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Sinclair owns local television stations across the United States and provides programming, advertising sales or operating services to other station owners. Its stations combine network programming with local news, sports and entertainment to attract viewers whom advertisers want to reach. Audiences can watch free over the air or through pay-TV and internet television services. Those services pay to carry the stations’ signals; Sinclair can withhold permission to carry them or negotiate payment.
Its tennis business centers on Tennis Channel and related streaming services. Distributor fees and commercial time sold within Tennis Channel programming provide most of this segment’s revenue. Rights to tennis competitions supply the programming that draws its audience.
Advertising income depends on viewership and advertisers’ spending, with political advertising stronger in election years, especially presidential-election years. Distribution income depends on carriage agreements and subscribers remaining in packages that include Sinclair’s channels. A small number of customers account for a substantial share of revenue across the local media and tennis businesses. Local broadcasting also requires FCC licenses, and ownership rules limit how many stations Sinclair can operate in some markets.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Nexstar and Sinclair both run large network-affiliated television station groups, earning money from local advertisers and distributors that pay to carry their channels. Nexstar’s advertising and distribution revenue are the lines to compare with Sinclair’s station business.
Gray Media competes with Sinclair for local-news viewers and the advertisers paying to reach them through their extensive station portfolios. Gray’s local station ratings show how strongly it is competing for that audience, which Sinclair also relies on to attract advertisers.
E.W. Scripps and Sinclair compete for businesses buying television and digital ads around network programs and local news. Watch Scripps’ core advertising revenue: sales of broadcast, digital and connected-TV ads to local and national businesses accounted for 42% of its Local Media revenue in 2025.
Sinclair relies on Fox network programs to attract viewers to its FOX affiliates, while Fox’s own stations compete with it for advertisers’ television spending. Watch the appeal of Fox’s live programming to viewers and advertisers, since network programs are a major audience draw for Sinclair’s affiliated stations.
Comcast sits on both sides of Sinclair’s business: NBC supplies programs to Sinclair affiliates, its own stations compete for advertising, and its cable systems pay Sinclair to carry its programming.
Sinclair relies on Disney’s ABC programs to attract viewers, while Disney’s television and streaming businesses compete for viewers and advertising. Watch Disney’s fees from ABC-affiliated stations: Disney earns that revenue from the same station model Sinclair uses to sell advertising and channel carriage.
Entravision Communication competes with Sinclair for local advertisers buying broadcast spots and digital marketing, but focuses on Latino consumers. Its U.S. digital revenue from local businesses buying managed campaigns is the useful comparison for Sinclair’s digital marketing services, rather than treating the two audience bases as identical.
Versant Media Group’s cable networks compete with Sinclair’s networks for advertisers and for distributors that pay to carry channels. Watch Versant’s network distribution and advertising revenue, the same two revenue streams that support Sinclair’s Tennis Channel.
Alphabet competes for Sinclair’s advertisers through Google and YouTube, but also pays to carry Sinclair channels through YouTube TV. Watch YouTube TV’s carriage agreements: the first-quarter 2025 deal kept Tennis Channel and other Sinclair channels on the service and added The Nest and PickleBall TV.
Comcast Corp earningsCMCSA
Comcast pays Sinclair to carry its channels and supplies NBC programs to Sinclair stations, so its report will show how subscribers and programming spending are changing at a major distributor.
Watch Comcast's cable subscriber trend alongside its programming spending. Stable subscribers and resilient spending would suggest distributors still have customers and need content, supporting the backdrop for Sinclair's carriage fees and the appeal of NBC programming to its stations. Continued subscriber losses or weaker spending would point to more pressure on both distribution revenue and programming value.
Fed Interest Rate Decision
Sinclair’s interest costs can rise or fall with the Fed’s rate decision because $1.432 billion of its debt has variable rates, affecting cash available for operations and investment.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise interest on Sinclair’s variable-rate debt, leaving less cash for station and network operations, investment and scheduled debt payments.
If it comes in below expectations
Lower rates can reduce interest on Sinclair’s variable-rate debt, leaving more cash for station and network operations, investment and scheduled debt payments.
Entravision Communication earningsEVC
Entravision Communication's report can show how local businesses are spending on digital marketing, offering a useful comparison for Sinclair's digital marketing services.
Watch Entravision Communication's U.S. digital revenue from local businesses, particularly managed campaigns. Growth would suggest local businesses are still funding digital ads, a supportive sign for Sinclair's digital marketing services; weakness would point to tighter budgets. Entravision Communication focuses more on Latino consumers, so its customers are not a direct stand-in for Sinclair's.
Fox Corporation earningsFOX
Fox's live programming helps draw viewers to Sinclair's Fox-affiliated stations, and its report will show whether that programming still attracts audiences and advertisers.
Read Fox's live-programming audience performance alongside its ad sales. Strength in both would suggest the programs remain appealing and can help Sinclair's Fox-affiliated stations draw viewers and advertiser interest; weakness in both would mean those programs may provide less support for Sinclair's local ad business.
Skydance Corporation earningsSKYD
Skydance's report can show how fees from CBS-affiliated stations are changing, a cost-side signal for Sinclair's own network-affiliated station model.
Watch Skydance's reported fee revenue from CBS-affiliated stations. Rising revenue could indicate stronger network pricing power and, if Sinclair faces comparable terms, more pressure on its programming costs. Falling revenue could ease that cost signal, but could also reflect a weaker or changing network relationship; it is not a direct measure of Sinclair's costs.
Versant Media Group, Inc. earningsVSNT
Versant Media Group, Inc.'s cable networks also earn carriage fees and ad revenue, so its report offers a comparison for the two revenue streams behind Sinclair's Tennis Channel.
Read Versant Media Group, Inc.'s network distribution revenue alongside its advertising revenue. Strength in both would suggest distributors still pay for channels and advertisers still buy time, supporting the two revenue streams behind Sinclair's Tennis Channel; weakness in either would point to pressure on carriage fees or ad sales.
Sinclair, Inc. earningsThis company
Sinclair earns from television ads and fees for carrying its channels, and this report will show whether political ad sales generate cash amid distribution and programming costs.
Read political ad revenue alongside cash from operations. Strong political ad sales with solid cash generation would show election spending is turning into cash for operations and debt service; weak ad sales or cash generation would show that advertising swings, distribution revenue or programming costs are still squeezing the business.
Nexstar Media Group, Inc. earningsNXST
Nexstar and Sinclair both run large station groups that earn from ads and channel-carriage fees, making Nexstar's two revenue streams a direct comparison for Sinclair's station business.
Read Nexstar's advertising revenue alongside its distribution revenue. Growth in both would suggest support for station ads and channel carriage, a favorable industry backdrop for Sinclair's comparable lines. Weaker ad revenue would point to advertiser pressure; weaker distribution revenue would point to pressure on carriage fees or the subscriber base.
