On this page of StockholderLetter.com we present the latest annual shareholder letter from Sinclair Broadcast Group, LLC — ticker symbol SBGI. Reading current and past SBGI letters to shareholders can bring important insights into the investment thesis.

LETTER TO SHAREHOLDERS SINCLAIR, INC. Dear Fellow Shareholders, Sinclair, along with the entire broadcast industry, concluded 2023 amidst dynamic shifts, setting the stage for what we anticipate will be another transformative year in 2024. As a trailblazer and influencer in the industry s ongoing evolution, Sinclair remains at the forefront, driving the next phase of broadcasting. Through our leadership in NextGen Broadcast, distinctive programming assets, and a commitment to delivering compelling content across all platforms, we are steering both Sinclair and the broader broadcast industry towards a future of innovation and growth. In 2023, a sense of caution pervaded investors attitudes toward broadcasters. Heightened concerns about the core advertising environment due to recessionary fears and apprehensions regarding retransmission revenues amid increasing subscriber churn weighed on investors minds. While these concerns were not entirely baseless, we believe they were, in several meaningful ways, overblown by many in the financial markets. In addition, 2023 saw the creation of Sinclair Ventures, a portfolio of assets that includes Tennis Channel; Compulse, our digital marketing platform; and our investment portfolio. The separation of Ventures from the Local Media segment allows for significantly greater financial and operational flexibility going forward as we look to drive higher returns from these assets that will accrue to the company s stakeholders over the coming years. However, we remain a broadcast company at our core, so I want to first take some time to address the results and strategy in our Local Media segment. 2023 Advertising Revenue and 2024 Outlook Core advertising grew 3.2% in 2023, leading our publicly-traded broadcast peer group Home-related services categories such as home repair, home builders and realtors performed well during the year, as did the automotive and legal categories We expect record political advertising revenue in 2024, exceeding our $350 million political revenue booked in 2020 (excluding Georgia run-off election) For 2023, we outpaced our publicly traded TV broadcast peers on core advertising revenue growth. Notably, we outperformed our broadcast cohorts in almost every quarter throughout the year. While year-over-year total advertising trends were, as expected, lower on the lack of meaningful political revenues given that 2022 was a mid-term election year, the $43 million in political revenues we reported in 2023 was a record amount for us in an off-cycle political year. We believe this bodes well for the 2024 presidential election year in which we are estimating a record level of political revenues, exceeding our 2020 prior record of $350 million. We believe our advertising outperformance is a function of our focus on creating multi-platform content to drive not only unique impressions but keeping users on our platforms for longer periods of time as we engage with them in new and exciting ways. Whether through our local TV channels, digital product offerings, various social media applications, TV station websites, podcasts, newsletters and many more delivery methods, we are driving engagement everywhere our viewers, readers and listeners are. And the more engaged people are with our content, the more valuable it becomes.
SINCLAIR, INC. To maximize the revenue value of our content offerings, we continue to invest in sales tools. The introduction of a unified ad sales platform provides a seamless integration through the sales process from prospecting to close, presenting substantial efficiency gains for our sales teams and a smoother user experience for our clients. Compulse is helping Sinclair lead the way in digital advertising revenue growth, providing differentiation through an integrated approach to advertising. Our customers are able to seamlessly blend linear advertising with a digital advertising program, which creates a stronger and more efficient advertising campaign. We also have category-specific advertising tools for our client base, such as Drive Auto, which allows our automotive customers access to industry-specific advertising recommendations. As a result, our customers can tailor-make a specific advertising approach for their business, using the best practices of other automotive customers from across the country. We are also testing the use of generative AI to enhance sales prospecting and presentation velocity, harnessing technology to create detailed prospect profiles and construct personalized communications. Additionally, our yield management tools allow our marketing teams to manage commercial spot inventory in real-time at optimal prices to maximize ad revenue. Lastly, in mid-January 2024 we announced a settlement with Diamond Sports Group, our regional sports network (RSN) holding company that filed for bankruptcy in early-2023. The settlement removes a significant distraction for management and allows us to more fully focus on our future plans for our Local Media and Ventures business units. We believe the survival of the RSN business model is a positive for the traditional pay-TV ecosystem, including broadcasters, as linear sports programming remains one of the strongest lynchpins of the current pay-TV business model, and we look forward to working with Diamond Sports for the foreseeable future. 2023 Distribution Revenue and 2024 Outlook 4 of 5 network affiliation agreements are locked in place through late-2026 Nearly all traditional Big 4 network subscribers are on agreements that expire by the end of 2024 While the media landscape is changing in meaningful ways, our distinctive local news and sports content ensures we remain a vital player in the ecosystem. The persistent subscriber churn on multichannel video programming distributors platforms (MVPDs) has been a focal point of investors concerns across the media industry. While we, too, are facing this reality, our 2023 year-over-year net distribution revenues were further impacted by the timing of our upcoming renegotiation cycle which saw very few distributor contracts up for renewal. However, that reverses itself in 2024 when virtually all major linear distribution agreements are set to renew. As such, we expect mid-single digit net retransmission growth on a two-year CAGR basis from 2023 through 2025 stemming from the enduring appeal of our high-demand and distinctive local news and sports content, which consistently fosters robust and loyal viewership. For example, 43% of our viewer impressions across our station portfolio are driven by Sinclair content such as local news and syndicated programming, as opposed to network content such as prime-time programming and other national broadcasts. We have also been pleased with several developments in recent large carriage agreements that we believe will strengthen the relative value of the pay-TV bundle going forward. In particular, the recent Charter-Disney carriage agreement contains several provisions that highlight the value of the traditional pay-TV bundle relative to streaming directto-consumer (DTC) content. Notably, Disney s DTC platforms, including Disney Plus and ESPN Plus, are now incorporated into Charter s current pay-TV packages. In addition, the agreement allows Charter to drop some of Disney s lower-rated, undifferentiated cable channels from its bundles. We believe these developments reduce consumer reasons to leave traditional pay-TV bundles and increase the consumer s overall relative value received, which should lead to meaningful churn reduction of linear pay-TV subscribers over time. In addition, broadcasters are financially important to all of the major industry players. Broadcast networks receive approximately $1 billion annually in network compensation from their affiliate station groups, as well as significant additional
SINCLAIR, INC. advertising, branding and reach benefits. In fact, 97 of the top-100 most-watched telecasts in 2023, including 93 NFL games, were on broadcast television; content that is also important to the pay-TV bundle s ability to attract and retain subscribers. As evidenced above, broadcast TV is also crucially important to the various sports leagues, most notably the NFL, that want to maximize both revenue and reach of their content. The NFL is the most obvious example of recognizing the tremendous benefit of the nationwide distribution on free over-the-air channels. In fact, Super Bowl LVIII set a viewership record in February of this year, with 123.7 million viewers, making it the mostwatched telecast in U.S. history, with an estimated 112 million viewers on CBS alone, which represents the highest single audience on any one network in U.S. history. Our 30 CBS affiliate stations played a significant role in delivering the game broadcasts and helped to contribute to the record-breaking audience, underscoring the importance of broadcast television. Entertaining our viewers goes beyond network-provided content. Our growth networks Comet, CHARGE!, TBD. and The Nest are growing viewership, adding programming, and expanding their reach. Notably, CHARGE!, our action-based network, achieved a remarkable 28% increase in average daily viewers over 2022, marking the highest growth rate of any digital broadcast network in the country last year. In summary, it continues to be our view that the relative value of the traditional pay-TV bundle, as compared to a la carte DTC offerings with their steady streams of increasing prices, has never been greater than it is today, and the environment is beginning to shift in favor of the pay-TV bundle; a platform that relies on broadcast content such as that carried by Sinclair stations. NextGen Broadcast Just as distribution agreements provided new revenue growth for the industry when we executed the first cable distribution agreement in 2005, we believe the same can be achieved with NextGen Broadcast. NextGen broadcasting harnesses our TV spectrum to bring forth a range of advancements beyond superior video such as enhanced GPS accuracy (capable of pinpointing locations within centimeters), fully interactive television, datacasting, the capability to offer additional multicast channels, targeted advertising, and spectrum leasing to mobile service providers including automotive applications. Early applications focus on data distribution, establishing a competitive infrastructure and platform integration for high-demand mobile applications. Industry estimates suggest that NextGen could generate at least $7 billion in incremental revenues by 2030. Sinclair is driving this transformative technology, actively demonstrating its practical applications with our partners. True to our history of leadership and adaptability, Sinclair proactively embraces the evolution represented by NextGen. Currently, NextGen reaches over 75% of the nation s total TV viewers and is available in half of our 86 local markets nationwide. Sinclair Ventures In an effort to unlock shareholder value, in 2023 we closed on a corporate reorganization by which Sinclair, Inc. became the publicly-traded parent of Sinclair Broadcast Group, which holds the pure-play local media assets of the company, and Sinclair Ventures, which holds the company s non-local media assets, including Tennis Channel, Compulse, and our investment portfolio. The reorganization provides investors with greater transparency of financial results and disclosures on the value drivers of our business, increases both operational and financial flexibility for creating value within the company, and frees Ventures to raise debt or equity financing to grow its assets. One such example of a key asset within our Ventures portfolio is Tennis Channel, which continues to excel with increased
SINCLAIR, INC. audiences across key demographics and overall viewership. The coverage of Roland Garros in late-May and early-June, featuring over 2,000 hours of coverage, set record viewership for the linear channel, T2, and our live and video-on-demand (VOD) subscription service, Tennis Channel Plus. Tennis Channel s average audience surged by 20% year-over-year in total viewers, outperforming all other English-language sports networks. Tennis Channel also unveiled its e-commerce store, TennisShop.com, in early-June in collaboration with racquet-sports equipment e-tailer Tennis-Point. Furthermore, Tennis Channel maintains its commitment to growth initiatives, including distribution in eight countries outside of the U.S., T2, the network s DTC offering, and pickleball. We anticipate Tennis Channel to sustain robust growth metrics in the months and years ahead. Ventures investment portfolio holds minority interests in real estate, private equity, and direct investments, and has an estimated market value of $1.2B, inclusive of the cash position at Ventures, as of December 31, 2023. While the portfolio has generated internal rates of return over the past 10 years of 17%, we believe that value is not reflected in our current stock price, despite having realized returns in excess of 21% for investments that we have exited over the past two years. As a result, we intend to exit the minority holdings over time and redeploy the cash into wholly-owned and majority-owned investments where we can better control the outcomes, and which will be reflected in our consolidated financial results. Commitment to the Communities We Serve Serving our local communities is part of our daily unwavering commitment to bring highly relevant and differentiated content and outreach to our communities. In fact, we received 260 regional awards for outstanding local news coverage and 16 national awards, including 67 regional Emmy awards, 24 regional Edward R. Murrow awards and 1 national Edward R. Murrow award in 2023. Our content centers continue to produce compelling multi-platform content that is making a difference in our communities. Our continued investment in local news has allowed many of our stations to remain ranked by audience and unique website users as the number one or two local newscast in their market, both on linear and digital platforms. And we are not stopping there. Guided by our ARC (Authentic, Relevant, Community-Driven) focus in our local content centers, we are focusing not only on protecting the audience we have today, but on growing the audience for tomorrow. Our operational goal is to leverage our local news gathering operations with new ways to expand our audience. While each market is different, we are exploring opportunities such as launching News FAST channels (free ad supported TV), expanding The National Desk programming, launching new blogs and podcasts that will tailor to specific audiences (those that like true crime stories, for example), and many other strategies to help drive increased engagement. Our goal is to continue to enrich local lives in all of our markets by offering differentiated content on multiple delivery platforms to be able to expand and deepen our relationships with our customers. Our community-based efforts do not just stop with our news assets. In 2023, we made substantial progress in corporate sustainability, highlighted by the release of our first annual ESG report, offering stakeholders valuable insights into the company s sustainability practices. On the environmental front, we have accelerated actions within our organization to lessen our use of electricity over time and to measure and eventually report on our electricity usage. Our sustainability group is tasked with finding ways to help lower our carbon footprint through lowering our electricity consumption, purchasing greener supplies, and recycling. Several such initiatives are the efforts we are undertaking in proactively replacing our existing less efficient lighting with LED lighting, replacing HVAC equipment with higher efficiency models, and exploring solar energy, battery farms, and electric vehicles as other ways our company can reduce its reliance on energy sources that result in emissions of greenhouse gasses that are harmful to the environment. Since 2017, we have installed 131 new, energy efficient television transmitters, which are typically 25% more energy efficient than the units that they replace and generate less waste heat, and are currently installing, or have plans to install, an additional 24 during 2024 and 2025. Throughout the organization, we are seeking to reduce the use of paper products and, whenever possible, recycling paper, electronics, and other items.
 • shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/5/2023 SBGI Stockholder Letter
 • stockholder letter icon More "Television & Radio" Category Stockholder Letters
 • Benford's Law Stocks icon SBGI Benford's Law Stock Score = 96


SBGI Shareholder/Stockholder Letter Transcript:


LETTER TO SHAREHOLDERS
SINCLAIR, INC.
Dear Fellow Shareholders,
Sinclair, along with the entire broadcast industry, concluded 2023 amidst dynamic shifts, setting the stage for what we
anticipate will be another transformative year in 2024. As a trailblazer and influencer in the industry   s ongoing evolution,
Sinclair remains at the forefront, driving the next phase of broadcasting. Through our leadership in NextGen Broadcast,
distinctive programming assets, and a commitment to delivering compelling content across all platforms, we are steering
both Sinclair and the broader broadcast industry towards a future of innovation and growth.
In 2023, a sense of caution pervaded investors    attitudes toward broadcasters. Heightened concerns about the core
advertising environment due to recessionary fears and apprehensions regarding retransmission revenues amid increasing
subscriber churn weighed on investors    minds. While these concerns were not entirely baseless, we believe they were, in
several meaningful ways, overblown by many in the financial markets.
In addition, 2023 saw the creation of Sinclair Ventures, a portfolio of assets that includes Tennis Channel; Compulse, our
digital marketing platform; and our investment portfolio. The separation of Ventures from the Local Media segment allows
for significantly greater financial and operational flexibility going forward as we look to drive higher returns from these
assets that will accrue to the company   s stakeholders over the coming years. However, we remain a broadcast company at
our core, so I want to first take some time to address the results and strategy in our Local Media segment.
2023 Advertising Revenue and 2024 Outlook


Core advertising grew 3.2% in 2023, leading our publicly-traded broadcast peer group
Home-related services categories such as home repair, home builders and realtors performed well during the year, as
did the automotive and legal categories
We expect record political advertising revenue in 2024, exceeding our $350 million political revenue booked in 2020
(excluding Georgia run-off election)
For 2023, we outpaced our publicly traded TV broadcast peers on core advertising revenue growth. Notably, we
outperformed our broadcast cohorts in almost every quarter throughout the year. While year-over-year total advertising
trends were, as expected, lower on the lack of meaningful political revenues given that 2022 was a mid-term election
year, the $43 million in political revenues we reported in 2023 was a record amount for us in an off-cycle political year.
We believe this bodes well for the 2024 presidential election year in which we are estimating a record level of political
revenues, exceeding our 2020 prior record of $350 million.
We believe our advertising outperformance is a function of our focus on creating multi-platform content to drive not only
unique impressions but keeping users on our platforms for longer periods of time as we engage with them in new and
exciting ways. Whether through our local TV channels, digital product offerings, various social media applications, TV station
websites, podcasts, newsletters and many more delivery methods, we are driving engagement everywhere our viewers,
readers and listeners are. And the more engaged people are with our content, the more valuable it becomes.

SINCLAIR, INC.
To maximize the revenue value of our content offerings, we continue to invest in sales tools. The introduction of a unified ad
sales platform provides a seamless integration through the sales process from prospecting to close, presenting substantial
efficiency gains for our sales teams and a smoother user experience for our clients.
Compulse is helping Sinclair lead the way in digital advertising revenue growth, providing differentiation through an
integrated approach to advertising. Our customers are able to seamlessly blend linear advertising with a digital advertising
program, which creates a stronger and more efficient advertising campaign.
We also have category-specific advertising tools for our client base, such as Drive Auto, which allows our automotive
customers access to industry-specific advertising recommendations. As a result, our customers can tailor-make a specific
advertising approach for their business, using the best practices of other automotive customers from across the country.
We are also testing the use of generative AI to enhance sales prospecting and presentation velocity, harnessing technology
to create detailed prospect profiles and construct personalized communications. Additionally, our yield management tools
allow our marketing teams to manage commercial spot inventory in real-time at optimal prices to maximize ad revenue.
Lastly, in mid-January 2024 we announced a settlement with Diamond Sports Group, our regional sports network (RSN)
holding company that filed for bankruptcy in early-2023. The settlement removes a significant distraction for management
and allows us to more fully focus on our future plans for our Local Media and Ventures business units. We believe the
survival of the RSN business model is a positive for the traditional pay-TV ecosystem, including broadcasters, as linear
sports programming remains one of the strongest lynchpins of the current pay-TV business model, and we look forward to
working with Diamond Sports for the foreseeable future.
2023 Distribution Revenue and 2024 Outlook

4 of 5 network affiliation agreements are locked in place through late-2026
Nearly all traditional Big 4 network subscribers are on agreements that expire by the end of 2024
While the media landscape is changing in meaningful ways, our distinctive local news and sports content ensures we
remain a vital player in the ecosystem. The persistent subscriber churn on multichannel video programming distributors
platforms (MVPDs) has been a focal point of investors    concerns across the media industry. While we, too, are facing
this reality, our 2023 year-over-year net distribution revenues were further impacted by the timing of our upcoming
renegotiation cycle which saw very few distributor contracts up for renewal. However, that reverses itself in 2024 when
virtually all major linear distribution agreements are set to renew. As such, we expect mid-single digit net retransmission
growth on a two-year CAGR basis from 2023 through 2025 stemming from the enduring appeal of our high-demand and
distinctive local news and sports content, which consistently fosters robust and loyal viewership.
For example, 43% of our viewer impressions across our station portfolio are driven by Sinclair content such as local
news and syndicated programming, as opposed to network content such as prime-time programming and other national
broadcasts. We have also been pleased with several developments in recent large carriage agreements that we believe
will strengthen the relative value of the pay-TV bundle going forward. In particular, the recent Charter-Disney carriage
agreement contains several provisions that highlight the value of the traditional pay-TV bundle relative to streaming directto-consumer (DTC) content. Notably, Disney   s DTC platforms, including Disney Plus and ESPN Plus, are now incorporated
into Charter   s current pay-TV packages. In addition, the agreement allows Charter to drop some of Disney   s lower-rated,
undifferentiated cable channels from its bundles. We believe these developments reduce consumer reasons to leave
traditional pay-TV bundles and increase the consumer   s overall relative value received, which should lead to meaningful
churn reduction of linear pay-TV subscribers over time.
In addition, broadcasters are financially important to all of the major industry players. Broadcast networks receive
approximately $1 billion annually in network compensation from their affiliate station groups, as well as significant additional

SINCLAIR, INC.
advertising, branding and reach benefits. In fact, 97 of the top-100 most-watched telecasts in 2023, including 93 NFL
games, were on broadcast television; content that is also important to the pay-TV bundle   s ability to attract and retain
subscribers. As evidenced above, broadcast TV is also crucially important to the various sports leagues, most notably the
NFL, that want to maximize both revenue and reach of their content. The NFL is the most obvious example of recognizing
the tremendous benefit of the nationwide distribution on free over-the-air channels.
In fact, Super Bowl LVIII set a viewership record in February of this year, with 123.7 million viewers, making it the mostwatched telecast in U.S. history, with an estimated 112 million viewers on CBS alone, which represents the highest single
audience on any one network in U.S. history. Our 30 CBS affiliate stations played a significant role in delivering the game
broadcasts and helped to contribute to the record-breaking audience, underscoring the importance of broadcast television.
Entertaining our viewers goes beyond network-provided content. Our growth networks   Comet, CHARGE!, TBD. and The
Nest   are growing viewership, adding programming, and expanding their reach. Notably, CHARGE!, our action-based
network, achieved a remarkable 28% increase in average daily viewers over 2022, marking the highest growth rate of any
digital broadcast network in the country last year.
In summary, it continues to be our view that the relative value of the traditional pay-TV bundle, as compared to a la carte
DTC offerings with their steady streams of increasing prices, has never been greater than it is today, and the environment is
beginning to shift in favor of the pay-TV bundle; a platform that relies on broadcast content such as that carried by Sinclair
stations.
NextGen Broadcast
Just as distribution agreements provided new revenue growth for the industry when we executed the first cable distribution
agreement in 2005, we believe the same can be achieved with NextGen Broadcast. NextGen broadcasting harnesses our
TV spectrum to bring forth a range of advancements beyond superior video such as enhanced GPS accuracy (capable of
pinpointing locations within centimeters), fully interactive television, datacasting, the capability to offer additional multicast
channels, targeted advertising, and spectrum leasing to mobile service providers including automotive applications. Early
applications focus on data distribution, establishing a competitive infrastructure and platform integration for high-demand
mobile applications. Industry estimates suggest that NextGen could generate at least $7 billion in incremental revenues by
2030. Sinclair is driving this transformative technology, actively demonstrating its practical applications with our partners.
True to our history of leadership and adaptability, Sinclair proactively embraces the evolution represented by NextGen.
Currently, NextGen reaches over 75% of the nation   s total TV viewers and is available in half of our 86 local markets
nationwide.
Sinclair Ventures
In an effort to unlock shareholder value, in 2023 we closed on a corporate reorganization by which Sinclair, Inc. became
the publicly-traded parent of Sinclair Broadcast Group, which holds the pure-play local media assets of the company,
and Sinclair Ventures, which holds the company   s non-local media assets, including Tennis Channel, Compulse, and our
investment portfolio. The reorganization provides investors with greater transparency of financial results and disclosures on
the value drivers of our business, increases both operational and financial flexibility for creating value within the company,
and frees Ventures to raise debt or equity financing to grow its assets.
One such example of a key asset within our Ventures portfolio is Tennis Channel, which continues to excel with increased

SINCLAIR, INC.
audiences across key demographics and overall viewership. The coverage of Roland Garros in late-May and early-June,
featuring over 2,000 hours of coverage, set record viewership for the linear channel, T2, and our live and video-on-demand
(VOD) subscription service, Tennis Channel Plus. Tennis Channel   s average audience surged by 20% year-over-year in total
viewers, outperforming all other English-language sports networks. Tennis Channel also unveiled its e-commerce store,
TennisShop.com, in early-June in collaboration with racquet-sports equipment e-tailer Tennis-Point. Furthermore, Tennis
Channel maintains its commitment to growth initiatives, including distribution in eight countries outside of the U.S., T2, the
network   s DTC offering, and pickleball. We anticipate Tennis Channel to sustain robust growth metrics in the months and
years ahead.
Ventures    investment portfolio holds minority interests in real estate, private equity, and direct investments, and has an
estimated market value of $1.2B, inclusive of the cash position at Ventures, as of December 31, 2023. While the portfolio
has generated internal rates of return over the past 10 years of 17%, we believe that value is not reflected in our current
stock price, despite having realized returns in excess of 21% for investments that we have exited over the past two years.
As a result, we intend to exit the minority holdings over time and redeploy the cash into wholly-owned and majority-owned
investments where we can better control the outcomes, and which will be reflected in our consolidated financial results.
Commitment to the Communities We Serve
Serving our local communities is part of our daily unwavering commitment to bring highly relevant and differentiated
content and outreach to our communities. In fact, we received 260 regional awards for outstanding local news coverage
and 16 national awards, including 67 regional Emmy awards, 24 regional Edward R. Murrow awards and 1 national Edward
R. Murrow award in 2023. Our content centers continue to produce compelling multi-platform content that is making a
difference in our communities. Our continued investment in local news has allowed many of our stations to remain ranked
by audience and unique website users as the number one or two local newscast in their market, both on linear and digital
platforms. And we are not stopping there.
Guided by our ARC (Authentic, Relevant, Community-Driven) focus in our local content centers, we are focusing not only on
protecting the audience we have today, but on growing the audience for tomorrow. Our operational goal is to leverage our
local news gathering operations with new ways to expand our audience. While each market is different, we are exploring
opportunities such as launching News FAST channels (free ad supported TV), expanding The National Desk programming,
launching new blogs and podcasts that will tailor to specific audiences (those that like true crime stories, for example), and
many other strategies to help drive increased engagement. Our goal is to continue to enrich local lives in all of our markets
by offering differentiated content on multiple delivery platforms to be able to expand and deepen our relationships with our
customers.
Our community-based efforts do not just stop with our news assets. In 2023, we made substantial progress in corporate
sustainability, highlighted by the release of our first annual ESG report, offering stakeholders valuable insights into the
company   s sustainability practices. On the environmental front, we have accelerated actions within our organization to
lessen our use of electricity over time and to measure and eventually report on our electricity usage. Our sustainability
group is tasked with finding ways to help lower our carbon footprint through lowering our electricity consumption,
purchasing greener supplies, and recycling. Several such initiatives are the efforts we are undertaking in proactively
replacing our existing less efficient lighting with LED lighting, replacing HVAC equipment with higher efficiency models, and
exploring solar energy, battery farms, and electric vehicles as other ways our company can reduce its reliance on energy
sources that result in emissions of greenhouse gasses that are harmful to the environment. Since 2017, we have installed 131
new, energy efficient television transmitters, which are typically 25% more energy efficient than the units that they replace
and generate less waste heat, and are currently installing, or have plans to install, an additional 24 during 2024 and 2025.
Throughout the organization, we are seeking to reduce the use of paper products and, whenever possible, recycling paper,
electronics, and other items.



shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 

SBGI Stockholder/Shareholder Letter (Sinclair Broadcast Group, LLC) | www.StockholderLetter.com
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