Sinclair Inc J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Sinclair Inc J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

21 May 2026

Sinclair Inc Underweight

SBGI, SBGI US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$13.55

Media, Entertainment and

Sinclair President & CEO Chris Ripley and EVP & CFO Narinder Sahai presented Advertising

at the J.P. Morgan 54th Annual Global TMC Conference. See below for our David Karnovsky, CFA AC

takeaways: (1-212) 622-1206

david.karnovsky@jpmorgan.com

M&A environment framed as constructive despite state-level noise, with J.P. Morgan Securities LLC

multiple alternatives identified beyond Scripps. Management characterized the

DOJ's no-divestiture approval of Nexstar-TEGNA as a "monumental change" in

market definition, while acknowledging state-level antitrust challenges represent

a "new attack vector" being utilized by some commercial adversaries. The

company expressed confidence that it could significantly mitigate this playbook,

while suggesting actions that would be supportive from the agencies, including the

DOJ issuing a white paper on its new market definition, or the FCC formally

changing the rules around the broadcast ownership cap. SBGI remains Scripps's

largest shareholder and continues to see the same industrial logic, but is actively

working on "several other alternatives that could yield similar-sized synergy

numbers."

Sinclair expects the streaming side of media firms will largely absorb any

higher NFL costs. Management pointed to the NBC-NBA deal as precedent for

streaming services absorbing higher sports rights costs: Sinclair set its NBC

affiliate renewal expectations at the beginning of 2024, the NBA deal was

announced later in mid-2024, the renewal then closed at year-end, and results still