Sinclair Broadcast Group


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By Zack Phillips Sinclair Broadcast Group, Inc. 10706 Beaver Dam Road Hunt Valley, Maryland 21030 (410) 568-1500 ABOUT THE COMPANY [2]: Sinclair Broadcast Group, Inc. (SBG), founded in 1986, currently owns, operates, programs, or provides sales services to 163 … Continue reading

Cox Media Group/Cox Enterprises

Autumn Boatner


Headquarters Contact Info: 6205 Peachtree Dunwoody Rd.
Atlanta, GA 30328
(678) 645-0000

Overview [1]

Cox Media Group is an integrated broadcasting, publication, direct marketing, and digital media company which is a part of Cox Enterprises that includes Cox Target Media. Cox Target Media operates two leading American companies which are Valpak (direct marketing), and (online savings). The company’s operations currently include 19 broadcast TV stations, one local cable station, 87 radio stations, eight daily newspapers and more than 100 digital services. CMG’s reach includes more than 30 media markets and 52 million Americans weekly, which includes 18 million radio listeners, 32 million TV viewers, and more than four million print and online newspaper readers.

2012 Key Metrics [2]

  • Revenue: 1.9 Billion
  • TV Stations: 19
  • Local Cable Channels: 1
  • Television Markets: 11
  • TV Viewer Reach: 30+ million
  • AM Radio Stations: 15
  • FM Radio Stations: 72
  • Radio Markets: 20
  • Combined Weekly Radio Listeners: 18 million

The Business of Communications

A duopoly is a specific type of oligopoly where only two producers exist in one market. In context, Cox Media Group is a duopoly due to the fact that it is one of two firms with dominant control over the communications market. Cox Media Group is in the process of changing its structure as part of a new business strategy to sell off their stations in smaller markets. The broadcast realignment was announced in July 2012 by CMG President Doug Franklin following the purchase of duopolies in larger markets — Jacksonville, Fla., and Tulsa, Okla. — from Newport Television . [3] CMG’s strategy is focused on larger markets, cross-media collaboration, and heightened reach in fewer markets. “This simplified structure will enable CMG to capitalize on continued growth and synergies, while retaining its size financially,” said Franklin.

Simultaneously, CMG is realigning leadership structure to fit the new broadcast portfolio.  Leadership changes in 2013 are as followed:

  • January 11th – Romeo Solomon Named General Sales Manager at KICU-TV

  • January 14th – Cox Media Group Appoints Matt Dalton as National Sales Manager of Long Island’s 106.1 WBLI-FM and 102.3 WBAB-FM

  • January 30th – CMG Orlando Tammie McGrath promoted to Director of Sales for six stations [4]

  • February 7th – CMG Tulsa Radio Promotes Matt Ledbetter to Director of Sales for Its Five Station Cluster [5]

  • March 1st – Tom Calococci Joins CMG Miami as New Program Director East Coast

  • March 8th – Cox Media Group Atlanta Names Adam Wolfson New General Sales Manager

  • March 11th – Greg Bilte named general manager, Suzanne Nadell named News Director for CMG Tulsa

  • March 13th – CMG Jacksonville Named Eric Lauer GSM, CMG San Antonio Names Jeff Garrison as New Program Director of Y100 [6]

  • April 1st – Lee Rothenthal named News Director at KUTV in Indianapolis [7]


On February 12th, Cox Media Group announced the sale of radio stations in six markets to SummitMedia  – a Birmingham, Ala.-based ownership group which includes David DuBose, Cox Media’s Birmingham Vice President and market manager.



Cox Media Group also sold three Southern Connecticut radio stations and contract rights for an additional station to Connoisseur Media based in Conn. Four stations were sold to Connoisseur and 21 stations were sold to Summit. In southern Connecticut, Cox sold WPLR-FM, WEZN-FM, WFOX-FM, and contract rights for WYBC-FM to Connoisseur Media for $40 million. SummitMedia paid $66.25 million for a number of stations in Birmingham, AL, Greenville, SC, Louisville, KY, Richmond, VA, and Hawaii, according to documents filed with the FCC. [8] As part of the broadcast realignment, Cox recently added four TV stations to its broadcast portfolio: WAWS-TV (fox) and WTEV-TV (CBS) in Jacksonville, Fl, and KOKI-TV (fox) and KMYT-TV (MyNetwork) in Tulsa, OK. [9]



Sinclair Broadcast Group had the opposite strategy, and acquired four COX small television stations for $99 million on February 25th, 2013; the purchase was part of a string of over thirty acquisitions over the past year and a half. [10]  They also purchased 18 stations from Barrington Broadcasting Group for 370 million. [11] Sinclair Broadcast Group Inc. is a Hunt Valley, Maryland-based diversified television broadcast company.  The four stations Sinclair purchased from Cox were:

  • KFOX (Fox) El Paso, Texas DMA 91

    WJAC (NBC) Johnstown-Altoona, Pa. DMA 102

    KRXI (Fox) Reno, Nev. DMA 108

    WTOV (NBC) Wheeling, W.Va.-Steubenville, Ohio DMA 158

FCC rules prohibit ownership of two stations in markets as small as Reno, Nev., therefore Sinclair plans on getting past this loophole by operating MNT affiliate KAME Reno under contract with a third-party licensee, Deerfield Media. [12] Sinclair said it expects to finance the deal through a bank loan, the deal will close in the second quarter and is pending FCC approval. Sinclair is arguably taking this strategy because there are less medium-sized stations for sale, but small stations provide large profits through local advertisements. [13] “Over the past 18 months, we have led the industry’s consolidation efforts in the mid-sized markets, purchasing 30 TV stations and creating over $400 million of equity value,” said David Smith, Sinclair President and CEO.

On March 4th, 2013, Broadcast stock analyst Marci Ryvicker and Wells Fargo Securities approved the Sinclair buy. “We like SBGI’s scale, leverage and opportunistic approach to M&A and anticipate there is more to come,” stated in an investor’s note. According to the note, Sinclair is paying a reasonable 4.6 times cash flow for Cox and 5.2 times for Barrington while maintaining a healthy debt profile of 5.1 times projected for the end of 2013. [14]

Other news concerning COX



On January 18th, Cox Media Group made radio history with Tampa 97X by giving local listeners total control of the music by utilizing social media. Listeners chose songs they wanted to hear by selecting from over 1,800 songs listed on 97X app and website. The app gave listeners the ability to interact with an ‘Open Mic’ feature which enabled them to record and upload themselves introducing songs. [15]

On March 6th, Cox Media Group was accepted into the Google AdWords (TM) Premier SMB partner program. This partnership allows CMG to be a leading provider in digital marketing solutions for local and regional advertising clients. Premiere SMB partners meet Google’s highest criteria for qualification, transparency and customer service, which include completing extensive Google product and account management training to provide businesses with the most effective AdWords advertising solutions. In addition to in-depth AdWords knowledge, PSP partners provide campaign management, detailed reporting, one-on-one customer support, and broad marketing guidance to help advertisers make the most of their advertising campaigns. [16]


1 & 2.
8 & 9.






Sinclair Broadcast Group

by Victoria Pane

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Sinclair Broadcasting Group Inc. is one of the largest broadcast companies to date. SBG owns and operates programs or provides sales services to 112 TV stations that span 61 markets nationwide. Sinclair Broadcasting Group reaches about 29.8% of U.S. TV households. Station affiliates include FOX, ABC, MyTV, CW, CBS, NBC, MTN and Azteca.

Headquarters Address: 10706 Beaver Dam Road, Hunt Valley, Maryland 21030

Telephone– (410)-568-1500

Social Media- Facebook  LinkedIn

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David Smith– Chief Executive Officer

David Amy-Chief Financial Officer

Steven Marks– Chief Operating Officer

Barry Faber-Executive Vice President

David Bochenek-Chief Accounting Officer


Located in Hunts Valley, Maryland, the Chesapeake Television Corporation was founded by Julian Sinclair Smith in 1971. Station ownership started in Baltimore (WBFF), Pittsburgh (WPTT/WPMY) and Columbus (WTTE). The last of the remaining stocks were bought by Smith’s four son is 1985 and since then the company has been named Sinclair Broadcasting Group. David B. Smith has served as

urlPresident and CEO since 1988, while the other three brothers hold various executive positions. With the help of the brothers the company has done nothing but grow in audience size and content range. The year 1995 changed it all when the company became publicly traded. Sinclair owns the majority of its stations, but they do operate some affiliates for the networks using local marketing agreements.

Picture above[16]

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See all stations under Sinclair’s control here

Picture Right [17]

Recent News

Since the beginning of the New Year SBG has been placing new General Managers in many of its markets across the country. On January 2, 2013. Noreen Parker was named GM of WTTA-TV (MY TV Tampa Bay) in Tampa, Florida. On January 3rd Sinclair announced that Jim Lapiana would be the new GM of WPGH-TV (Fox 53) and WPMY-TV (MNT 22) in Pittsburgh.  Also on January 3rd Ronna Corrente was named GM of WDKY-TV (Fox 31) in Lexington, Kentucky. And lastly on March 7th, Terry Gaughan was named GM of WCGV-TV (My 24) and WVTV-TV (CW 18) in Milwaukee, Wisconsin.

Another major piece of employee news is Steve Pruett joined senior management team as Chief Operating Officer of Chesapeake TV. Pruett has meny years of experience in the media, up until recently he was the CEO of Communication Corporations of America (CCA). Along with being the COO of Sinclair Television Group in the mid-sized market, Marks will also oversee the Company’s most recent strategy for small markets.

During February, Sinclair Broadcasting Group made a deal hoping to create initiative for small market television. The company signed an agreement to purchase stock and broadcasting assets of four television stations owned by COX Media Group. The deal was set for $99 million. These stations operate four different markets and reach about 0.9% of U.S. TV households. David Smith, President and CEO of Sinclair was quoted: “Over the past 18 months, we have led the industry’s consolidation efforts in the mid-sized markets, purchasing 30 TV stations and creating over $400 million of equity value. We believe our platform size and leadership position allow us to bring meaningful purchasing power and negotiating leverage to these stations. Including synergies, we believe the CMG stations can generate approximately $20 million of cash flow, on average.”

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Also in February of this year, Sinclair reached an agreement with DirecTV regarding the retransmission consent agreement. They have entered a short-term extension to the existing contract so that both parties will be able to enter into a formal agreement. In conclusion, DirecTV will continue to carry all of Sinclair’s stations.

On February 28th SBG announced an agreement to purchase 18 television stations owned by Barrington Broadcast Group, LLC for $370 million. It also entered agreements to operate or provide sales services for another six stations. These 24 stations are located in 15 different markets and reach 3.4% of U.S TV households. David Smith commented: “This week, we launched our small market television group when we announced we would be acquiring certain of the COX Media television stations. The Barrington stations are an important part of that strategy, providing meaningful scale to the group. Including synergies, we believe the Barrington stations can generate approximately $71 million of cash flow, on average.­”

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Conflicts with FCC ownership rules have forced Sinclair to sell its station WSYT (Fox) in Syracuse, NY and assign its local marketing agreement and purchasing option on WNYS (MNT) in Syracuse. The Company also sold its station WYZZ (Fox) in Peoria, IL. The license assets of four stations will be bought by Cunningham Broadcasting Corporation and Howard Stirk Holdings (newly formed and controlled by Armstrong Williams who is the founder and CEO of Graham Williams Group).

On April 2nd, SBG announced its full support of MobileDTV. Over the next six months, the Company will being to broadcast 10 mobile-cable signals in nine different markets. This is in partnership with Cunningham Broadcasting Company that broadcasts two stations in Columbus, Ohio (WSYX-TV and WTTE-TV). Consumers in these markets will be able to use MobileDTV on their smartphones or tablets to enjoy local over-the-air broadcasting for free simply by installing a plug-in adaptor. Sinclair has long been a mobile tv advocate has committed to offer some FOX affiliates on this developing platform. MobileDTV is expected to help with targeted advertising and the TV anywhere anytime for consumers.

Find a list of available stations and markets here.

SBGI Financial Reports

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Sinclair announced its first quarter of 2013 estimates of a net broadcast revenue of about $251.9 millon to $254.9 millon. Also an EBITDA of approximately $90.3 million to $93.3 million. The Board of Directors declared a $0.15 dividend to all Class A and B stock holders as of close on March 1st, 2013. The dividend became payable on March 15th.

Listen to the First Quarter Earnings Webcast and Conference call here

Financial Events Calendar

May 1, 2013- First Quarter 2013 Earnings Report

June 6, 2013- Annual Shareholders Meeting

August 7, 2013- Second Quarter Earnings Report

November 6, 2013- Third Quarter 2013 Earnings Report


Industry Conferences

March 4-6 dbAccess Media, Internet and Telecom Conference Palm Beach, FL.

April 8-9 Wells Fargo Investor Forum at NAB Las Vegas, NV.

May 7-9 Jefferies 2013 Global Technology, Media and Telecom Conference The Westin, NYC

May 20-22 Barclay’s High Yield and Syndicated Loan Conference Chicago, IL.

May 30th– The Benchmark One on One Investor Conference Milwaukee, WI.

Sept 30-Oct 2 Deutsche Bank’s 21st Annual Leveraged Finance Conference Scottsdale AZ.