Sinclair, Inc. Class A Common Stock Citi’s 2026 Global TMT Conference

Thank you. All right. Great to be here.

How would you characterize? The industry trends that really drive our business are quite healthy.

I would highlight three in particular.

Okay around net retrans. Number 1 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 paid 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. That's really important. The second trend I would highlight is the continued pricing power within broadcasting. The broadcast industry as a whole still takes far less out of the pay TV pie, dollar pie, than the viewership that it puts in.

You're talking ad dollars? No, I am talking about distribution dollars, retrans.

I think we account for about 45% of the viewership within pay TV and we are around 30% of the pay TV dollars that get distributed out. Furthermore, as we continue to try to close that gap and get to parity, there is a good argument that we deserve more than our viewing share because the premium nature of the content that we deliver, like NFL sports, college football, playoff basketball, playoff hockey, and news. It really is the most premium, the most must-have content on paid TV is broadcast, and increasingly so, as the average cable channel has really gotten gutted by streaming. The third trend is all- Can I pause you for a second?

No, I was just talking about gross.

Yeah. Okay. Yeah. The churn side and then what we get paid by the MVPDs feeds into gross.