Sinclair, Inc. (SBGI) Presents at Citi's 2026 Global TMT Conference Transcript

SA Transcripts 162.14K Followers Follow Sinclair, Inc. ( SBGI ) Citi's 2026 Global TMT Conference September 9, 2026 2:35 PM EDT Company Participants Christopher Ripley - President & CEO Narinder Sahai - Executive VP & CFO Conference Call Participants Jason Bazinet - Citigroup Inc., Research Division Presentation Jason Bazinet Citigroup Inc., Research Division Pleased to have Sinclair broadcasting with us today. Both, Chris Ripley, CEO; and Narinder Sahai, CFO. Thank you so much for coming. Christopher Ripley President & CEO Thank you. Great to be here. Question-and-Answer Session Jason Bazinet Citigroup Inc., Research Division All right. Yes. So maybe can I start with a high-level question? So at the industry level, forget about Sinclair for a second, I would love to just start with the health of the broadcast industry as we sit here today. How would you characterize it? Christopher Ripley President & CEO The industry trends that really drive our business are quite healthy. So I would highlight 3 in particular around net retrans. Number one is we are seeing a moderation of churn, and this is being driven by new strategies deployed by MVPDs like Charter, who are bundling in their streaming packages into their core cable offering. We think that's been really effective. We term that the great rebundling. So you're seeing this sort of bottoming out on pay TV penetration, if you will, that's been predicted for quite some time, but we're actually now we're finally seeing that in the numbers. So that's really important. The second trend I would highlight is, the continued pricing power within broadcasting. So the broadcast industry as a whole still far -- takes far less out of the pay TV pie, dollar pie than the viewership that it puts in. So... Jason Bazinet Citigroup Inc., Research Division You mean, ad dollars? Christopher Ripley President & CEO No, I'm