Sinclair, one of the U.S.’s biggest TV station groups, saw a significant drop in revenue and swung to a net loss for the third quarter of 2025.
For Q3, the company reported revenue of $773 million, down 16%, and a net loss of $1 million (or 2 cents per share) compared with net income of $94 million in the year-earlier period.
On the earnings call, Sinclair president and CEO Chris Ripley noted that Sinclair’s ABC stations are currently affected by the Disney-YouTube TV dispute, which has resulted in a blackout of ABC, as well as ESPN and other networks, on YouTube TV since last Friday. Sinclair has 38 ABC affiliates. He blasted both both Google and Disney for the situation, calling them “media giants,” and said local broadcasters are “caught in the middle” of such disputes — which he labeled an “antitrust issue.”
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Ripley said the company is lobbying for changes so that local TV station owners have control over such pay-TV distribution deals. “As local broadcasters, we have no say in whether our content — and the content we pay to air — will be distributed to local viewers,” Ripley said, adding that Sinclair and others have discussed the issue with the FCC and antitrust regulators. “We believe this practice needs to be stopped.”
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The Disney-YouTube TV blackout and others like it “continue to hurt local viewers and local journalism,” Ripley said.
Sinclair’s earnings report came after its ABC-affiliated stations had briefly preempted “Jimmy Kimmel Live!” in September over the TV host’s comments about Charlie Kirk’s killer. It’s not clear the extent to which the Kimmel boycott affected Sinclair’s financial results for the quarter; the company did not provide any discussion of the blackout in its earnings press release and the topic did not come up on the call with analysts.
Sinclair’s Q3 advertising revenue was particularly hard-hit, dropping 26% year over year to $321 million, attributable to much lower political ad sales ($6 million) compared with a record $138 million in the third quarter of 2024 during last year’s presidential election cycle. Media segment revenue was $765 million for the quarter, down 16%; that segment consists primarily of broadcast TV stations and includes multicast networks and original content.
“Sinclair delivered a strong third quarter, achieving the high end of guidance for advertising and distribution revenue, while media expenses and adjusted EBITDA beat expectations,” Ripley said in prepared remarks. “We expect to see continued improvement in core advertising trends in the fourth quarter and a sequential increase in distribution revenue.”
Baltimore-based Sinclair owns, operates and/or provides services to 185 TV stations in 85 markets affiliated with each of the major broadcast networks. It also owns Tennis Channel and multicast networks Comet, Charge!, TBD and The Nest.
Sinclair, known for its conservative political leanings, on Sept. 17 said it was Jimmy Kimmel Live!” indefinitely.
In August, Sinclair had announced a “comprehensive strategic review” for its broadcast business, including potential sales and acquisitions. Any deal Sinclair engages in that would involve the transfer of broadcast licenses would be subject to FCC review and approval. On the earnings call, Ripley said Sinclair expects the FCC to raise — or eliminate — the 39% national ownership cap on TV station ownership in the first half of 2026. He also noted that the FCC’s rule barring a station group from owning more than one of the top four TV stations in a given market was recently vacated.
As of Nov. 1, Sinclair had closed on 11 partner station acquisitions with “additional deals pending FCC approval, and more transactions planned,” according to Ripley. The acquisitions represent at least $30 million in incremental annualized EBITDA once finalized, he added. In 2026, “we anticipate record midterm political revenue in the upcoming cycle, and are encouraged by recent regulatory developments that should lead to much-needed industry consolidation and significant synergies for investors,” Ripley said.
Sinclair claimed its decision to preempt Kimmel’s show “was independent of any government interaction or influence” (as did Nexstar). In its Sept. 17 statement, Sinclair said, “We appreciate FCC Chairman Carr’s remarks today and this incident highlights the critical need for the FCC to take immediate regulatory action to address control held over local broadcasters by the big national networks.”
Sinclair previously said that before it would consider returning “Kimmel” to its ABC affiliates, the TV host must apologize to Kirk’s family and send “a meaningful personal donation” to them as well as Turning Point USA, the organization Kirk founded. (Sinclair planned to run a Charlie Kirk tribute on its ABC affiliates on Sept. 19 but instead aired a rerun of “Celebrity Family Feud.”)
Kimmel has not specifically apologized to the Kirk family or offered a donation to Turning Point USA. Following ABC’s decision to resume “Jimmy Kimmel Live!” on Sept. 23, Sinclair said its ABC stations would resume airing “Jimmy Kimmel Live!” as of Sept. 26 after “ongoing and constructive discussions with ABC” about various measures, including the possible appointment of a network-wide independent ombudsman. Sinclair also defended its move to preempt Kimmel, saying “it is simply inconsistent to champion free speech while demanding that broadcasters air specific content.”
Erika Kirk, the widow of Charlie Kirk, said in an interview this week with Fox News’ Jesse Watters that Sinclair execs reached out to her to ask if she wanted Sinclair to try to elicit an apology from Kimmel or if she wanted to appear on “a show.” According to Erika Kirk, she declined Sinclair’s offers.
Kimmel, in an emotional monologue on his first night back on the air after ABC’s suspension, said, “It was never my intention to make light of the murder of a young man. I don’t think there’s anything funny about it.” He added, “I posted a message on Instagram on the day he was killed, sending love to his family and asking for compassion, and I meant it. And I still do.”
