Then, Futuri CEO Daniel Anstandig will deliver a keynote address alongside an “AI-powered humanoid robot” that will discuss artificial intelligence and its place in the broadcast media landscape.

“This year’s NAB Show Welcome will be an unparalleled and exciting experience for the NAB Show community,” said LeGeyt. “I look forward to talking with Adrienne Bankert, a first-class broadcaster with extensive industry insights, about the most pressing issues impacting media and broadcasting right now. My conversation with Daniel and Ameca, the AI robot, is part of an extensive lineup of AI-focused educational sessions, interactive exhibits, Show floor tours, training and workshops as well as the AI Creative Summit at NAB Show.”

“There’s a reason why I chose a humanoid to join me in presenting this coveted NAB Keynote,” added Anstandig. “We’re not just presenting data, we’re showcasing the future of AI and human interaction.”

The Tavis Smiley Show Adds Four New Affiliates Including New York, Washington D.C.

BNM Staff
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The Tavis Smiley Show Adds Four New Affiliates Including New York, Washington D.C.

The Tavis Smiley Show has added a pair of new affiliates in New York and Washington D.C., bringing the program to some of the biggest markets in the nation.

A new agreement with 90.3 WHCR in New York and 1450 WOL in Washington D.C. has been struck. The show was previously syndicated to 900 WURD in Philadelphia, 1230 WBOK in New Orleans, and 1690 WVON.

Additionally, the show has been added to 860 WNOV in Milwaukee and 89.3 KJMC in Des Moines.

“Our show’s rapid and continued expansion into key media markets represents an exciting next chapter,” said Smiley. “As we move deeper into the 2024 election season, we’ll continue to provide our growing listener base with enlightening and empowering programming unapologetically geared toward African Americans and other citizens of color.”

The Tavis Smiley Show –which began its run in syndication last summer — originates from KBLA 1580, the station he is in the midst of purchasing.

ESPN 1410 WING-AM in Dayton Adds New Midday Show

BSM Staff
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ESPN 1410 WING-AM in Dayton Adds New Midday Show

Dayton’s ESPN 1410 WING-AM is partnering with Chatterbox Sports in a deal which will see the station add a new midday show. Starting on March 25th, Chatterbox Sports’ Off The Bench with founder Trace Fowler will air from Noon to 3 p.m. Monday-Friday on ESPN Dayton. The Kinner & Kev Show, which airs in afternoon drive on the station and is hosted by Justin Kinner and Kev Nash, will now also be broadcast live on Chatterbox YouTube from 3 p.m. to 5 p.m.

As Fowler and Kinner discussed the upcoming moves, Kinner said, “There’s some opportunity to combine our radio station with your digital platform, you guys are kicking ass…a big opportunity here.”

Fowler laid out how the programming schedule will work, saying, “We are going to go from the 12 to 3 slot in Dayton, for as long as you’ll have us, we will see how long we make it on radio. We will be 10 to 12 [on Chatterbox] every single day and then we will go from noon to 3 on ESPN in Dayton, 1410 WING-AM”

Chatterbox is the outlet where you will also find former Cincinnati Reds announcer Thom Brennaman, who hosts Dialed In with Thom Brennaman.

Mark Simone: George Soros Has Eyes on Cumulus, Cox Media Group After Audacy Purchase

BNM Staff
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Mark Simone: George Soros Has Eyes on Cumulus, Cox Media Group After Audacy Purchase

Earlier this month, a report surfaced that Soros Fund Management — one of the companies operated by George Soros — became the largest shareholder of Audacy. 710 WOR host Mark Simone says Soros won’t stop with Audacy and has eyes on other radio companies like Cumulus and Cox Media Group.

While calling him “the most evil guy in America,” Simone said that Soros, despite becoming the largest Audacy shareholder, will look to invest in other radio companies as a way to silence the conservative talk format.

“Everybody assumes he’s going to use these stations these major stations for political purposes but now it looks even worse,” he said. “Now it looks like the Soros group is looking at two other major radio groups, Cox, that’s a big, big radio conglomerate, and another one called Cumulus. That’s a big, big conglomerate. They used to have WABC. The Mark Levin Show comes from Cumulus. It’s a big company. If you combine the three of them, then you’d have quite a powerhouse.”

Mark Simone concluded by noting he felt his current home — 710 WOR — is likely insulated from any effects George Soros would like to have because of the diverse nature of iHeartMedia, the station’s parent company, and its shareholders.

“The biggest thing in the world of radio is iHeart. iHeart is like Apple. It’s just totally dominant. Nobody, no company, nobody anywhere comes even close. But experts say if you combine these three companies that Soros wants, you still wouldn’t be iHeart but you’d be in range. You’d be able to compete. So keep an eye on this Soros the most evil guy in America. And what the hell is he up to with these radio companies?”

Mike Church Makes Radio Return on 105.5 The King in Atlanta

BNM Staff
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Mike Church Makes Radio Return on 105.5 The King in Atlanta

Former SiriusXM Patriot morning host Mike Church is set to make his return to AM/FM radio with 105.5 The King in Atlanta.

The Mike Church Show has been a streaming-only offering since he departed SiriusXM but will return to terrestrial radio, with syndication plans, on March 1st.

“We’ve always known that terrestrial radio was going to play a part in our industry-leading development of Internet Radio, we just didn’t know in what way,” Church said, according to RadioInk. “Over the last 2 years, that role began to materialize with the dearth of quality Talk Shows and the opportunities to fill that gap left by the wrecking ball that was consolidation’s march through local radio properties.”

Church previously worked in markets like Miami, New Orleans, and Charlotte before spending more than a decade hosting mornings on SiriusXM Patriot — the satellite broadcaster’s conservative talk station.

He concluded by noting his excitement for returning to AM/FM radio in a city like Atlanta.

“We are thrilled that we can launch the terrestrial radio component of this network in Atlanta, one of America’s great cities for Talk-Radio,” he said.

Danny Parkins: Colin Cowherd was “Making People Upset Again”

BSM Staff
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Danny Parkins: Colin Cowherd was “Making People Upset Again”

Danny Parkins and Matt Spiegel of 670 The Score in Chicago responded to a verbal attack thrown at the Chicago media by Colin Cowherd of FOX Sports Radio and FS1. Parkins introduced a clip on the Parkins and Spiegel Show by saying, “Colin Cowherd was talking about Chicago again and he’s making people upset again and it has to do with the Bears.”

The topic was rumors about Chicago Bears quarterback Justin Fields and whether or not the team will keep him or trade him, as they hold the first pick of the NFL draft which will take place starting April 25. The decision the Bears have to make has been the dominant topic for Chicago sports radio for several weeks.

Cowherd said on his show, “…[Fields] doesn’t win a lot of games and that’s a problem. Don’t listen to the analytic nerds, good quarterbacks win close games. He is a dreadful 4th quarter quarterback, the worst in the league. Chicago media, their opinion of him is just not reality. Everybody else sees it, the Chicago media all season long tried to defend him, elevate him, protect him, promote him. Maybe they’re watching Ohio State film.”

Cowherd then went on to give Fields’ second half statistics and compared him to New York Jets quarterback Zach Wilson. “…New York media never defends Zach Wilson,” Cowherd continued. “They call it as they see it, as they should, I respect that. Chicago media: ‘This guy deserves another year.’ He is, in the second half, Zach Wilson. The New York media calls it, the truth. The Chicago media has been protecting him and buying into this ‘ we really like him’ [from the Bears]. Stop it, c’mon.”

“I’m offended by being looped in with whoever he is talking about as propping up Justin Fields and not speaking the truth,” Spiegel said. “He’s not listening to this show enough, Danny…He’s going way too far to try and make a point.”

Parkins replied, “To say that Justin Fields is Zach Wilson so that Chicago media should treat Justin like New York media treats Zach Wilson, I just think it’s crazy…I do think Chicago media is softer than New York media. We are.”

Spiegel interjected, “I think [Cowherd] is inventing a particular branch of the media, which I don’t believe exists anymore.”

Parkins came back with, “The New York media would not treat Justin [Fields] like they have treated Zach Wilson, because Justin has accomplished more than Zach Wilson.”

KDKA Reporter Shelby Cassese to Depart

BNM Staff
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KDKA Reporter Shelby Cassese to Depart

After a decade at Audacy Pittsburgh, KDKA news reporter Shelby Cassesse has announced her upcoming exit from the talk radio brands at the cluster.

Cassesse joined KDKA on a full-time basis after interning at the station in 2014. She then began hosting a Sunday morning show on sister sports talk station 93.7 The Fan.

“While news has offered so many opportunities for growth, my heart has always been in sports journalism and it’s time to fully focus on that path,” Cassesse wrote in a social media post announcing her departure.

“We are so grateful for all of Shelby’s work in the KDKA newsroom,” Michael Spacciapolli, Audacy Pittsburgh’s senior vice president and market manager, said in a statement to the Pittsburgh Post-Gazette. “Her time as a host at The Fan will forever be a part of the history of that great radio station. We know the future will bring her great things. We are fortunate to be a part of her journey.”

Cassesse — who will continue to freelance at local TV station WPXI — told the Post-Gazette her final day is Friday.

Pat McAfee Again Takes Aim At Sports Media Execs in ‘All The Smoke’ Preview

BSM Staff
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A preview clip of the latest All the Smoke podcast featuring Pat McAfee was posted, and it seems like the current ESPN star isn’t done with his war against sports media executives who doubted him. While speaking with hosts Matt Barnes and Stephen Jackson, McAfee gets candid about his ascent from NFL punter to sports media superstar and says he had plenty of doubters along the way:

“ESPN said ‘We got nothing for you,’ FOX said, ‘We got nothing for you,'” McAfee said when detailing his initial interviews with established media companies. “CBS said, ‘We got nothing for you, we don’t want to hear a punter who’s been arrested, that swears, who’s an Internet guy, on our [airwaves].”

McAfee then talks about the path he ultimately took — partnering with Barstool Sports while keeping his own company. McAfee says working at Barstool was a “university of how digital works” but eventually, McAfee and his team realized they could do it on their own. McAfee departed Barstool, and the rest was history.

“Now we’re coming back to the point where I’m negotiating with Amazon…NBC…Apple…ESPN…and it was all those same middle management people from five/six years ago who said, ‘we got nothing for you,’ and I remembered that.”

The full All the Smoke interview with McAfee drops this Thursday.

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