Sinclair Sees $2 Billion Opportunity in Incentive Auction
Sinclair sees $2 billion worth of “substantial opportunities” in relinquishing some of its licenses in the incentive auction, CEO David Amy said on an earnings call Wednesday. Amy has expressed interest in the incentive auction before (see 1506250060), though…
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a Sinlclair executive subsequently said it wouldn't be actively participating (see 1507230064). The $2 billion number was arrived at using the median numbers for specific Sinclair stations provided in the Greenhill estimates of auction prices, Chief Financial Officer Christopher Ripley said. “The ultimate outcome will depend on the many auction variables which are unclear at this time,” Amy said. Ripley said Sinclair's view of the auction hasn't changed, but there's an industry view that the company won't participate. “So that's one of the reasons we put that statement in the earnings release here or call today, just to give some people a little bit more specifics around what the upside is for Sinclair,” Ripley said. The earnings could even be improved with channel sharing, Ripley said. Sinclair is in “active discussions” on channel sharing, he said.