Reports Q4 revenue $826M, consensus $838.75M. “Sinclair delivered a solid finish to 2023 with our local media segment meeting guidance and Tennis Channel exceeding expectations,” said Chris Ripley, Sinclair’s President and Chief Executive Officer. “During the year and through early January, we continued our commitment to deleveraging, repurchasing over $91 million in debt principal across all tranches, at an average discount to par of 19%. This week, the U.S. Bankruptcy Court approved the previously agreed settlement with Diamond Sports Group, pending the finalization of certain documentation, that resolves all of our outstanding DSG-related litigation claims as well as DSG’s reorganization plan which better positions the future of RSNs – an important asset for pay-TV bundles. The rollout of NextGen Broadcast technology is progressing well, and now reaches 75% of the U.S. population as of the end of January. With 15 million NextGen TV receivers expected to be deployed in households by the end of 2024, the industry will soon be able to capitalize on this significant technical advancement. We are focused on continuing to drive industry-leading core advertising revenue growth and net retrans growth, and anticipate another record year for political advertising revenue to generate strong financial results in 2024.”
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