Sinclair Broadcast (SBGI) 6 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the Sinclair Inc.

Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Chris King, Vice President of Investor Relations. Chris, you may begin.

you. Thank and Call. joining everyone, XXXX Third you Conference Earnings thank afternoon, Sinclair's for Quarter Good

on call our me Weisbord, Local Chief and Joining Media. the Financial our Executive President Ripley, Chief and Officer; and Chief our Operating Lucy President and Rutishauser, Officer; Executive Officer President today Vice Rob are of Chris

Relations Before today's on available Investor are website, earnings sbgi.net, of earnings the of I and portion on available to page website until everyone remind A will want begin, our site. call we that next for Presentation Events webcast quarterly slides the remain our our release. the replay on

the of Certain forward-looking future statements company's our include forward-looking those operating risks company in of obligation forward-looking Actual the matters results these reports things, could statements. may described as as are future set in this been a to results. other undertakes discussed call statements factors. with Such forth differ regarding, number and subject have result Such release. from most update and The in recent quarter on uncertainties. factors earnings SEC the various among included statements a the no important to filed third in

website. formulations. specifically This and may be a differ be of financial on our call discussions measures to found measurements comparable financial GAAP GAAP GAAP meant reconciliations Further the or measures replace and company's accordance Included non-GAAP can will and from measure formulated with companies' non-GAAP adjusted financial in discussion of not measures, to EBITDA. is is on uses the not other

Chris Ripley. over me Let to call the now turn

the third We us. consolidated our below guidance highlighting outside X our financial third last afternoon, provided above campaigns to results cancellations we August came quarter that third in Nevada, week We races on in as well solid that and are and our joining where were grew basis. I'll ad of political on move but start in Slide you quarter we from of by by Good cities which everyone, footprint some given modestly thank guidance tighter. late quarter occurred the mid-September. in increased monies the impacted a delivered results states for

guidance in all outcomes all-time solid was distribution a revenues line have renewals. advertising revenue to quarter, the Sinclair with floatable in grew at the our grown an distribution first at range, to Core thanks was advertising Total core on which is time when for third high. X%

the EBITDA, delivered in advertising, moment. and in came sales near quarter. strong of details more our Lucy followed guidance for range which growth core both high political our to a which go Our in end adjusted teams through into will the

$XXX our Ventures million made in and second from in held $X X, At Slide million On quarter $X contributions. million received end, quarter distributions quarter. Ventures in up the during million cash, levels cash approximately the at $X of total portfolio the end

and revaluing TV part the of as to Turning better bundling X. TV, are traditional value proposition provide In Discovery and as may content to include Bros. has significantly the take represent to TV streaming MVPD charter improved the quarters, Paramount, be Comcast, a regarding concessions great significant pay broadcast value to reach their Warner in -- a key better consumer. thesis deals great update subscribers. now a with we've Disney, recent cable services minute These seen the which MVPD packages. negotiations streaming of Slide I an to future may the termed wanted for of to

this broadcast including for Not accrete Charter the $XX fact, plus inclusion more in only but Tennis cable also Plus. Select net customers worth bundle their of streaming free of month it does platforms, receive In these significantly significant effective services per streaming pay the bundle, lowers with the now of subscribers than for chance. Plus premium rate to TV value various Channel traditional

now subscribers in than fact, the platforms. $XX XX% discounts we were a channels and that value Charter, of channels. and over subscribers discount channels a paying factoring less estimate month paying discount Charter the a essentially YouTube cable of base just a streaming what for This the in and is case traditional cable after TV's In for networks are from for plan XX% is ago broadcasting year same broadcast

are slide, XX push only it to see I next see services, also we at proposition MVPD cost is a to additional than can customers. major the broadcast the to promote Charter you believe marketing year offering on no the that streaming more was the very increasing As value pleased of for channels customers. planning is

the seeing well We play with as which Warner now took Disney a as recent year Bros. similar dynamics Discovery early. deal at place DIRECTV deal, Charter are

networks viewing is by has to turning results we're time which the see value share excited more on Gauge driven College more minutes to monthly live back on to data, emphasize MVPDs platform Broadcast the share football least This continue rebundling. Nielsen's in to we're same moving live We're and comes while work lost The this ago shows to points the subscribers. Broadcast basis. And minutes content flat share as this great TV, grown and been constantly both past by Slide chart viewing beginning of why Summer this to looking past for for other year report shows ways now figure. market see to broadcast X. by is frame. which X part with rights months, of every viewership the basis growth XXX over over Olympics What of the a NFL such months in broadcast sports the monthly broadcast percentage medium X the that has increased at with from is sports and relatively each has of and has

XX now games and Night post-season ABC's industry Monday the network Slide to games Disney on broadcast -- its this season. continues televised which to of content. Football Turning to will Recently, The X. X increase total a more added regular programming, more sports have

the which City launch this In the we broadcast joined and Blazers a months Trail the season. professional Sinclair Television Blazers Network Jazz Portland their announced majority the XX a have upcoming Jazz on in of major the The reached of within season. Trail Rip in the the that addition, during vast and XX with sports stations list over-the-air quarter, with teams will Notably, telecast games BlazerVision, to couple Blazers past Utah deals the join with partnership carry Blazer long all across the country. of the Trail to stations

the the video industry be mediums that in the We most important supports believe continues only this of idea to today. broadcast television one

excited early. the we Fox inventory for are fact, more announcement game In X months Bowl its recently Super to than February see that sold out its

our network and to looking As and largest forward Fox the the affiliation, are game playoffs. broadcasting the remainder we is regular season NFL of

additional the over distribution political over to podcast Weisbord on launches. our about exciting some details turn call as now Rob progress well as recent go to me Let our advertising and updates

X, Thanks, to fourth quarter very want on Chris. Slide distribution provide for a update an to busy team. our I On date third and

and carriage reached agreements third quarter, DIRECTV. Altice we During multiyear with the

blackout. satellite terms have of telco with big covering a subscribers cable, our come year We without XX% to now so more and than this far MVPDs X

in expires network affiliation the have until a least with reminder, year-end XXXX. which agreement, agreements we at remaining NBC, As one locked at network

reiterating guidance retransmission have we a for CAGR from of strong result made our progress we the XXXX. the throughout a of year, XXXX mid-single-digit revenues As through are net

season Turning X. news. local political reconfirmed local to value Slide of XXXX the The has only and broadcast

total runoff as revenues For to XX% grew political million. pre compared XXXX, in our of $XXX political XXXX

occurred all-time an of $X the during reported advertising fourth non-Sinclair $XX third for Nevada. million million of also During watermark commitments quarter which as the $XXX in cancellations Cancellations last markets. week to and of in quarter, of to third another in revenue, well us, late we due late continued high new existing to cancellations political quarter lower the geographic most million quarter, was which the due shifts with

only of hitting as of presence. the million Pennsylvania, note, [ estimate cancellations. over $XX markets million not political came anticipated, $XXX $XX experienced wider Of to if and for have than not the we ] the guidance shifted our do our state million several are While saw in in cancellations been within markets we in $X short million we have million a $XX we'd year, full from for monies [ Nevada where even cancellations some Philadelphia ] though those increased

broadcast are what in continues election dominant We presidential as to midterm be to is X political hotly looking now forward likely be advertising. contested the a for to medium in primaries XXXX open with and a race XXXX

including NextGen ranked turn include X top as cap outdated the the the ownership and regulatory to the attention sunsetting and than local as will broadcast the X.X nationwide coming yesterday's that in two its intends of ownership that for standards, Following be same election, issues industry prompt well the front months. transmission. These signal include market to center rules more for managed stations prohibit TV broadcast several

optimistic are on other and on issues. regulatory being these progress We several made

Slide Throwbacks Ferrara Triple college Stone, top September ranked X season. Apple's have well and as and Ingram in consistently of conjunction with excited XX podcasts start Jerry August among podcasts. we Leinart On football with XX, Meyer, The and very Urban to in podcasts, Mark Rob were as sports-related Matt launch the the been Option These with

former Unfiltered Soccer U.S. launch podcast Tim we plans called announced addition, and In to just a soccer-focused with Landon with

excited more the Soccer Tim growing and podcasts. about sports-related lineup We be strong couldn't Stars, Landon of Donovan Howard.

available the earlier time. free subscribers. our will subscribers Tennis to turn Channel direct-to-consumer to be the and our feed I access did Tennis made will to want product, launch for complete I to call live be today The product Tennis offer our the Before will November Channel, highlight regarding announcement over XX of first which on nationwide Lucy, current Channel

Let more on me granular balance provide update to a financial the over sheet. call and turn results to our now Lucy

Thanks, Rob.

XX. Turning to Slide

As quarter had on we results. solid third Chris touched earlier,

to sales would political million $XXX for core almost guidance, specialized in that and not the have political by September and multi-platform cancellations. reconfirming our quarter sales despite record third X% year-over-year political offerings met late third of categories broke we around quarter, revised us million advertising about. if and pricing, revenues unheard and advertisers records consumers Moreover, we Our accomplishment in and ad grew the care $X revenues our strategies

by driven year, came subscriber lower revenues Adjusted year-over-year step-ups X% renewal offset expenses Tennis were distributor in as range were the churn. agreements over EBITDA on forecast. Channel guidance our past within partially new than by distribution rate carriage media up Meanwhile, our modestly and

now Additionally, fourth CapEx timing primarily on expected to guidance, in the payments to occur favorable of was quarter.

Turning XX. and in up which carriage, on quarter the million exceeded revenues media higher added Consolidated the year distribution XX% revenue as on as political subscriber to versus the churn renewals revenues were well of Slide $XXX last recent impact.

mid-September. revised cancellations us. advertising in As compared year-over-year, modestly shy also revenues million in line with in is in distribution pointed in September revised revenues X% increased in for growth coming were of guidance, expectations. in political resulted a the Approximately political guidance, our X% $X now, guidance our X% core we $X third we've under increased of late our record political out to while million when first But as core quarter a to quarter advertising have provided us

production, our for in were quarter consolidated Slide approximately $X On adjusted offset with million costs was higher media improved revenues the higher-than-expected favorable expenses increased just third media range. by guidance of promotion expectations guidance lower retention. on million on at came midpoint XX, and $XXX within EBITDA our shy which employee Consolidated was partially commissions costs associated and to and engineering revenue sales our the

As adjusted expenses revenues, on in XX%, which higher by political compared revenue. were the by increased distribution stronger sales part and last offset overhead by and year, cost corporate driven to EBITDA

XX. Slide to Turning

quarter and a strong of by with year-over-year improved For over the revenues quarter. employee on the segment, results fell renewals in revenues, third the political quarter and the in range X% spite up media X% revenues within expenses were on EBITDA past distribution X% added had media Tennis Channel's retention. advertising coming which Tennis late revenues slightly with and Channel our Local increased in on carriage also grew Media cancellations delivered that adjusted guidance solid we higher the year.

However, net deficiency noncash units. audience note a in we $X.X change million

in Tennis noncash ADUs, to the Tennis Embedded timing approximately initiatives. million Channel's million favorable revenue and in up been due would guidance costs Channel's part expenses adjusted EBITDA Excluding was production XX%. Channel's ad have lower above $X Tennis product with expenses launch to this with announced direct-to-consumer $XX losses morning. associated future EBITDA operating adjusted of in related of of growth coming of their

leverage leverage X.Xx our XX, balance on basis. was metrics. XX. next and with net X.Xx was can to you the of trailing Interest net sheet as September meaningful in quarter X.Xx Sinclair Television Group's at total coverage debt see September our Turning stack On our lien maturity of maturity XXXX. Slide the first profile end X-quarter a

at our cash commitments, were $XXX with at was $XXX SBG million position was million outstanding $XXX consolidated million Our and undrawn billion. Including at There end, revolving total liquidity shares quarter $X.X Ventures. quarter XX.X million at end. total

Slide XX guidance. quarter fourth our introduces

media which consolidated advertising crowd $X guiding the of political advertising is range $XXX are to by revenues quarter, to in expected is We versus record be normal growth. XX% to advertisers. on billion, million to X% by the ago up year largely driven Core the XX% largely political decline of X%, out to

However, of and X/X said, $XX which states. fourth a late Rob showcasing record the million sales was Political offerings shifted year, historical in working. among political free for levels despite the roughly quarter of in million, have strategies content approximately is $XXX this in as quarter runoffs in another money cancellations, decline key our recent core are what again that been quarter came at

For $XXX $XXX over the million these been year, million political grew higher not pre-Georgia total for million again, cancellations. of would runoff $XX and XX% if approximately XXXX, have

midpoint XX% million to year range, Distribution be up is expected levels. year-over-year revenue million over is in and $XXX our expected of up be the EBITDA $XXX adjusted to the guidance at ago X% the to to XX% quarter,

XX. Slide to Turning

X% We core of expect has what roughly year advertising forma the years. in half political core our which with to declined down finish pro historical is

includes and the be million, expenses costs over political is growth. associated X% which $XXX revenue XXXX, revenue up sales revenue For XXXX, X% the expected approximately higher is up distribution to with media

expense February XXXX as year a Now to given And that's driven estimated in on our guidance initial across guidance. favorable expenses are $XX million our our compared February, to compared of full to midpoint cost focus controls media by this be variety the enterprise-wide year lines. of

than 'XX. lower $XX of certain the forecast also finally, And already full are expenses addition, to million lower to cash expected guidance at midpoint $XXX this expected original to our $XXX million range. be are be due non-media Capital our expected been than moving expenses $XX year, has guidance In $X by original the received. year million million to of February the timing million to in expenditures distributions of

with for like so And that, Chris the closing turn call back over I'd some to to comments.

Thank you, Lucy.

in as of our results growth grew us Slide mid-single political rate agreements for XX. are year-over-year. key third XXXX delivered reflects a Sinclair during net network since third first the on Full as fourth to as EBITDA XXXX base XX% revenues beginning Sinclair linear over quarter the of X% the year advertising core revenues quarter guidance records of our consent now election helping up during X-year for during a a Big our a and year, day subscriber to the to X year-over-year MVPD Political revenues advertising were new on solid guidance reaffirm retransmission record of CAGR. quarter revenues, growth full political Turning of XX% year. retrans XX% takeaways quarter year-over-year estimated the set of year. with for the company quarter, Distribution digits

election both results, summary, the And are for well deliver regulatory revenue record In environment we broader growth the our Sinclair's political optimistic more strength both this following a night's results revenue in we year. demonstrate pleased We the last the industry. as quarter constructive operations third core of continued broadcast believe as to industry. for are growth and

questions. and positioned could company now joining open its Lucy, of be today. the opportunities excited not call I will us well have future. you to for advantage We the these to Thank more take about Rob and

question [Operator Our Cahall with first from Steven Wells is Fargo. coming Instructions]

little preannounce back political? talk front. the political timing on a on you was bit think XXXX, to I about can decision Chris, first, in some just late-breaking there Maybe shifts the

year decided And so kind the to the give you of then for shifted preannounced outlook again. and things

XXXX? the some was talked And I be how different different stations that you love reports call broke sale, if your than this could could the a a the from changes a as and expected? we of there effect. seller FCC we likely on positive is about a bit understand that so just up for do new happen, about as QX. think a So or to get revenue, in were on point little of bit And into Sinclair would some things second, regulatory And cap especially much comes or then prior into higher. you time if both, Should more the buyer then finally, just in when X% distribution

think I up in implied it's QX. X%

renewals? some it So still all grow? is there QX for point is the after room successful these to high Or

Steve. Thanks, Okay.

higher took happening the that materialize even from into for didn't from we was on states compared unfortunately when it in big the of it back, significantly we states cities out first be which we big QX, look, some weren't question, other or of look what to a historical shift to because number and trends, some cities or was a QX located. So -- where in to cities further and pointing at XXXX smaller

So shift something gave. that not we cushion guidance had previously it's implied of we And it sort had with experienced. even of was size, we the that that that some

when how we So why the -- that's did. changed that's we guidance

In of in it is excited much the about environment. years, always the as over buyer we we few a or as be And to in forthcoming. the intend consistently partner. seller industry, we've a participate a in that it said does as upcoming regulatory feel lifting we're M&A intend to cloud last like the -- merger -- your be a question, some here. regulations will look, terms -- we needed of industry the And It the do very M&A modernization over think

is we're new environment on. about of we that. facilitate greatly are we upon, we what really think whatever And can to unlock regulatory we're to the that some come focused valuation do parts So will this

your right you have then front still relates right that growth on me, numbers question, for of line have run of go of front it don't renewal. on And upcoming of we in retrans. and on -- wouldn't give last I to top detail necessarily level as our but we to those quarters. Yes, in XX% subscribers

And strong growth into expecting XXXX. well so we're

is Our Benchmark Kurnos coming from the Dan with next question Company.

of have -- that on sure we make to follow question, Steve's your of Can no it ask in just last just a some peers quickly and just that maybe there just Chris, maybe were way say, up different elements distribution just some and on these you some timing know blackouts.

asking if underlying obviously, given core I help not understand I'm FOX then core specifics, I'm you but in trends post can and of about So at Series mean, wanted And just for full renewal not to current like quarter perspective? for you your Rob, a there. just getting World Trump think you're on from election. much, distribution. the a all, how talk sort kind in of presidency maybe out exposure if there's or curious would And

first understand can you not pardon, again? what quite question So you sure mean. really say your I'm I

anyway. Chris, Dan

I'm Altice Just done of so asking, you if for the in some you did curious just if the [ example, in have I renewals DIRECTV so in terms ] QX. around -- just your -- was like quarter, and

incremental in be you how the be immediate bake trying step-ups if If expecting make some much renewals we XX% this year that next you and are hitting there of elements much in get next year, the the next of of step-up, sure once how to sort quarter should just it? understand might we like timing

Right.

Dan. I think your Yes, understand question, Okay. I

have I'll do Rob. happen we So step-ups speaking, of have step-ups to And any hand soon agreement. as into in well. [indiscernible] as as specific again, also one But kick Annual annual So that over I we generally that it significant renewal we renew. can't terms the get

Dan, of Yes, things. a couple

are algorithms currently down pricing out, Series they're for past the in across of Fox. and goes pointed But Obviously, our at this out, through to our Lucy I've of [ and doing As well. ] X/X group we trending football versus World where being of spots year crowd traditional we're system about what our running the networks the booked. had as the talking fourth been using efficiencies that college largest the quarter,

matchups single seeing You're every Marquee week.

we're And these. capitalize so able to on

could these of witnessed Some we've the have season. early championship in been that games

next even we've keep Fox quarter with flat our and our the normally of our -- able everybody stations crowd political, we much about the year, record business, the Bowl, with so having going which successes will X%, pace relatively lose next Super been out. into of over first to automotive, in all even was think asks And with and carry year. the our having without to automotive to down And

younger optimistic street in World up seeing we're the the cautiously are Series. that watch Series, was out But that words year's don't World XX demo pointed return XX XXX% the we traditionally broadcast. of So people by you the on in the this eyeballs hear to the

So to as sports we're [ Chris all freeing iterating on bullish broadcast. that back where balls was is ]

question And coming from is next Barton Rosenblatt. Crockett with

administration I the guys I issues in because environment. FCC Trump the you your as with commentary was the deal. former the recall, interested regulatory had Tribune with around under And some

other been hopes? I'm there's specific said so seen regulatory gives point confidence there? than get you've been kind just or the of that you there wondering that's for to anything you the your situation just loosening you hope can some if of And Is that that anything

something, this so glad I'm I there's question. very out Actually, think, Sure. there, you point salient asked

the Court JSAs waiver. was It And Supreme the way the it one included [ the enacted to new the day. the two Chairman rules It FCC power remember, SSAs. he went getting way you of subject and unchallenged, rid was measure rules of included that rules deregulation all allowing ] it a in were of big a of those cross-ownership. did -- when and X, and If certain to and then reinstated that it's Pai and

largely most that sorted all up term. of all FCC's Now that that was time out, until

White had so House FCC. we in in government the a thereafter, the And changeover the and in shortly changeover

in FCC. have by even effect least the followed our from haven't in a we rules perspective, -- been or world the we current where really So at lived

adjudicating field rules the huge isn't the a Republican just be currently So as that. we're playing I versus alone, And for media. big think relief they it stand understands the tech a level is further And party industry. big benefit hopeful that just there'll as that or with consistent

mean some the the Fox was are? was of bit. I in numbers decline. not reporting you're gears you what what Okay. clearly Or deceleration guys But give also seeing update I on pace just wondering, little it's subscriber like same. switching Can anything that? us the a us

digits That us to XX this most we're see note for in pay around So sub I exceeded that announced. changed submissions Comcast still hasn't on our Charter both days overall arrears XX mid-single in do that churn. and come But because in in to remit quarter a of while. churn terms the results most video MVPDs We expectations after. they will in us and recent that

-- the receive. they to tends So that that we information lead

we different. set to presentation, promote just a at so the And experience a then as largest you cut they start really price effective they of would or less dynamic out implement we two going. the not see Charter customers, to a $XX MVPDs pointed when as their there. of And whether month, than the user choice to net a look we is were Peru in to And significantly bundling in is in take the massive terms they Charter and big change of next in push the proposition. value getting year. the very their a of marketing strategy of going heartened trends streaming subscription the think a subscriber their being TV it's And pay and it They're that

So a effect. we're anticipating dramatic very have to that

sense guide, In you there And can anything we maybe this quarter that guide? question. impact in your material the with Is the then launch this the beyond how one final us about of even financials? great. any think That's of Okay. impacting And should and just your give Tennis? guide DTC for

rights for build But gave going measure of that's the it's scope launch that the month, the you the an will of will product And we contributor paying no as opening XXXX time be Tennis not incremental do of we're expense guide period Well, there's are the here, into built will to significant for and It a the for a consumers. costs we we -- we for content very Channel. given significantly of incremental fourth that rights, results this Sinclair. grander We have improved said. quarter. DTC think in that investment streaming to this up already in be product year, some DTC to think, so short an

Yes, able multiview. viewership. I think you'll see We'll an a go to be to enhanced

the So best up whole that could the on the you same time, when linear stuck tournaments just viewing not the are running to at is there's multiple and the the being tournaments have showing world feed of channel. multiple on what's

So those for enthusiasts recreational, tennis the and even there'll something be everyone app. inside the

David from Hamburger Stanley. next is Morgan coming question Our with

allocation. capital can you little a bit talk about Maybe

So cash, maturity in have you billion of XXXX. $X.X of nearly $XXX consolidated million debt

the keeping talked you parts structure. cash about in past different as funding and have You think Ventures capital SBG about the cash of for separate the

that move flexibility transaction context the in to you well you've said And of financial as So of have approach Ventures willing that yourself your did ] consolidation. comments maybe use I'm about your credit wondering XXXX [ avail if in you and to talk Because in useful find as been assets docks future past, you might or previously to how the in the you as could do with it M&A around debt you the about well. also maturity.

looking asset perspective, allocation, not you're allocation, a the and you talk the approach of approach but balance from kind approach how how maturities? leverage, at you just could capital So XXXX you XXXX the even sheet, you about debt potential and consolidation

Sure.

or options and an several we that deliver to we're participant an as a And that's that flexibility will industry in a -- will to that think is manner. assets that not the that you perspective. future. looking a capital opportunities. around necessarily merger we And maturities. want look expect whatever both transaction may a most seller And capital the have cost I to of consolidation doing that the for we in lowest those come a So here buyer contemplates that we're if at implied address upcoming M&A efficient be means move structure would from partner, do in the or

Okay. I you've mean you you I leverage a than had at leverage, a target was structure. being, can't guess, of talked that what is about elaborate mean further X.Xx lower on that. little capital I now which bit sort

you that a or to year and that Given maybe political then of leverage, XXXX, debt balance stacked. facing perspective? manage look to maybe they as some how is of as you overall sense Can next guardrails you'll provide from are the a maturities not the year kind us sheet, be any

We're be significant division running of and new of just about have of definitely our depending help have we next that target think social transformation, strategic synergy system And into or no focus. focused that to through We that to add extent will year, the our the on initiatives likely top division. leverage there we on transactions down -- deleveraging with formulation the like moving maturities that on dealing transactions upcoming. No. transaction, the generators. are growth like And issue also should the that further [indiscernible] the will those come back overall our have drive podcasting we about cloud

naturally there's over lot will we'll down move a just that And then M&A, think leverage that. help So accelerate I time.

expect? and part securities the capturing debt of deleveraging that discounts Is you

right in financing we I par had -- buybacks. of advantage now. to is will We structure, that comprehensive to $XX to more look 'XX the debt beginning we're value the a take We've 'XX that. to of opportunistic extent a on discounts million be But in our continue do since bought the the think capital XXXX. definitely $XX for something focused solution that think of million been We've that

Deutsche question Watts with is Our Bank. coming from next Aaron

Two questions.

especially end you moderate I DISH at TV broadcasters a growth. come as year. Sinclair done that close? when that, and put may know First, if TV deal peers have the And inclusion I curious you on not thoughts partners your negative that? felt yet and an that NBC's compensation the positive time you the done, including more to an its bill deal And recently this able positive broadcast recent a fees NBC local get agreement announced to NBA on TV there your whether the acquired and at latest to rights deal Comcast the are comment or whether looking rights and renewal to network of was the your you My on a What to as this head then be those towards and help of question of when space, can if and are for a part to is to view Sinclair. Will looked distribution after DIRECTV together. And secondly, affiliate broadly? for clauses as was would impact get for

Aaron. Sure. Thanks,

significant a example distribution question good not did NBC, in bump for would facilitate I the significantly last the round up. not broadcast-centric be as we're think deal most contracts think you the we're though the for create higher. NBA recent that pursuing We did even That quite more don't to to paid look, the beneficial be it's and appreciable case point the of change were your beneficial them affiliates model. NFL that supportive That that for the certainly happy expect either So of trend, partners. can create league. It's for to went for a and prices NBA an NBCU, that we

retrans. that, is over expectation won't trend, change the materially that increases has our declining which time for been So reverse

company we weird think healthier, for probably that as we has player you've a DISH, Anytime incentives. that's And is that been just it while, a major relates a to positive then the is distressed as the it to combined DISH think creates, for industry. extent DIRECTV the got

that better to create rationalize think the we synergies, we're structure, industry. extent they capital a that create will So functioning the --

to from have this, perspective. fees anticipate to Now which it choice those certainly, any relates don't question, some consumers there your will limited be retransmission where two rural closing. at to for last issues, are at regulatory post impact -- to our some looked relates competition to be is it as to a we and have will we that to only looked as But also markets

Thank you.

queue As remarks. like I to back we for further closing Ripley have no at it to hand this Mr. any time, questions would in

Thank to the you free joining today. IR And for please reach Thank you questions all feel you. extent to or any comments, you. us team. us To have thank out and the

today's gentlemen. does and conclude at we your This Thank time, participation. thank may lines ladies your and conference, you and for disconnect this you you,