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BALTIMORE - Sinclair Inc. (SBGI), a media company with a market capitalization of $932 million and currently trading at an attractive P/E ratio of 3.1x, has announced the appointment of Jeff Blackburn as the new Chairman and Chief Executive Officer of Tennis Channel. Blackburn, a former Amazon executive with a 24-year tenure, is set to steer the network’s strategic growth and its expansion into digital, streaming, and global platforms. According to InvestingPro analysis, Sinclair’s stock appears undervalued based on its Fair Value estimates.
Blackburn’s experience at Amazon included spearheading the company’s entry into streaming and sports, overseeing Prime Video, Amazon Studios, Amazon Music, and the advertising and marketplace divisions. His leadership at Amazon was marked by significant initiatives, such as the launch of Thursday Night Football on Prime and the successful acquisition and integration of MGM to form Amazon MGM Studios.
Chris Ripley, President and CEO of Sinclair, expressed confidence in Blackburn’s ability to drive innovation and growth for Tennis Channel, enhancing its digital footprint and audience engagement. With a healthy current ratio of 2.45 and annual revenue of $3.55 billion, Sinclair maintains a strong financial position to support its growth initiatives. Blackburn’s appointment is seen as a key move in Sinclair’s strategy to develop Tennis Channel’s distribution and direct-to-consumer offerings, aiming to establish it as a premier global sports destination.
Blackburn, who also serves on the boards of Roku Inc., DoorDash Inc., and UTR Sports, shared his enthusiasm for his new role, citing a lifelong passion for tennis and the potential for growth in streaming and new initiatives like Pickleball.
Tennis Channel, along with TennisChannel 2, offers comprehensive coverage of professional tennis and the tennis lifestyle. The networks hold exclusive U.S. broadcasting rights to major tennis competitions and provide a direct-to-consumer streaming service featuring live and on-demand matches. Tennis Channel International extends the network’s reach into European and Asian markets.
Sinclair, a diversified media company, operates 185 television stations across 86 markets, along with multicast networks and the nation’s largest streaming aggregator of local news content, NewsON. This announcement is based on a press release statement from Sinclair, Inc.
In other recent news, Sinclair Inc. has projected revenues between $765 million and $779 million for the first quarter of 2025, with expected EBITDA ranging from $90 million to $102 million. Guggenheim analysts have aligned their estimates closely, anticipating revenues of approximately $773 million and EBITDA of around $96 million. Despite maintaining a Buy rating, Guggenheim lowered Sinclair’s stock price target from $19 to $17, reflecting a softer core advertising trend and the impact of Sinclair’s latest renewal cycle on retransmission fees. In addition, Sinclair announced the retirement of Dave Schwartz, Corporate Senior Vice President/Station Operations, effective June 30, acknowledging his significant contributions over two decades. The company is also seeing a transition in its financial leadership, as CFO Lucy Rutishauser plans to retire, with a search underway for her successor. Meanwhile, Sinclair has promoted Christina Tesauro to Senior Vice President of Sales for the Tennis Channel, recognizing her impact on sales strategies and partnerships. In the broader broadcast sector, Benchmark analysts have expressed concerns about potential recession impacts, highlighting challenges in advertising revenue and industry fundamentals. These developments underscore the ongoing changes and challenges within Sinclair and the broader broadcasting industry.
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