BALTIMORE, March 2, 2020 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," is providing additional guidance in response to investor inquiries following the February 26, 2020 release of the Company's financial results for the three and twelve months ended December 31, 2019. The outlook below supersedes the outlook provided in the February 26 release and provides certain first quarter and full year estimates for the Sports segment. In addition, the Company has provided additional 2019 quarterly segment financial disclosures, which may be accessed at www.sbgi.net under "Investors/ Non GAAP Measures."
The Company uses certain non-GAAP financial measures, specifically Adjusted EBITDA, in addition to GAAP financial measures as supplemental financial data to assist management and the public in their analysis and valuation of our company. Adjusted EBITDA is not formulated in accordance with GAAP, is not meant to replace GAAP financial measures and may differ from other companies' uses or formulations. Further discussions and reconciliations of Adjusted EBITDA to its most comparable GAAP financial measure, net income, may be accessed at www.sbgi.net under "Investors/ Non GAAP Measures." The Company does not provide reconciliations on a forward-looking basis.
The Company currently expects to achieve the following results for the three months ending March 31, 2020 and twelve months ending December 31, 2020. The outlook includes the acquisition of the Fox RSNs (August 23, 2019), the 20% ownership investment in the YES Network (August 29, 2019), an increased investment in Stadium which is now consolidated (December 2, 2019), the launch of the Marquee RSN (February 22, 2020), and the divestiture of the non-license assets in Harlingen, TX (January 27, 2020).
Sinclair is a diversified media company and leading provider of local sports and news. The Company owns and/or operates 23 regional sports network brands; owns, operates and/or provides services to 191 television stations in 89 markets; is a leading local news provider in the country; owns multiple national networks; and has TV stations affiliated with all the major broadcast networks. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net .
The matters discussed in this news release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the impact of changes in national and regional economies, our ability to generate cash to service our substantial indebtedness, the completion of the FCC spectrum repack, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the successful execution of retransmission consent agreements, the successful execution of network and MVPD affiliation agreements, the successful execution of media rights agreements with professional sports teams, the impact of OTT and other emerging technologies and their potential impact on cord-cutting, the impact of MVPDs, vMVPDs, and OTT distributors offering "skinny" programming bundles that may not include all programming of our networks, our ability to identify and consummate acquisitions and investments and to achieve anticipated returns on those investments once consummated, the impact of pending and future litigation claims against the Company, the impact of FCC and other regulatory proceedings against the Company, uncertainties associated with potential changes in the regulatory environment affecting our business and growth strategy, and any risk factors set forth in the Company's recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/sinclair-provides-additional-guidance-for-2020-301014370.html
SOURCE Sinclair Broadcast Group, Inc.