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.

 •  4/25/2025 Letter Continued (Full PDF)
 •  4/5/2023 SBGI Stockholder Letter
 •  4/26/2024 SBGI Stockholder Letter
 •  More "Television & Radio" Category Stockholder Letters
 •  SBGI Benford's Law Stock Score = 74

SBGI Shareholder/Stockholder Letter Transcript:

L E T T E LRETTOT ESRH AT OR ESHHOALRDEEHROSL D E R S
S I N C L SA I NR C, LI NA CI R. , I N C .
Dear
Dear
Fellow
Fellow
Shareholders,
Shareholders,
As we
Asreflect
we reflect
on 2024,
on 2024,
I am Ipleased
am pleased
to report
to report
on another
on another
strong
strong
year year
fromfrom
Sinclair.
Sinclair.
Despite
Despite
a dynamic,
a dynamic,
and at
and
times
at times
challenging
challenging
market
market
environment,
environment,
our equity
our equity
outperformed
outperformed
all ofall
our
ofpublicly-traded
our publicly-traded
broadcasting
broadcasting
peers
peers
in 2024,
in 2024,
driven
driven
by our
bystrategic
our strategic
initiatives,
initiatives,
the strength
the strength
in our
incore
our core
advertising
advertising
business,
business,
another
another
record
record
political
political
year,year,
and the
andsuccessful
the successful
negotiation
negotiation
of significant
of significant
retransmission
retransmission
dealsdeals
with with
our distribution
our distribution
partners.
partners.
Our focus
Our focus
on innovation
on innovation
has positioned
has positioned
us well
us well
for the
forfuture,
the future,
and Iand
am Iconfident
am confident
that we
thatare
weon
arethe
onright
the right
trajectory
trajectory
to continue
to continue
to deliver
to deliver
strong
strong
returns
returns
for our
for our
shareholders.
shareholders.
While
While
the media
the media
sector
sector
has faced
has faced
volatility,
volatility,
our consistent
our consistent
execution
execution
of our
ofbusiness
our business
strategy
strategy
has allowed
has allowed
us tous
capture
to capture
market
market
shareshare
and differentiate
and differentiate
ourselves
ourselves
as a as
leader
a leader
in our
inspace.
our space.
This This
outperformance
outperformance
is a testament
is a testament
to the
tocollective
the collective
efforts
efforts
of our
ofteams
our teams
and the
andsolid
the solid
foundation
foundation
we have
we have
built built
over over
the years.
the years.
Strength
Strength
of Broadcast
of Broadcast
Television
Television
One One
of the
ofhighlights
the highlights
of our
ofcontinued
our continued
success
success
has been
has been
the enduring
the enduring
strength
strength
of broadcast
of broadcast
TV. Despite
TV. Despite
ongoing
ongoing
trends
trends
toward
toward
digital
digital
media
media
consumption,
consumption,
broadcast
broadcast
television
television
remains
remains
an incredibly
an incredibly
powerful
powerful
platform.
platform.
In fact,
In fact,
in each
in each
of 2023
of 2023
and 2024,
and 2024,
93 of93
the
oftop-100
the top-100
most-watched
most-watched
telecasts
telecasts
of the
ofyear
the year
werewere
on broadcast
on broadcast
TV. In
TV.
February
In February
of this
of year,
this year,
FOX FOX
delivered
delivered
the most-watched
the most-watched
telecast
telecast
in U.S.
in U.S.
history
history
with with
Super
Super
BowlBowl
59. Meanwhile,
59. Meanwhile,
our award-winning
our award-winning
locallocal
newsnews
content
content
centers
centers
continue
continue
to maintain
to maintain
theirtheir
preeminence
preeminence
in delivering
in delivering
premium
premium
content
content
to large
to large
and engaged
and engaged
audiences.
audiences.
Results
Results
like this
like reinforce
this reinforce
our belief
our belief
in theinlong-term
the long-term
valuevalue
of broadcast
of broadcast
TV as
TVa as
cornerstone
a cornerstone
of our
ofbusiness,
our business,
and we
and we
remain
remain
committed
committed
to investing
to investing
in this
in area
this area
to ensure
to ensure
its ongoing
its ongoing
growth
growth
and relevance.
and relevance.
CoreCore
Advertising
Advertising
Outperformance
Outperformance
in 2024
in 2024
In particular,
In particular,
our core
our core
advertising
advertising
revenues
revenues
havehave
demonstrated
demonstrated
outstanding
outstanding
resilience
resilience
and growth.
and growth.
We have
We have
seenseen
strong
strong
performance
performance
across
across
our advertising
our advertising
portfolio,
portfolio,
significantly
significantly
outperforming
outperforming
our peers
our peers
and executing
and executing
best-in-industry   s
best-in-industry   s
corecore
growth
growth
consistently
consistently
over over
the past
the past
couple
couple
of years.
of years.
This This
success
success
is attributed
is attributed
to our
toyield
our yield
management
management
system,
system,
our our
in-demand
in-demand
content
content
offerings,
offerings,
and our
andgrowing
our growing
digital
digital
and broadcast
and broadcast
footprint.
footprint.
The demand
The demand
for high-quality,
for high-quality,
results-driven
results-driven
advertising
advertising
solutions
solutions
has never
has never
beenbeen
greater,
greater,
and we
andare
wewell-positioned
are well-positioned
to continue
to continue
to capture
to capture
this growth,
this growth,
by focusing
by focusing
on the
onentire
the entire
suitesuite
of content
of content
that we
thatare
weable
are able
to deliver,
to deliver,
fromfrom
our local
our local
newsnews
operations,
operations,
to sports
to sports
content,
content,
to our
tostrong
our strong
digital
digital
platforms,
platforms,
to our
torecently-launched
our recently-launched
podcasts
podcasts
that are
thatdelivering
are delivering
top-10
top-10
sports
sports
podcast
podcast
ratings.
ratings.
News
News
Operations
Operations
Deliver
Deliver
Important,
Important,
Relevant
Relevant
Content
Content
One One
of the
ofmost
the most
important
important
obligations
obligations
we have
we have
as a as
broadcaster
a broadcaster
to our
toaudience
our audience
is ourislocal
our local
news.
news.
Sinclair
Sinclair
takestakes
a great
a great
deal deal
of pride
of pride
in delivering
in delivering
newsnews
that makes
that makes
a difference
a difference
in theincommunities
the communities
that we
thatserve.
we serve.
To that
To end,
that end,
we have
we have
made
made
significant
significant
investments
investments
in our
innews-gathering
our news-gathering
operations,
operations,
in people,
in people,
technology
technology
and stories
and stories
that matter.
that matter.
We produce
We produce
moremore
than than
2,400
2,400
hours
hours
of live
of news
live news
coverage
coverage
per week
per week
across
across
our station
our station
footprint,
footprint,
in addition
in addition
to our
tovarious
our various
digital,
digital,
social
social
and audio
and audio
platforms.
platforms.
Notably,
Notably,
our news-related
our news-related
digital
digital
and social
and social
media
media
websites
websites
saw saw
over over
314 million
314 million
distinct
distinct
impressions
impressions
during
during
the first
the week
first week
of January
of January
20252025
alone,
alone,
according
according
to Sprout
to Sprout
Social.
Social.
Those
Those
impressions
impressions
led to
led
direct
to direct
engagements
engagements
(number
(number
of times
of times
usersusers
interacted
interacted
with with
the content
the content
in some
in some
way   by
way   by
commenting,
commenting,
reacting,
reacting,
sharing,
sharing,
etc.) etc.)
of of
almost
almost
40 million
40 million
during
during
that same
that same
week.
week.
The results
The results
of our
ofdedication
our dedication
to compelling
to compelling
newsnews
havehave
beenbeen
evident.
evident.
In 2024,
In 2024,
Sinclair   s
Sinclair   s
newsrooms
newsrooms
won won
a total
a total
of 232
of 232
journalism
journalism
awards,
awards,
including
including
22 RTDNA
22 RTDNA
Regional
Regional
Edward
Edward
R. Murrow
R. Murrow
Awards
Awards
and and
2 National
2 National
Edward
Edward
R. Murrow
R. Murrow
Awards
Awards
for Outstanding
for Outstanding
Journalism,
Journalism,
37 regional
37 regional
Emmy
Emmy
awards,
awards,
and one
and national
one national
Emmy
Emmy
award.
award.
Among
Among
locallocal
broadcasters,
broadcasters,
Sinclair   s
Sinclair   s
locallocal
newsnews
programming
programming
is ranked
is ranked
either
either
#1 or#1
#2orin#2
their
in their
respective
respective
markets
markets
in over
in over
half of
half
our
ofnews
our news
markets.
markets.

SINCLAIR, INC.
In Baltimore for example, WBFF   s Project Baltimore, which investigates the Baltimore area public school systems, has
consistently demonstrated the value of continuous investigative journalism. Since its creation in 2017, its investigative
work has been recognized by the journalism community with numerous national and regional honors, including a national
Emmy award for investigative reporting, forty-one regional Emmy awards, four national IRE awards for investigative
reporting, Regional Edward R. Murrow awards, National Headliner awards, SPJ Sigma Delta Chi awards, and a National
Press Photographers Association Award for Best Documentary. Project Baltimore   s ground-breaking reports have also
prompted internal government investigations, as well as changes in government policies and new state laws. Building
on Project Baltimore   s success, WBFF has launched    Spotlight on Maryland,    which will have a state-wide focus on
governmental inefficiencies, including the allocation of taxpayer funds to non-pro   ts, campaign    nance practices and
corruption. Our news operations across the country consistently deliver important, relevant content that makes a
difference in the communities that we are proud to serve. And compared to the leading cable news networks, our local
news platform attracts far more views     in Baltimore, our    agship station, WBFF, dwarfs the dominant cable news player
according to Nielsen with 2.8x the impressions of Fox News for persons between the ages of 25 and 54, advertisers   
most desirable demographic, across morning, evening and late news dayparts in November of 2024.
On the national news side, we are proud to have produced and aired Full Measure with Sharyl Atkisson, a half-hour
investigative news program that is dedicated to advancing openness, honesty and integrity for the past ten years. The
show digs deeper to bring context and perspective to the stories that matter to our audience. Even after a decade,
Full Measure continues to bring in signi   cant audience, with strong growth, achieving a new high-water mark in 2024
with almost one million viewers in some weeks and twice the number of total viewers as Fox News Sunday   s broadcast
show in December of 2024, according to Nielsen. Newsmakers have taken notice with Full Measure conducting an
exclusive interview with President Trump in March of 2025. We also are entering our    fth year with The National News
Desk (TNND), launched in 2021, which provides viewers with real-time national news and regional stories utilizing the
signi   cant resources and content from Sinclair   s stations around the country with a comprehensive, commentary-free look
of the most impactful news of the day. TNND has consistently delivered ratings outpacing Nexstar   s NewsNation by
roughly 10x in morning and evening prime time hours in December of 2024, despite reaching only 25% of the country on
Sinclair CW and MyNet affiliated stations, according to Nielsen. All of these investments in news, both local and national,
not only help and inform our audiences, but they also have a direct correlation with our political advertising revenues in
election years, driving record political revenues for Sinclair in 2024.
Record Year of Political Advertising in 2024
Another key driver of our success has been the record-breaking year we experienced in political advertising in 2024.
The election cycle has historically been a signi   cant revenue driver for media companies, and this past year, Sinclair
capitalized on this opportunity more effectively than ever before. Our ability to engage with political advertisers, deliver
targeted ad placements, and maximize the value of our broadcast and digital platforms helped us achieve unprecedented
levels of revenue from this category. Surveys have shown that not only does local broadcast news remain the mosttrusted source of news across the country, it also delivers more of the most valuable audience for political advertisers
than any other medium   the independent voter. As we look ahead, we remain well-positioned to leverage the upcoming
election cycles in 2026 and in 2028, when no Presidential incumbent will be running for office.
Successful Year for Distribution
2024 was a busy year for our distribution team. Given our recent retransmission rate agreements with MVPDs in 2024,
as well as coming to terms with NBC, our last network affiliation agreement expiration before 2026, we have greatly
enhanced visibility on both our retransmission revenues as well as our reverse retransmission expenses for the next
several years. In 2025, we have already bene   ted from having the Super Bowl on FOX, our largest network affiliation,
as well as college basketball   s Final Four on CBS, which was on a cable network in 2024. We believe the power of live
sports continues to demonstrate the importance of broadcast TV, not only to viewers and subscribers, but also to the

SINCLAIR, INC.
sports leagues themselves, who are increasingly looking to maximize the number of viewers to their content   and there
is no other medium that can match the reach and the value of broadcast TV.
Launch of New Sports-Related Podcasts
As part of our ongoing commitment to diversify and innovate and to meet the audience where they are, we successfully
launched a new suite of sports-related podcasts in 2024 starting with our two football podcasts,    The Triple Option    and
   Throwbacks   . This initiative has been met with a great deal of excitement from both listeners and advertisers alike, with
both podcasts consistently ranking in the top 10 among Apple   s sports podcasts. By tapping into the growing popularity
of podcasting and the massive audience base of loyal sports fans, we have created a new and valuable content vertical
that complements our existing offerings. We see signi   cant potential for further growth in this area and have already
launched an additional podcast for Soccer,    Un   ltered Soccer    starring soccer stars Landon Donovan and Tim Howard.
We expect to continue to grow these podcast platforms in the months to come.
Regulatory Optimism Amid FCC Changes
Looking ahead, we are optimistic about the future of the broadcast industry, particularly in light of the recent changes
in leadership at the Federal Communications Commission (FCC). With a new regulatory landscape taking shape, we are
con   dent that the adjustments will create a more favorable environment for broadcast television and related media. The
leadership changes at the FCC signal a renewed focus on ensuring that broadcast companies like Sinclair will have the
opportunity to thrive, innovate, and compete on a level playing    eld. We believe the environment is once again ripe for
industry consolidation, and we remain focused on exploring any opportunity that would drive value for our stakeholders.
We also remain committed to our role as a leading player in the broadcast space and look forward to the opportunities
these changes will bring, including for the sunset of the ATSC 1.0 standard, as we look forward to new datacasting
business opportunities that ATSC 3.0 will bring in and the revenue to follow. In early January 2025, we announced
EdgeBeam, a NextGen joint venture with three other major broadcasters that will allow us to enjoy nationwide reach
with exciting NextGen applications such as automotive connectivity, content delivery networks and enhanced GPS. We
remain excited about the future for NextGen technology and business models.
Sinclair Ventures
Sinclair Ventures also had a strong 2024, with $209 million in cash in   ows from the exit of various minority investments
in our investment portfolio. Our goal is to redeploy those proceeds into majority investments in high-growth assets that
we can control and consolidate on our balance sheet. In addition, Tennis Channel had another solid year, delivering
consistent revenue and operating cash    ow while successfully launching the channel   s Direct-To-Consumer product,
which enables tennis fans anywhere the ability to stream Tennis Channel   s content from any connected device.
Re   nancing
In the    rst quarter of 2025, we successfully re   nanced our balance sheet. The comprehensive re   nancing signi   cantly
derisked the company by not only addressing our closest meaningful maturity, but also by extending our overall weighted
average maturity to six-and-a-half years. The re   nancing also allowed us the opportunity to reduce our    rst lien debt
while improving our    nancial optionality, allowing us to continue to be opportunistic in the marketplace to delever over
time while continuing to drive enhanced returns for all of the company   s stakeholders. If the industry does see a potential
opening of M&A windows in the coming months, Sinclair is well-positioned as having the runway with the longest
weighted average maturity amongst all of our publicly-traded peers.

SINCLAIR, INC.
Corporate Citizenship
Once again, Sinclair and its employees demonstrated their strong commitment to being good corporate citizens in the
communities that we serve. In 2024, Sinclair partnered with more than 400 nonpro   t and civic organizations locally
and across the country to help raise nearly $25 million for nonpro   t organizations, schools, community agencies, and
local disaster relief. In addition, Sinclair helped to collect over 4.3 million pounds of food, over 250,000 diapers, over
300,000 toys, and almost 6,300 units of blood for those in need, while donating over $7 million in promotional airtime to
organizations. I remain proud of our corporate citizenship across our footprint.
Conclusion
In closing, I would like to extend my sincere gratitude to our employees, partners, and, most importantly, our shareholders
for their unwavering support. The results we have achieved in 2024 re   ect the strength of our business, our innovative
spirit, and our ability to adapt to an ever-changing media landscape and are re   ected in the outperformance of our shares
versus all of our publicly-traded peers in 2024. We are incredibly excited about the future of Sinclair and the opportunities
that lie ahead. We are committed to continuing our growth, driving shareholder value, and remaining at the forefront of
the local media industry.
David D. Smith
Chairman of the Board and Executive Chairman



 4/25/2025 Letter Continued (Full PDF)