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Sinclair Broadcast Group

SBGI is one of the largest owner/operator of television stations in the US. Pro forma for the TRCO acquisition (before required divestitures), SBGI will own, operate or provide services to 233 television stations in 108 markets (including 50+ multi-station markets) reaching ~72% of US households (without the UHF discount; ~45% w/discount). SBGI is largest ABC, FOX, CW and MNT affiliate group, the 2nd largest CBS affiliate group and the 3rd largest NBC affiliate group. SBGI also owns the Tennis Channel, a cable news network serving the Washington DC area and four Seattle radio stations. Circa is SBGI's millennial-focused online news and entertainment site. CHARGE!, a 24-7 action based network featuring 2300+ hours of TV series content, was launched in 1Q17. Net time sales are split among ABC (27%), FOX (25%), MNT (20%), NBC (14%), CBS (7%) and CW (6%). Revenues from other businesses (real estate; Triangle Sign) represent less than 3% of revenues. SBGI has formed a consortium with NXST, UVN and others to develop products, services & monetization opportunities associated with ATSC 3.0. (06 Sep 2017)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

GTN: Financing Raycom with a $2.15 bn Term Loan

Worth Watching: 24 Oct 2018, 10:00 PM ET - GTN (secured: Ba2/BB; unsecured: B3/B-) is in the market with a new senior secured credit facility to help fund the Raycom acquisition, which it expects to close in December. Commitments are due October 30. Financing details include the followi ..

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: The Basics of TV Network Advertising

Sector Analysis: 22 Oct 2018, 3:33 AM ET - This is the first in a series of articles discussing the various advertising platforms. In this piece we focus on network television advertising (broadcast and cable).   
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SBGI: Key Issues Related to the TRCO Litigation

HY Note: 07 Sep 2018, 5:06 AM ET - SBGI files its response to TRCO’s lawsuit, denies all the charges and files a counterclaim against TRCO claiming TRCO breached the Merger Agreement. We review SBGI's response, its countersuit and the key takeaways for investors.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Tribune: Says Goodbye to Sinclair

Company Analysis: 10 Aug 2018, 4:47 AM ET - TRCO terminated its Merger Agreement with SBGI and then filed a lawsuit against SBGI for breach of contract. TRCO returns its focus on running the business for its own constituents. Oh, and TRCO had a good 2Q18. 
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Sinclair: Buying Shares Instead of Tribune

Worth Watching: 10 Aug 2018, 12:12 AM ET - Sinclair: We now know how Sinclair is going to spend a good chunk of the more than $1.0 bn of cash that was sitting on its balance sheet at the end of 2Q18 now that Tribune officially terminated their Merger Agreement: it's going to buy back sha ..
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SBGI: Good 2Q18 But TRCO Deal Is On Its Last Legs

Earnings Note: 09 Aug 2018, 12:09 AM ET - BGI delivered solid 2Q18 results that were better than the guidance it provided for the quarter and trends that were in line with peers. However it refused to comment about the TRCO deal other than saying they are reviewing their options.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 
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Sinclair: FCC Questions if Sales were Shams

Worth Watching: 19 Jul 2018, 9:42 PM ET - Sinclair: The FCC released its hearing designation order (HDO) on Wednesday, which describes in detail the rationale behind the FCC's decision to send the Sinclair-Tribune transaction to an administrative law judge. As expected, the FCC's conc ..
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SBGI: Amends Plans But FCC Still Votes For the HDO

Worth Watching: 18 Jul 2018, 11:09 PM ET - SBGI: The FCC announced Wednesday evening that it had voted to adopt a hearing designation order (HDO) regarding the Sinclair–Tribune transaction, which will send the deal to an administrative law judge. The vote was unanimous. The FCC expects ..
Focused

Sinclair: Pai Voices His Concerns Loud and Clear

HY Note: 17 Jul 2018, 5:54 AM ET - Commissioner Pai is concerned enough about the terms of the SBGI/TRCO deal and proposed station sales that he recommended sending the deal to an administrative law judge, increasing the likelihood the deal doesn't cross the finish line. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

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