ARLINGTON, Va. - ONE Media Technologies, LLC, a subsidiary of Sinclair Broadcast (NASDAQ:SBGI) Group, Inc. (NASDAQ: SBGI), has announced the upcoming retirement of its Executive Vice President for Strategic and Legal Affairs, Jerald "Jerry" Fritz. After a notable career spanning over five decades, Fritz will retire on July 1, leaving behind a legacy of significant contributions to the broadcast and communications industries.
Fritz's tenure at ONE Media was marked by his leadership in the strategic planning and public policy efforts that supported the adoption of the NextGen Broadcast (ATSC 3.0) transmission standard. His work in this area was recently honored with the International Achievement Award from the North American Broadcasters Association.
Colleagues have lauded Fritz's expertise and influence. "No one knows broadcast television better than Jerry," remarked Patrick McFadden, Senior Vice President of Global Public Policy and Communications at Sinclair. ONE Media's President, Mark Aitken, also praised Fritz, stating, "We honor the incredible legacy of Jerry, one that has impacted our entire industry."
Before joining ONE Media, Fritz had a diverse career including roles at Allbritton Communications Company and POLITICO, as well as serving as the Chief of Staff to FCC Chairman Mark Fowler. His efforts contributed to significant deregulatory measures in the broadcasting and telecommunications industries and the launch of innovative ventures such as the nation's first local cable news channel and POLITICO.
Fritz's industry influence extended through his service on the Board of Directors of the National Association of Broadcasters and his involvement with the American Bar Association's Communications Law Forum, among other positions.
As Fritz prepares to depart, the teams at ONE Media and Sinclair expressed their deep gratitude for his dedicated service and pioneering work in the industry. His retirement marks the end of an era for ONE Media, but his impact is expected to inspire future generations in the broadcast field.
This announcement is based on a press release statement.
In other recent news, Sinclair Holdings has reported a strong first quarter for 2024, with significant developments in its Local Media segment and promising future revenue prospects, particularly from political advertising. The company's distribution revenue exceeded expectations, while advertising revenue fell slightly short. Sinclair's Tennis Channel recorded $63 million in total revenue in Q1, with an increase in viewership. The company projects political advertising revenues to surpass $350 million in 2024, driven by intense activity in key states.
Sinclair's Ventures portfolio holds a cash position of $318 million, with plans to convert minority investments into majority stakes. The company's consolidated media revenues reached $792 million, with a 10% increase in adjusted EBITDA. For Q2, media revenues are projected to be between $813 million and $832 million, driven by political and distribution revenues.
At the annual stockholders meeting, Sinclair elected nine directors to the company’s board for a term ending at the annual meeting in 2025. Stockholders ratified PricewaterhouseCoopers LLP as Sinclair's independent auditors for the fiscal year ending December 31, 2024. These are the latest developments in Sinclair Holdings.
InvestingPro Insights
As Sinclair Broadcast Group, Inc. (SBGI) bids farewell to a key executive, investors are keeping a close eye on the company's financial health and market performance. According to real-time data from InvestingPro, Sinclair's market cap stands at a resilient $783.54 million.
InvestingPro Tips reveal that Sinclair's management has been assertively repurchasing shares, a move that often reflects confidence in the company's future prospects. Additionally, Sinclair has a strong track record of returning value to shareholders, maintaining dividend payments for 15 consecutive years, and currently offering a compelling dividend yield of 8.42%.
Key financial metrics further illustrate the company's status: the Price / Book ratio for the last twelve months as of Q1 2024 is at 2.36, indicating the market's valuation of the company relative to its book value. Despite facing profitability challenges over the last twelve months, analysts are optimistic, predicting that Sinclair will return to profitability this year.
Investors interested in a deeper dive into Sinclair's financials and future outlook can explore additional insights and tips on InvestingPro. There are currently 6 more InvestingPro Tips available for Sinclair, which could provide valuable guidance for those looking to make informed investment decisions. For those considering a subscription, remember to use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.