Intrinsic value of Sinclair Broadcast Group Cl A - SBGI

Previous Close

$31.40

  Intrinsic Value

$120.41

stock screener

  Rating & Target

str. buy

+283%

Previous close

$31.40

 
Intrinsic value

$120.41

 
Up/down potential

+283%

 
Rating

str. buy

We calculate the intrinsic value of SBGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  3,059
  3,402
  3,763
  4,140
  4,535
  4,946
  5,375
  5,821
  6,285
  6,767
  7,268
  7,789
  8,330
  8,893
  9,478
  10,086
  10,720
  11,379
  12,066
  12,782
  13,528
  14,306
  15,119
  15,967
  16,854
  17,780
  18,748
  19,761
  20,820
  21,929
Variable operating expenses, $m
  2,338
  2,554
  2,781
  3,019
  3,268
  3,527
  3,798
  4,079
  4,372
  4,676
  4,583
  4,912
  5,253
  5,608
  5,977
  6,360
  6,760
  7,175
  7,609
  8,060
  8,530
  9,021
  9,534
  10,069
  10,628
  11,212
  11,822
  12,461
  13,129
  13,828
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,338
  2,554
  2,781
  3,019
  3,268
  3,527
  3,798
  4,079
  4,372
  4,676
  4,583
  4,912
  5,253
  5,608
  5,977
  6,360
  6,760
  7,175
  7,609
  8,060
  8,530
  9,021
  9,534
  10,069
  10,628
  11,212
  11,822
  12,461
  13,129
  13,828
Operating income, $m
  722
  848
  981
  1,121
  1,267
  1,419
  1,577
  1,742
  1,913
  2,091
  2,685
  2,877
  3,077
  3,285
  3,501
  3,726
  3,960
  4,204
  4,457
  4,722
  4,997
  5,285
  5,585
  5,898
  6,226
  6,568
  6,926
  7,300
  7,691
  8,101
EBITDA, $m
  1,234
  1,372
  1,517
  1,669
  1,828
  1,994
  2,167
  2,347
  2,534
  2,729
  2,931
  3,141
  3,359
  3,586
  3,822
  4,067
  4,322
  4,588
  4,865
  5,154
  5,455
  5,768
  6,096
  6,438
  6,796
  7,169
  7,559
  7,968
  8,395
  8,842
Interest expense (income), $m
  191
  219
  251
  285
  321
  359
  398
  439
  482
  527
  573
  621
  671
  723
  777
  834
  892
  953
  1,016
  1,082
  1,150
  1,222
  1,296
  1,374
  1,455
  1,540
  1,628
  1,721
  1,817
  1,919
  2,024
Earnings before tax, $m
  503
  597
  696
  800
  908
  1,020
  1,138
  1,260
  1,386
  1,518
  2,064
  2,206
  2,354
  2,508
  2,668
  2,834
  3,007
  3,188
  3,376
  3,571
  3,776
  3,989
  4,211
  4,443
  4,686
  4,940
  5,205
  5,482
  5,773
  6,076
Tax expense, $m
  136
  161
  188
  216
  245
  275
  307
  340
  374
  410
  557
  596
  636
  677
  720
  765
  812
  861
  911
  964
  1,019
  1,077
  1,137
  1,200
  1,265
  1,334
  1,405
  1,480
  1,559
  1,641
Net income, $m
  367
  436
  508
  584
  663
  745
  830
  919
  1,012
  1,108
  1,506
  1,610
  1,718
  1,831
  1,947
  2,069
  2,195
  2,327
  2,464
  2,607
  2,756
  2,912
  3,074
  3,244
  3,421
  3,606
  3,800
  4,002
  4,214
  4,436

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,115
  7,913
  8,751
  9,628
  10,546
  11,502
  12,499
  13,537
  14,616
  15,737
  16,903
  18,114
  19,373
  20,681
  22,041
  23,457
  24,929
  26,463
  28,060
  29,724
  31,460
  33,271
  35,160
  37,133
  39,194
  41,348
  43,600
  45,955
  48,418
  50,997
Adjusted assets (=assets-cash), $m
  7,115
  7,913
  8,751
  9,628
  10,546
  11,502
  12,499
  13,537
  14,616
  15,737
  16,903
  18,114
  19,373
  20,681
  22,041
  23,457
  24,929
  26,463
  28,060
  29,724
  31,460
  33,271
  35,160
  37,133
  39,194
  41,348
  43,600
  45,955
  48,418
  50,997
Revenue / Adjusted assets
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
Average production assets, $m
  3,102
  3,450
  3,815
  4,198
  4,598
  5,015
  5,450
  5,902
  6,373
  6,862
  7,370
  7,898
  8,447
  9,017
  9,611
  10,228
  10,870
  11,538
  12,235
  12,960
  13,717
  14,507
  15,331
  16,191
  17,089
  18,029
  19,010
  20,037
  21,111
  22,236
Working capital, $m
  174
  194
  214
  236
  258
  282
  306
  332
  358
  386
  414
  444
  475
  507
  540
  575
  611
  649
  688
  729
  771
  815
  862
  910
  961
  1,013
  1,069
  1,126
  1,187
  1,250
Total debt, $m
  4,650
  5,285
  5,951
  6,648
  7,378
  8,138
  8,931
  9,756
  10,613
  11,505
  12,432
  13,394
  14,395
  15,435
  16,517
  17,642
  18,813
  20,032
  21,302
  22,625
  24,005
  25,444
  26,946
  28,515
  30,153
  31,866
  33,656
  35,528
  37,487
  39,536
Total liabilities, $m
  5,656
  6,291
  6,957
  7,654
  8,384
  9,144
  9,937
  10,762
  11,620
  12,511
  13,438
  14,401
  15,401
  16,441
  17,523
  18,648
  19,819
  21,038
  22,308
  23,631
  25,011
  26,450
  27,952
  29,521
  31,159
  32,872
  34,662
  36,534
  38,493
  40,542
Total equity, $m
  1,459
  1,622
  1,794
  1,974
  2,162
  2,358
  2,562
  2,775
  2,996
  3,226
  3,465
  3,713
  3,971
  4,240
  4,518
  4,809
  5,111
  5,425
  5,752
  6,094
  6,449
  6,820
  7,208
  7,612
  8,035
  8,476
  8,938
  9,421
  9,926
  10,454
Total liabilities and equity, $m
  7,115
  7,913
  8,751
  9,628
  10,546
  11,502
  12,499
  13,537
  14,616
  15,737
  16,903
  18,114
  19,372
  20,681
  22,041
  23,457
  24,930
  26,463
  28,060
  29,725
  31,460
  33,270
  35,160
  37,133
  39,194
  41,348
  43,600
  45,955
  48,419
  50,996
Debt-to-equity ratio
  3.190
  3.260
  3.320
  3.370
  3.410
  3.450
  3.490
  3.520
  3.540
  3.570
  3.590
  3.610
  3.620
  3.640
  3.660
  3.670
  3.680
  3.690
  3.700
  3.710
  3.720
  3.730
  3.740
  3.750
  3.750
  3.760
  3.770
  3.770
  3.780
  3.780
Adjusted equity ratio
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  367
  436
  508
  584
  663
  745
  830
  919
  1,012
  1,108
  1,506
  1,610
  1,718
  1,831
  1,947
  2,069
  2,195
  2,327
  2,464
  2,607
  2,756
  2,912
  3,074
  3,244
  3,421
  3,606
  3,800
  4,002
  4,214
  4,436
Depreciation, amort., depletion, $m
  512
  524
  536
  548
  562
  576
  590
  605
  621
  637
  246
  263
  282
  301
  320
  341
  362
  385
  408
  432
  457
  484
  511
  540
  570
  601
  634
  668
  704
  741
Funds from operations, $m
  879
  960
  1,044
  1,132
  1,224
  1,320
  1,421
  1,525
  1,633
  1,746
  1,752
  1,874
  2,000
  2,131
  2,268
  2,410
  2,558
  2,712
  2,872
  3,039
  3,213
  3,395
  3,585
  3,783
  3,990
  4,207
  4,433
  4,670
  4,918
  5,177
Change in working capital, $m
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  51
  53
  55
  58
  60
  63
Cash from operations, $m
  861
  940
  1,023
  1,111
  1,202
  1,297
  1,396
  1,499
  1,607
  1,718
  1,724
  1,844
  1,969
  2,099
  2,234
  2,375
  2,522
  2,674
  2,833
  2,998
  3,171
  3,351
  3,539
  3,735
  3,940
  4,154
  4,378
  4,612
  4,857
  5,114
Maintenance CAPEX, $m
  -92
  -103
  -115
  -127
  -140
  -153
  -167
  -182
  -197
  -212
  -229
  -246
  -263
  -282
  -301
  -320
  -341
  -362
  -385
  -408
  -432
  -457
  -484
  -511
  -540
  -570
  -601
  -634
  -668
  -704
New CAPEX, $m
  -330
  -348
  -365
  -383
  -400
  -417
  -435
  -452
  -470
  -489
  -508
  -528
  -549
  -570
  -593
  -617
  -642
  -669
  -696
  -726
  -757
  -789
  -824
  -860
  -899
  -939
  -982
  -1,027
  -1,074
  -1,124
Cash from investing activities, $m
  -422
  -451
  -480
  -510
  -540
  -570
  -602
  -634
  -667
  -701
  -737
  -774
  -812
  -852
  -894
  -937
  -983
  -1,031
  -1,081
  -1,134
  -1,189
  -1,246
  -1,308
  -1,371
  -1,439
  -1,509
  -1,583
  -1,661
  -1,742
  -1,828
Free cash flow, $m
  438
  489
  543
  601
  662
  726
  794
  865
  939
  1,017
  987
  1,070
  1,157
  1,247
  1,341
  1,438
  1,538
  1,643
  1,752
  1,865
  1,982
  2,104
  2,231
  2,364
  2,502
  2,645
  2,795
  2,952
  3,115
  3,286
Issuance/(repayment) of debt, $m
  602
  634
  666
  698
  729
  761
  793
  825
  858
  892
  927
  963
  1,001
  1,040
  1,082
  1,125
  1,171
  1,219
  1,270
  1,323
  1,380
  1,439
  1,502
  1,569
  1,639
  1,712
  1,790
  1,872
  1,959
  2,050
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  602
  634
  666
  698
  729
  761
  793
  825
  858
  892
  927
  963
  1,001
  1,040
  1,082
  1,125
  1,171
  1,219
  1,270
  1,323
  1,380
  1,439
  1,502
  1,569
  1,639
  1,712
  1,790
  1,872
  1,959
  2,050
Total cash flow (excl. dividends), $m
  1,040
  1,123
  1,209
  1,299
  1,391
  1,487
  1,587
  1,690
  1,797
  1,908
  1,913
  2,033
  2,158
  2,287
  2,422
  2,563
  2,709
  2,862
  3,022
  3,188
  3,362
  3,544
  3,734
  3,932
  4,140
  4,358
  4,585
  4,824
  5,074
  5,336
Retained Cash Flow (-), $m
  -158
  -164
  -172
  -180
  -188
  -196
  -204
  -213
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -356
  -371
  -387
  -404
  -423
  -442
  -462
  -483
  -505
  -529
Prev. year cash balance distribution, $m
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,150
  959
  1,037
  1,119
  1,203
  1,291
  1,382
  1,477
  1,576
  1,678
  1,674
  1,785
  1,900
  2,019
  2,143
  2,273
  2,407
  2,548
  2,694
  2,847
  3,006
  3,172
  3,346
  3,528
  3,718
  3,916
  4,124
  4,341
  4,569
  4,807
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  1,059
  807
  790
  765
  732
  691
  644
  592
  537
  480
  396
  344
  294
  246
  203
  164
  129
  100
  76
  56
  40
  28
  19
  13
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Sinclair Broadcast Group, Inc. is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it. It also owns digital and Internet media products that are complementary to its portfolio of television station related digital properties. It focuses on offering marketing solutions to advertisers. Its other business consists of original networks and content, digital and Internet solutions, technical services and other non-media investments.

FINANCIAL RATIOS  of  Sinclair Broadcast Group Cl A (SBGI)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 1
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 6.2
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.1%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 685.4%
Total Debt to Equity 733.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 43.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.9%
Gross Margin - 3 Yr. Avg. 63%
EBITDA Margin 35.6%
EBITDA Margin - 3 Yr. Avg. 37.5%
Operating Margin 21.2%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 26.9%

SBGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBGI stock intrinsic value calculation we used $2734.118 million for the last fiscal year's total revenue generated by Sinclair Broadcast Group Cl A. The default revenue input number comes from 0001 income statement of Sinclair Broadcast Group Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SBGI stock valuation model: a) initial revenue growth rate of 11.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.6%, whose default value for SBGI is calculated based on our internal credit rating of Sinclair Broadcast Group Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sinclair Broadcast Group Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SBGI stock the variable cost ratio is equal to 78%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SBGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Sinclair Broadcast Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Sinclair Broadcast Group Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SBGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SBGI are equal to 101.4%.

Life of production assets of 49.6 years is the average useful life of capital assets used in Sinclair Broadcast Group Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SBGI is equal to 5.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1568.738 million for Sinclair Broadcast Group Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 76.613 million for Sinclair Broadcast Group Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sinclair Broadcast Group Cl A at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Sinclair's third-quarter profit soars on political ad dollars   [10:28AM  American City Business Journals]
▶ Sinclair: 3Q Earnings Snapshot   [10:05AM  Associated Press]
▶ [$$] Sinclair Reports Higher Revenue   [08:25AM  The Wall Street Journal]
▶ Fantag gets nationwide high school sports broadcast partner   [Oct-17-18 05:52PM  American City Business Journals]
▶ [$$] Bon-Ton Seeks to Join TV Ad Price-Fixing Suit   [Oct-09-18 07:49PM  The Wall Street Journal]
▶ [$$] Bon-Ton Seeks to Join TV Ad Lawsuit   [07:08PM  The Wall Street Journal]
▶ Sinclair Broadcast CEO eyes deal for Fox's regional sports networks   [01:14PM  American City Business Journals]
▶ Sinclair Kicks Off 2018-19 High School Sports Season   [Sep-10-18 01:08PM  PR Newswire]

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