News Release

SINCLAIR REPORTS THIRD QUARTER 2019 FINANCIAL RESULTS

INCREASES TOTAL REVENUE BY 47% COMPARED TO PRIOR YEAR
ANNOUNCES QUARTERLY DIVIDEND PER SHARE OF $0.20
CLOSES ACQUISITION OF REGIONAL SPORTS NETWORKS BUSINESS

BALTIMORE (November 6, 2019) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2019.

CEO Comment:
"This past quarter marks a defining moment for Sinclair with the acquisition of 21 Regional Sports Network brands, the largest transaction in our Company's history and establishing us as a leader in local sports and news, two of the most watched live content genres," commented Chris Ripley, President and Chief Executive Officer.  "Our legacy broadcast business, meanwhile, outperformed on all key financial targets in the third quarter. Looking ahead to 2020, we expect to benefit from our biggest political ad revenue year on our record, the successful launch of Marquee with the Chicago Cubs, and a seamless integration of our newly acquired RSNs."

Recent Company Developments:

Transactions:

On August 23, 2019, the Company completed the acquisition of the equity interests in 21 Regional Sports Networks (RSNs) and Fox College Sports from Disney for a purchase price of $9.6 billion plus certain adjustments. In connection with the acquisition, Sinclair's indirect wholly-owned subsidiaries, Diamond Sports Group, LLC ("Diamond") and Diamond Sports Finance Company issued $3,050 million aggregate principal amount of 5.375% Senior Secured Notes due 2026 and $1,825 million aggregate principal amount of 6.625% Senior Notes due 2027. Diamond Sports Holdings, indirect parent of Diamond, also issued perpetual preferred equity for $1,025 million. Diamond and its direct parent, Diamond Sports Intermediate Holdings ("Holdings"), entered into a credit agreement to provide senior secured credit facilities comprised of a $3,300 million term loan facility and a $650 million senior secured revolving credit facility.
In August 2019, Sinclair's wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), amended and restated its existing credit agreement to provide a $700 million incremental term loan facility to partially fund the RSNs acquisition and a $650 million revolving credit facility.    
In August 2019, the Company, as part of a consortium led by Yankee Global Enterprises, acquired a 20% equity interest in the YES Network valued at $346 million on a total enterprise value of $3.47 billion.

Content and Distribution:

In August, the RSNs and Cox Communications entered into a multi-year distribution agreement.



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, November 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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