Sinclair Broadcast Group(US:SBGI)2025-11-05 21:30Q3 2025 Performance - Total revenue reached $773 million, approaching the high end of guidance[6] - Adjusted EBITDA exceeded guidance, reaching $100 million[6] - Core advertising revenue increased by 7% year-over-year[9] Station Portfolio Optimization - 11 partner station acquisitions have closed as of November 5[12] - These acquisitions are expected to contribute at least $30 million in incremental annualized adjusted EBITDA[12] 2026 Political Revenue Outlook - The company anticipates exceeding $333 million in political revenue in 2026[17] Capital Structure - Total Sinclair Television Group (STG) debt at the end of 3Q25 was $4.1 billion[23] - Consolidated cash at the end of 3Q25 was $526 million ($122 million at SBG, $404 million at Ventures)[23] - On October 6, STG redeemed $89 million of Senior Unsecured Notes due 2027[23] Q4 2025 Guidance - Media revenue is projected to be in the range of $809 million to $845 million[33] - Core advertising is expected to be up over 10% at the midpoint of the range compared to 4Q24[37] - Distribution revenue is expected to be lower by 1% at the midpoint of the range compared to 4Q24[37] - Adjusted EBITDA is projected to be between $132 million and $154 million[37]