Sinclair, Inc. (SBGI) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Sinclair first quarter 2026 earnings conference call. (Operator Instructions) It is now my pleasure to hand the floor over to your host, Chris King, Vice President of Investor Relations. Sir, the floor is yours.

各位大家好，歡迎參加 Sinclair 2026 年第一季財報電話會議。（接線員指示）現在我很榮幸把會議交給本次主持人、投資人關係副總裁 Chris King。先生，請開始。

Thank you. Good afternoon, everyone, and thank you for joining Sinclair's first quarter 2026 earnings conference call. Joining me on the call today are Chris Ripley, our President and Chief Executive Officer; Narinder Sahai, our Executive Vice President and Chief Financial Officer; and Rob Weisbord, our COO and President of Local Media.

謝謝。各位下午好，感謝各位參加 Sinclair 2026 年第一季財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Chris Ripley；執行副總裁兼財務長 Narinder Sahai；以及營運長暨本地媒體總裁 Rob Weisbord。

Before we begin, I want to remind everyone that slides for today's earnings call are available on our website, sbgi.net, on the Events and Presentations page of the Investor Relations portion of the site. A webcast replay will remain available on our website until our next quarterly earnings release.

在開始之前，我想提醒各位，今天財報電話會議的簡報投影片已上傳至我們的網站 sbgi.net，位於投資人關係區的「活動與簡報」頁面。網路直播回放將在我們下一次季度財報發布前持續於網站上提供。

Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Such statements are subject to several risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements because of various important factors. Such factors have been set forth in the company's most recent reports as filed with the SEC and included in our first quarter earnings release. The company undertakes no obligation to update these forward-looking statements.

本次電話會議所討論的某些事項可能包含前瞻性陳述，內容涉及（但不限於）未來營運結果。此類陳述受多項風險與不確定性影響。由於各種重要因素，未來實際結果可能與前瞻性陳述所描述者不同。相關因素已載於公司近期向美國證券交易委員會（SEC）提交的報告中，並包含於我們的第一季財報新聞稿。公司不承擔更新這些前瞻性陳述的義務。

Included on the call will be a discussion of non-GAAP financial measures, specifically adjusted EBITDA. This measure is not formulated in accordance with GAAP and is not meant to replace GAAP measurements and may differ from other companies' uses or formulations. Further discussions and reconciliations of the company's non-GAAP financial measures to comparable GAAP financial measures can be found on our website. Please note that unless otherwise noted, all year-over-year comparisons throughout today's call are presented on an as-reported basis.

本次電話會議將討論非 GAAP 財務衡量指標，特別是調整後 EBITDA。此指標並非依 GAAP 編製，無意取代 GAAP 衡量，且其使用方式或計算方法可能與其他公司不同。關於公司非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之進一步說明與調節表，請參閱我們的網站。另請注意，除非另有說明，今天電話會議中所有同比比較皆以申報口徑（as-reported basis）呈現。

Let me now turn the call over to Chris Ripley.

現在我把電話交給 Chris Ripley。

Thank you, Chris. And good afternoon, everyone. Let me begin on slide 3. We delivered a strong first quarter, with results that reflect the consistency of the broadcast business and the growth potential of Tennis Channel. For the quarter, total revenue of $807 million was up 4% year-over-year, while adjusted EBITDA of $126 million grew by 13%.

謝謝你，Chris。各位下午好。讓我從第 3 頁投影片開始。我們交出強勁的第一季成績，結果反映出廣播業務的穩定性以及 Tennis Channel 的成長潛力。本季總營收 8.07 億美元，年增 4%；調整後 EBITDA 為 1.26 億美元，成長 13%。

Distribution revenue increased by 2% year-over-year as modestly improved subscriber trends continued, and we're starting to see the benefit of our partner station buy-ins. Net retrans revenue was also up year-over-year. In addition, we continue to see growth in our core advertising business. Core advertising grew 4% year-over-year in the first quarter, a result we were pleased with, given our underexposure to NBC, which delivered an exceptionally strong quarter for its affiliates on the back of the Super Bowl, Winter Olympics and NBA. Looking ahead, Fox, our largest affiliation, will carry a record schedule of World Cup soccer matches on the broadcast network in June and July, ahead of the political ramp in the fourth quarter.

發行（Distribution）營收年增 2%，因訂戶趨勢持續小幅改善，我們也開始看到合作夥伴電台買入（buy-ins）的效益。淨轉播同意費（retrans）收入亦較去年同期成長。此外，我們核心廣告業務持續成長。第一季核心廣告年增 4%，在我們對 NBC 的曝險較低的情況下，這樣的表現令我們滿意；NBC 因超級盃、冬季奧運與 NBA 帶動，為其聯播台帶來了異常強勁的一季。展望未來，Fox 作為我們最大的聯播夥伴，將於 6 月與 7 月在其廣播網播出創紀錄數量的世界盃足球賽事，並在第四季政治廣告升溫前先行帶動收視。

Turning to execution across our broader strategic priorities, we have built real momentum. We've now closed on a substantial majority of our JSA and LMA partner station buy-ins with only a small number remaining, and we expect the full $30 million in annualized synergies in 2026. We also recently completed two accretive duopoly transactions in Providence and Tulsa with several smaller portfolio optimization discussions underway. Our strategic review of the broadcast business remains active. As previously discussed, our ideal path forward is a broadcast combination concurrent with a Ventures separation.

就我們更廣泛的策略重點之執行而言，我們已建立實質動能。我們目前已完成絕大多數 JSA 與 LMA 合作夥伴電台的買入交易，僅剩少數尚未完成，並預期在 2026 年實現年化 3,000 萬美元的綜效。我們也在普羅維登斯（Providence）與塔爾薩（Tulsa）近期完成兩筆具增益（accretive）的雙台（duopoly）交易，同時也正進行數項較小規模的投資組合優化討論。我們對廣播業務的策略檢視仍在進行中。如先前所述，我們理想的前進路徑，是在進行廣播業務合併的同時，推動 Ventures 的分拆。

We remain Scripps' largest shareholder, and our perspective on the strategic logic of a combination is unchanged from what we shared previously. Within Ventures, the portfolio generated $12 million of cash distributions during the quarter, ending with $451 million of cash. That liquidity provides flexibility as we advance our Venture separation planning. As a result of our first quarter results and current forecast, we are reaffirming our full year 2026 guidance.

我們仍是 Scripps 的最大股東，且我們對於合併之策略邏輯的看法，與先前分享的內容一致。在 Ventures 方面，本季投資組合產生 1,200 萬美元的現金分配，期末現金為 4.51 億美元。該流動性在我們推進 Ventures 分拆規劃時提供了彈性。基於第一季結果與目前預測，我們重申 2026 全年財測指引。

And finally, we continue to work to strengthen our balance sheet. Earlier this month, we retired approximately $165 million in term loans at a discount through an unmodified reverse Dutch auction. As a result, we will save approximately $12 million in annual cash interest expense. As evidenced by this transaction, deleveraging remains a top priority. We ended the quarter with total debt of $4.4 billion and total liquidity of approximately $1.5 billion, including total cash of $844 million.

最後，我們持續致力於強化資產負債表。本月稍早，我們透過未修改的反向荷蘭式拍賣（reverse Dutch auction），以折價回購並償還約 1.65 億美元的定期貸款。因此，我們每年可節省約 1,200 萬美元的現金利息支出。此交易顯示，去槓桿仍是首要任務。本季期末總負債為 44 億美元，總流動性約 15 億美元，其中包含 8.44 億美元的現金總額。

We are pleased with our first quarter financial and operational results. Our team is executing with discipline across multiple priorities, and we are well positioned for the remainder of 2026. The industry continues to await several important decisions that are now in front of the Federal Communications Commission.

我們對第一季的財務與營運成果感到滿意。我們的團隊在多項優先事項上以紀律執行，並已為 2026 年剩餘期間做好良好布局。產業仍在等待目前已提交至聯邦通訊委員會（FCC）面前的數項重要決策。

While the recent California litigation involving the Nexstar-Tegna transaction took up much of the broadcast regulatory headlines over the past few weeks and has introduced some near-term uncertainty on timing, we believe the broader environment remains constructive for local broadcasters, and we continue to feel optimistic about the direction of significant issues. Both the FCC and the Department of Justice approved the Nexstar acquisition of Tegna with no material conditions, and we remain pleased with the overall deregulatory tone from Washington.

雖然近期加州針對 Nexstar-Tegna 交易的訴訟在過去幾週占據了多數廣播監管新聞版面，並對時程帶來一些短期不確定性，但我們認為整體環境對本地廣播商仍具建設性，且我們對重大議題的走向依然樂觀。FCC 與司法部（Department of Justice）已在無重大條件下核准 Nexstar 收購 Tegna，我們也對華府整體去監管的基調感到欣慰。

I won't rehash most of those other issues, which we discussed on our fourth quarter call in February, but one development is worth noting. In late February, the FCC launched an inquiry into the sports media marketplace, examining how streaming exclusives affect consumers, broadcasters and free over-the-air access.

我不會重複我們在 2 月第四季電話會議中討論過的大多數其他議題，但有一項進展值得一提。2 月下旬，FCC 啟動了對體育媒體市場的調查，檢視串流獨家（streaming exclusives）如何影響消費者、廣播商以及免費地面無線（free over-the-air）收視權益。

Turning to slide 5. Since the launch of the FCC inquiry on February 25, well over 10,000 comments have been submitted on the FCC sports media marketplace inquiry, making it one of the most commented on inquiries and commission history. As every television viewer and sports fan knows all too well, the fragmentation of live sports programming is causing increasing customer frustration with both higher costs and confusion around where the games are televised. With 96 of the top 100 most watched telecasts last year being live sports broadcast, including record ratings across almost every major sport, this has become an increasingly important topic for both consumers and regulators. Broadcast delivers what no other platform can, the widest reach and the lowest cost to the consumer.

請看第 5 頁投影片。自 2 月 25 日 FCC 啟動體育媒體市場調查以來，已提交超過 10,000 則意見，使其成為 FCC 歷史上意見回覆數量最多的調查之一。每位電視觀眾與體育迷都深有體會，現場體育節目的碎片化正讓客戶在成本上升與「比賽在哪裡播」的困惑之間愈發挫折。去年收視最高的前 100 大節目中有 96 個為現場體育轉播，且幾乎所有主要運動項目都創下收視紀錄，這已成為消費者與監管機關日益重視的議題。廣播能提供其他平台無法比擬的價值：最廣的觸及與對消費者最低的成本。

The numbers make the point. The NFL Thanksgiving game on February drew 57.2 million viewers of the most watched regular season NFL game ever on Fox. The Amazon NFL game, the very next day drew only 16.3 million. Same week, roughly 3.5 times the audience on broadcast. Meanwhile, last year, NFL games aired on 10 different services, which according to some estimates could cost a consumer over $1,500 to watch all of the games even though the large majority of those games aired free over-the-air on broadcast networks.

數據足以說明。Fox 播出的 NFL 感恩節比賽在 2 月吸引 5,720 萬名觀眾，成為史上收視最高的例行賽 NFL 比賽。隔天 Amazon 的 NFL 比賽僅吸引 1,630 萬名觀眾。同一週，廣播端的觀眾規模約為其 3.5 倍。與此同時，去年 NFL 比賽分散在 10 個不同服務上播出；依部分估算，即使其中絕大多數比賽可透過廣播網免費地面無線收看，消費者若要看完所有比賽，成本仍可能超過 1,500 美元。

Live sports is the cornerstone of the broadcast ecosystem. It drives mass audiences and it underwrites the financial model that sustains local television stations and the local journalism they produce. The migration of major sporting events behind streaming paywalls is not just bad for consumers, it risks eroding one of the last shared viewing experiences we all have. And it pressures the very business model that funds local news and community programming. Maintaining broad and free access to live sports should remain a top priority for policymakers as they continue to examine this issue that has clearly struck a nerve with viewers and policymakers across the country.

現場體育是廣播生態系的基石。它帶來龐大觀眾，並支撐維繫地方電視台及其所製作在地新聞報導的財務模式。將重大體育賽事移往串流付費牆之後，不僅對消費者不利，也可能侵蝕我們仍共同擁有的少數共享收視體驗之一，同時也壓縮為地方新聞與社區節目提供資金的商業模式。隨著政策制定者持續檢視這個顯然已引起全國觀眾與決策者共鳴的議題，維持對現場體育的廣泛且免費的收視權，應仍是首要優先事項。

With that, let me turn the call over to Rob to discuss operational highlights in the quarter.

接下來，我把電話交給 Rob，請他說明本季的營運重點。

Thank you, Chris, and good afternoon, everyone. Let me walk through our operational performance and how we're positioned heading into the remainder of 2026, starting on slide 6. We delivered solid growth in core advertising with first quarter core revenue up 4% year-over-year, driven by the strength in Digital and our acquisition of Digital Remedy. Advertisers continue to prioritize platforms that provide scale, interactivity and live engagement and broadcast consistently delivers on all three. Notably, our NBC affiliates delivered very strong results, benefiting from the convergence of major live sporting events.

謝謝你，Chris。各位下午好。讓我從第 6 頁投影片開始，說明我們的營運表現，以及我們在 2026 年剩餘期間的布局。我們核心廣告表現穩健成長，第一季核心營收年增 4%，主要受惠於數位（Digital）業務的強勁表現以及我們收購 Digital Remedy。廣告主持續優先投入能提供規模、互動性與即時參與的平台，而廣播在這三方面一向表現穩定。值得注意的是，我們的 NBC 聯播台表現非常強勁，受惠於多項重大現場體育賽事的匯聚。

The Super Bowl was the second most watched telecast of all time in the US. The Winter Olympics were the most watched. Winter Olympic games in 12 years on broadcast television, and the NBA continues to deliver solid ratings for the network. While we are underweight NBC, we are overweight on FOX, which is our largest network affiliation, and we are already seeing strong demand for the FIFA World Cup soccer tournament of FOX this June and July. Notably, 70 of the 104 total matches were live on the linear FOX broadcast stations with 40 matches scheduled for primetime.

超級盃是美國史上收視第二高的電視轉播。冬季奧運會則是收視最高者。這是冬季奧運會 12 年來首次在無線電視播出，而 NBA 也持續為該電視網帶來穩健的收視表現。雖然我們對 NBC 的配置偏低，但我們對 FOX 的配置偏高，FOX 也是我們最大的電視網聯盟；我們已經看到今年 6 月與 7 月 FOX 播出的 FIFA 世界盃足球賽出現強勁需求。值得注意的是，104 場比賽中有 70 場在 FOX 無線線性廣播電視台進行現場轉播，其中 40 場排定於黃金時段播出。

This is exactly the kind of appointment viewing broadcast is built for, delivering mass audience with unmatched reach across the country. Our core advertising continues to benefit from Digital Remedy, our programmatic digital advertising platform. As ad dollars increasingly shift across linear, Connected TV and digital, Digital Remedy allows us to capture demand across all those channels rather than being limited to linear. That matters in the political cycle too. Beyond linear, we continue to see engagement growth across podcasts and social platforms.

這正是廣播所擅長打造的「必看型」節目，能以無可匹敵的全國覆蓋率觸及大量觀眾。我們的核心廣告業務持續受惠於 Digital Remedy——我們的程式化數位廣告平台。隨著廣告預算日益在無線線性電視、連網電視（Connected TV）與數位之間轉移，Digital Remedy 讓我們得以在所有這些渠道中承接需求，而不僅受限於線性電視。這在政治選舉週期中同樣重要。除線性電視之外，我們也持續看到 Podcast 與社群平台的互動參與度成長。

Recent activations like the Tailgate tour, and The Block demonstrate our ability to engage audience beyond traditional broadcast, while creating meaningful opportunities for our advertising partners. Our next activation will be at the World Cup, hosted by unfiltered soccer stars, Landon Donovan and Tim Howe, two of the most cap players in the US national team history. In summary, Sinclair continues to execute well on its core broadcast business. Broadcast differentiated role is strengthened in a year like this, political and sports-heavy 2026 with both ratings and subscriber trends showing positive momentum.

近期的行銷啟動活動（activation），例如 Tailgate 巡迴與 The Block，展現了我們在傳統廣播之外與觀眾互動的能力，同時也為廣告合作夥伴創造具意義的機會。我們下一個啟動活動將在世界盃期間舉行，由直率不做作的足球明星 Landon Donovan 與 Tim Howe 主持；兩人都是美國國家隊史上出賽次數最多的球員之一。總結而言，Sinclair 持續在核心廣播業務上執行到位。在像今年這樣、政治與體育內容密集的 2026 年，廣播的差異化角色更為強化；無論收視或訂戶趨勢都顯示正向動能。

Turning to slide 7. Tennis Channel continued the momentum around live sports and delivered an exceptional quarter and a historic month of March. March 2026 was Tennis Channel's most watched month ever, led by the Indian Wells and Miami Open tournaments attracting record audiences. Miami Open women's final between Sabalenka and Gauff was the most watched women's match in Tennis Channel history, breaking a viewership record set just two weeks earlier at the Indian Wells women's final. In fact, four of the top five most watched matches of all-time at Tennis Channel occurred in March as Tennis Channel household viewership increased by 19% year-over-year in the quarter.

接著看第 7 頁。Tennis Channel 延續直播體育的動能，交出亮眼的一季與創紀錄的 3 月。2026 年 3 月是 Tennis Channel 有史以來收視最高的月份，由印地安泉（Indian Wells）與邁阿密公開賽（Miami Open）帶動，兩項賽事吸引了創紀錄的觀眾。邁阿密公開賽女子決賽由 Sabalenka 對上 Gauff，成為 Tennis Channel 歷史上收視最高的女子賽事，打破僅在兩週前於印地安泉女子決賽創下的收視紀錄。事實上，Tennis Channel 史上收視前五高的比賽中有四場發生在 3 月，使得本季 Tennis Channel 家戶收視較去年同期成長 19%。

In addition, Tennis Channel has hit record D2C subscriber numbers in recent weeks, driven in large part through its recent launch with Amazon Prime Video. Tennis Channel 2, the network's FAST channel which launched on Peacock in January, will continue to feature Women's Day every Tuesday, a programming day exclusively dedicated to women's tennis reinforcing our leadership in women's sports program. While we remain disciplined on expenses, we are also making thoughtful, high-return investments to support the long-term growth of the franchise, extending our content rights portfolio, scaling our direct-to-consumer platform and building out Tennis Channel 2 as well as our digital platforms. Tennis Channel is a differentiated premium sports asset, and we are investing behind it accordingly. We are fully bullish on the network.

此外，Tennis Channel 近幾週的 D2C（直面消費者）訂閱數也創下新高，主要受惠於近期在 Amazon Prime Video 上線。Tennis Channel 2——該電視網的 FAST 頻道，於 1 月在 Peacock 上線——將持續在每週二推出「Women's Day」，這是一個完全聚焦女子網球的節目日，強化我們在女子運動節目上的領導地位。在費用方面我們仍維持紀律，但同時也進行審慎且高報酬的投資，以支持品牌長期成長，包括擴充內容版權組合、擴大直面消費者平台規模，以及打造 Tennis Channel 2 與我們的數位平台。Tennis Channel 是具差異化的高端體育資產，我們也相應加大投入。我們對該電視網完全看多。

Lastly, we continue to build out Amazing America 250 from neighborhood to nation, a multi-platform celebration of US history, culture, innovation and community spirit. Programming will expand as we approach the 250th anniversary of our nation's founding on July 4.

最後，我們持續推進 Amazing America 250，從社區走向全國，以多平台方式慶祝美國的歷史、文化、創新與社區精神。隨著 7 月 4 日建國 250 週年臨近，節目內容也將擴大。

Let me now turn the call over to Narinder to discuss the first quarter financial results in more detail.

接下來我把電話會議交給 Narinder，請他更詳細說明第一季的財務結果。

Thank you, Rob, and good afternoon, everyone. Turning to slide 8. I'm pleased with our first quarter results that reflect strong execution across the business. At the total company level, revenue was $807 million, up 4% year-over-year. Distribution revenue of $458 million grew 2%, supported by lower subscriber churn across key MVPDs and incremental benefits from our partner station buy-ins, both of which also contributed to growth in net retransmission revenue.

謝謝你，Rob，各位下午好。請看第 8 頁。我對第一季的結果感到滿意，這反映了我們在各項業務上的強勁執行力。在公司整體層面，營收為 8.07 億美元，年增 4%。分銷（Distribution）營收為 4.58 億美元，成長 2%，主要受惠於關鍵 MVPD 的訂戶流失率下降，以及合作台（partner station）買入（buy-ins）帶來的增量效益；這兩項因素也共同推動淨轉播同意金（net retransmission revenue）成長。

Core advertising revenue of $305 million also grew 4%, reflecting the contribution from Digital Remedy acquisition that closed in March of last year and continued strength in live sports, including the Winter Olympics and NFL playoffs. Adjusted EBITDA was $126 million, up 13% year-over-year. The increase reflects both revenue strength and operating leverage with operating expenses absorbing the cost base from the Digital Remedy acquisition, while core operating costs remained well controlled. In the Local Media segment, total revenue of $701 million benefited from the same distribution and advertising trends. Distribution revenue of $402 million and core advertising revenue of $261 million both showed modest growth year-over-year.

核心廣告營收為 3.05 億美元，也成長 4%，反映了去年 3 月完成的 Digital Remedy 併購貢獻，以及直播體育的持續強勁表現，包括冬季奧運與 NFL 季後賽。調整後 EBITDA 為 1.26 億美元，年增 13%。成長主要來自營收走強與營運槓桿效益：營運費用吸收了 Digital Remedy 併購帶來的成本基礎，而核心營運成本仍維持良好控管。在地方媒體（Local Media）部門，總營收為 7.01 億美元，同樣受惠於上述分銷與廣告趨勢。分銷營收 4.02 億美元與核心廣告營收 2.61 億美元，年比皆呈現溫和成長。

Segment adjusted EBITDA of $117 million reflects lower programming and production costs, lower network compensation related to prior year station sales and disciplined SG&A expenses. Within the Tennis segment, total revenue of $70 million was also up year-over-year. Adjusted EBITDA of $20 million was below last year's first quarter, reflecting an increase in sales and programming expenses as we continue to invest behind the network growth that Rob referenced earlier. Capital expenditures on a consolidated basis were $15 million. Overall, the quarter reflects broad-based execution, improving subscriber trends and solid advertising demand across the company.

部門調整後 EBITDA 為 1.17 億美元，反映節目與製作成本下降、與前一年電視台出售相關的電視網補償（network compensation）降低，以及嚴格控管的 SG&A 費用。在網球（Tennis）部門，總營收 7,000 萬美元亦較去年同期成長。調整後 EBITDA 為 2,000 萬美元，低於去年第一季，主要因我們持續投入 Rob 先前提到的電視網成長，導致銷售與節目費用增加。合併口徑的資本支出為 1,500 萬美元。整體而言，本季反映出全面性的執行力、訂戶趨勢改善，以及全公司穩健的廣告需求。

Turning to slide 9. I'd like to provide an update on Sinclair Ventures. Consistent with the strategy we previously outlined, Ventures continues to shift from passive minority investments towards majority control operating businesses with a focus on durable nondiscretionary and recurring revenue streams that convert strongly to free cash flow. Ventures generated $12 million in cash distributions during the quarter, primarily from the secondary market monetization of one of our minority investments, following the $104 million for the full year 2025. These distributions demonstrate our ability to monetize investments while preserving upside in the broader portfolio.

接著看第 9 頁。我想更新 Sinclair Ventures 的進展。依照我們先前說明的策略，Ventures 持續從被動的少數股權投資，轉向以取得多數控制權的營運型企業為主，並聚焦於具耐久性、非選擇性（nondiscretionary）與經常性（recurring）的營收來源，且能有效轉化為自由現金流。Ventures 本季產生 1,200 萬美元的現金分配，主要來自我們對其中一項少數股權投資在次級市場的變現；而 2025 全年為 1.04 億美元。這些分配顯示我們能在保留整體投資組合上行空間的同時，將投資變現。

We also remain selective on new capital deployment with incremental investments of $6 million in the quarter. Ventures ended the quarter with $451 million in cash and cash equivalents. That liquidity provides a meaningful optionality as we advance separation planning and continue to evaluate capital allocation opportunities. Overall, as we advance our work towards a potential separation, Ventures continues to generate meaningful cash while repositioning the portfolio towards greater operational control and long-term value creation.

我們在新增資本部署上也維持審慎，本季新增投資為 600 萬美元。Ventures 於季末持有 4.51 億美元的現金及約當現金。這樣的流動性在我們推進分拆規劃、並持續評估資本配置機會時，提供了重要的選擇權。整體而言，隨著我們推進潛在分拆的相關工作，Ventures 持續產生可觀現金，同時將投資組合重新定位至更高的營運控制權與長期價值創造。

Turning to slide 10. As Chris referenced earlier, in early April, we settled an unmodified reverse Dutch auction for our term loans, retiring $165 million in par value at a discount. The delevering transaction is expected to reduce our annual cash interest expense by approximately $12 million. Including borrowings under the AR facility, total Sinclair Television Group, or STG debt was $4.4 billion. Our nearest material maturity, excluding the AR facility continues to be in December of 2029.

接著看第 10 頁。如 Chris 先前提到的，我們在 4 月初完成一項未修改的反向荷蘭式拍賣（reverse Dutch auction），用於處理我們的定期貸款（term loans），以折價方式償還面值 1.65 億美元。這項去槓桿交易預期可使我們每年的現金利息費用降低約 1,200 萬美元。包含 AR 融資工具（AR facility）的借款在內，Sinclair Television Group（STG）的總債務為 44 億美元。除 AR 融資工具外，我們最近一筆具重大規模的到期日仍為 2029 年 12 月。

At quarter end, as defined in our credit agreement, STG net first out, first lien leverage was 1.5 times, net first lien leverage was 3.8 times and net leverage was 5.1 times. Net leverage fell by 0.2 of a turn sequentially, and these figures do not yet reflect the April term loan retirements that I referenced earlier. We ended the quarter with $844 million in consolidated cash, including $392 million at STG and $451 million at Ventures, including revolver availability, total liquidity was approximately $1.5 billion. Before turning the call back to Chris, let me briefly frame our first quarter results and outlook in the context of the broader operating environment. When we introduced 2026 full year financial guidance in February, we plan for stable core advertising trends, supported by a sports-heavy broadcast calendar while remaining appropriately cautious given macro headwinds in certain categories.

在季末，依我們的信貸協議（credit agreement）定義，STG 淨第一優先（first out）、第一順位擔保（first lien）槓桿為 1.5 倍；淨第一順位擔保槓桿為 3.8 倍；淨槓桿為 5.1 倍。淨槓桿較前一季下降 0.2 倍，而這些數字尚未反映我先前提到的 4 月定期貸款償還。我們季末合併現金為 8.44 億美元，其中 STG 為 3.92 億美元、Ventures 為 4.51 億美元；若包含循環信貸（revolver）可用額度，總流動性約為 15 億美元。在把電話會議交回給 Chris 之前，我先簡要從更廣泛的營運環境角度，說明我們第一季的結果與展望。當我們在 2 月提出 2026 全年財測指引時，我們預期核心廣告趨勢將維持穩定，並由體育賽事密集的廣播行事曆支撐，同時在部分產業類別面臨總體逆風的情況下保持適度審慎。

Since then, given the conflict in the Middle East, the external environment has evolved. Consumer sentiment has moved meaningfully lower, inflation expectations have ticked higher and advertiser visibility in select areas is somewhat more measured than a quarter ago. At the same time, the drivers underpinning our full year outlook remain firmly intact. A record midterm political cycle with competitive races across several of our key markets, the FIFA Soccer World Cup anchoring a sports-heavy broadcast calendar in the second and third quarters and steady distribution supported by moderating subscriber churn and expected benefit from our partner station buy-ins that are now substantially complete. Based on that balance, we are reaffirming our 2026 full year guidance today.

此後，隨著中東衝突，外部環境有所變化。消費者信心明顯下滑，通膨預期略為上升，且部分領域的廣告主能見度較一季前更為保守。與此同時，支撐我們全年展望的驅動因素仍然穩固：創紀錄的期中選舉政治週期，在我們多個關鍵市場都有競爭激烈的選戰；FIFA 足球世界盃將在第二與第三季成為體育賽事密集廣播行事曆的核心；以及分銷業務維持穩健，受惠於訂戶流失趨緩，以及我們的合作台買入（partner station buy-ins）預期帶來的效益，而該項工作目前已大致完成。基於上述平衡，我們今天重申 2026 全年財測指引。

Let me now turn the call back over to Chris for closing comments before we open the call to questions.

現在我把電話交回給 Chris，請他在我們開放提問之前做結語。

As we wrap up on slide 11, let me briefly summarize our quarter. First, we continue to execute and build momentum on our core broadcast business. We delivered strong results across the board that translated into meaningful cash generation with stable core advertising trends, audience strength anchored by live sports and improving subscriber churn across key MVPD partners. Live sports continues to drive the kind of appointment viewing audiences that no other platform can match.

在第 11 張投影片結束之際，我簡要總結本季表現。首先，我們持續執行並在核心廣播業務上建立動能。我們在各方面都交出強勁成果，並在核心廣告趨勢穩定、以直播體育賽事為支撐的觀眾實力，以及在主要 MVPD 合作夥伴間訂戶流失率改善的帶動下，轉化為具意義的現金創造。直播體育賽事持續帶來其他任何平台都無法匹敵的「定時收看」型觀眾。

Both the FCC and DOJ are now examining facets of the live sports broadcasting marketplace and we believe they are asking the right questions. Tennis Channel further reinforced this dynamic during the quarter, delivering four of the top five most watched matches in network history, alongside record growth in our direct-to-consumer product.

FCC 與 DOJ 目前都在檢視直播體育轉播市場的若干面向，我們認為他們問對了問題。Tennis Channel 在本季進一步強化了這一動態，創下該頻道史上收視最高的前五場比賽中占了四場，同時我們的直面消費者（direct-to-consumer）產品也出現創紀錄成長。

We also continued to advance our deleveraging priorities with STG net leverage improving in the quarter by 0.2 of a turn sequentially to 5.1 times. We also allocated capital to retire $165 million in par value of our term loans at a discount. Looking ahead, we reaffirmed our 2026 guidance anchored by a resilient revenue mix, strong midterm political revenue expectations, a sports-heavy broadcast calendar headlined by the World Cup and continued cost discipline.

我們也持續推進去槓桿的優先事項，本季 STG 淨槓桿率較前一季改善 0.2 倍至 5.1 倍。我們亦配置資本，以折價方式回購並償還面值 1.65 億美元的定期貸款。展望未來，我們重申 2026 年指引，其基礎包括具韌性的營收組合、對中期政治廣告營收的強勁預期、以世界盃領銜且體育比重高的廣播排程，以及持續的成本紀律。

With that, operator, we are ready to open the line for questions.

接下來，接線員，我們已準備好開放提問。

(Operator Instructions)

（接線員指示）

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

Chris, it seems like with Nexstar-Tegna, a big win for the broadcast. I think far more expanded definition of coming into the 21st century. On the other side, we're seeing Nexstar and Tegna tied up in some legal issues. So what do you feel like you glean from watching them go through these processes as you think about potential for M&A for Sinclair? And just a related one on this topic, you mentioned that you're still Scripps' number one shareholder. My sense is that there's not --

Chris，看起來 Nexstar-Tegna 對廣播業是一場重大勝利。我認為這代表對「進入 21 世紀」的定義大幅擴展。另一方面，我們也看到 Nexstar 與 Tegna 牽涉一些法律問題。所以，當你觀察他們走過這些流程時，對於 Sinclair 潛在的併購（M&A）你覺得能得到哪些啟發？另外同一主題的相關問題，你提到你們仍是 Scripps 的第一大股東。我感覺那邊並沒有——

We lost you there, Steve, on not a lot of. Are you still there? Yes, we can hear you now.

Steve，你剛剛那段我們聽不到了，關於「沒有很多」那部分。你還在線上嗎？好的，現在聽得到你了。

Sorry, let me try that again. So in the Nexstar -- the DOJ is much more expansive view of the TV ad market, but now Nexstar is going through an interesting legal process. So what do you think -- watching them go through this merger that informs your thinking on potential mergers and acquisitions. And then you mentioned you're the number one shareholder of Scripps. Do you think there's a path there to continue to engage in the future?

抱歉，我再問一次。所以在 Nexstar——DOJ 對電視廣告市場採取更為廣泛的觀點，但現在 Nexstar 正在經歷一個有趣的法律程序。那麼你認為——看著他們完成這次合併，對你思考潛在併購有何啟發？另外你提到你們是 Scripps 的第一大股東。你覺得未來是否有一條路徑可以持續互動？

Okay. I think I've got your questions, Steve. So the first one, as it relates to what's going on with Nexstar, Tegna, I think the -- what you first said, I think, is very important. We have seen an approval of that transaction from both the FCC and the DOJ with no conditions and no divestitures required from the DOJ. So that is a huge change in the way the DOJ has historically looked at our market, which was defined as just competition amongst local broadcasters.

好的，Steve，我想我理解你的問題。第一個，關於 Nexstar、Tegna 的情況，我認為你一開始說的非常重要。我們看到該交易已獲 FCC 與 DOJ 核准，且沒有任何條件，也不需要 DOJ 要求的任何資產剝離。這在 DOJ 歷來看待我們市場的方式上是一個巨大改變；過去市場被定義為僅是地方廣播商之間的競爭。

And they have finally come up to date with the realities of the current marketplace, which is that we compete across many different mediums, including cable and connected TVs. So that's a huge win and it's been a long time in coming, and it will be tremendously helpful to the industry going forward and pursuing a much needed consolidation.

他們終於跟上當前市場的現實，也就是我們在許多不同媒介上競爭，包括有線電視與連網電視（connected TVs）。這是一場重大勝利，且得來不易；未來對產業推動迫切需要的整併將非常有幫助。

As I've talked about before, we firmly believe under this rule set, which has now essentially been verified at both the FCC and the DOJ with a new large precedence, we're going to head towards a marketplace where you've got two large groups that the industry consolidates up to, which still will be relatively small in the TMT landscape, but will be much better competitors within that broader landscape as they improve on efficiencies and gain more access to better talent and open up business opportunities. So that's very exciting. Now obviously, you noted the downside here is some of the issues coming up at the state level and specifically in California for Nexstar-Tegna.

如我先前談過的，我們堅信在這套規則之下——而且現在基本已在 FCC 與 DOJ 端以新的大型先例獲得驗證——市場將走向一種格局：產業整併到兩個大型集團。即便在 TMT 版圖中它們仍相對不大，但隨著效率提升、取得更優秀的人才並開拓商機，它們在更廣泛的版圖中將成為更有力的競爭者。這非常令人振奮。當然，你也指出了負面面向：在州層級出現一些問題，特別是加州針對 Nexstar-Tegna 的情況。

We do think that the case brought against that deal is very flimsy in terms of the merits. And we believe that now that we've seen the playbook, any future transactions, we can significantly mitigate a similar playbook in future transactions. And I think just there's a lot of unique features in the Nexstar-Tegna deal, like it was essentially a number one and number two coming together, which certainly wouldn't be what you would expect in sort of mathematically can happen in the next combination. And there was a bunch of optics around the deal, which didn't look great, which we're very unique to this situation. So we, of course, didn't want to see that happen and would rather Nexstar just proceed forward on a clean basis, but we have a lot of faith that they'll play through this.

我們確實認為針對該交易提出的案件，在實質理由上非常薄弱。而且我們相信，既然已經看過這套「劇本」，未來任何交易都能大幅降低遭遇類似手法的風險。我也認為 Nexstar-Tegna 這筆交易有許多獨特之處，例如本質上是第一名與第二名結合，這當然不是你在下一次組合中、從數學上會預期發生的情況。此外，交易周邊也有一些觀感問題，看起來不太好，這些都非常獨特於此案。所以我們當然不希望看到這種情況發生，也寧可 Nexstar 能以乾淨的方式往前推進，但我們很有信心他們能挺過去。

We don't think the merits transaction are sort of -- merits of the lawsuit are really there. And we do think future large transactions will learn a lot from this process and be able to significantly mitigate the risk. And then as it relates to Scripps, the industrial logic is still there. Our position on the deal is still the same. As I mentioned in my remarks, we would be happy to pick up discussions again around such a transaction, but we are not standing still. We are looking at multiple other opportunities to achieve similar levels of benefits and synergies. So will keep moving. And if something were to materialize the Scripps, great. But if not, we're moving forward.

我們不認為這起訴訟在實質上站得住腳。我們也認為未來大型交易會從這個過程學到很多，並能大幅降低風險。至於 Scripps，產業邏輯仍然存在，我們對該交易的立場也一樣。如我在發言中提到的，我們很樂意再次就這類交易重啟討論，但我們不會停滯不前。我們正在評估多個其他機會，以達成類似程度的效益與綜效。因此我們會持續推進。如果 Scripps 那邊有進展，當然很好；若沒有，我們也會往前走。

Aaron Watts, Deutsche Bank.

Aaron Watts，德意志銀行。

Just a couple of questions. One follow-up on the line you were just addressing. Given the noise or pushback that's being generated with getting the Nexstar transaction across the finish line, do you still expect the FCC to press ahead with trying to officially change or abolish the national ownership cap so that future deals don't have to rely on waivers?

我有兩個問題。先就你剛剛談到的那條線追問一下。鑑於 Nexstar 交易要跨過終點線所引發的雜音或反彈，你是否仍預期 FCC 會繼續推動，嘗試正式修改或廢除全國持股上限，讓未來交易不必依賴豁免？

Well, I do think that will happen. Of course, that's up to the FCC. And certainly, as an industry, we have been lobbying for that. So it is something that I do expect will happen in the future. so that you don't have to rely on waivers.

我確實認為那會發生。當然，這取決於 FCC。而且就產業而言，我們一直在為此遊說。所以我預期未來會發生，讓你不必依賴豁免。

Okay. I wanted to ask for a bit more detail around local media core advertising. Your rate of growth slowed down sequentially from 4Q into 1Q. I'm guessing Olympics played a key role there. But can you talk about other puts and takes? And then how is Q2 core tracking relative to what you saw in first quarter? Has the war had any discernible impact yet on your bookings, particularly in the auto vertical?

好的。我想請你更詳細談談地方媒體的核心廣告。你們的成長率從第 4 季到第 1 季呈現連續下滑，我猜奧運在其中扮演關鍵角色。但你能談談其他利多與利空因素嗎？另外，第 2 季核心表現相較於第 1 季目前追蹤如何？戰爭是否已對你們的預訂量造成任何可辨識的影響，特別是在汽車垂直領域？

Yes. It definitely was sports related in the fourth quarter, Aaron. And so being underweight on NBC and based on our NBC performance, we know that market still was delivering on the core advertising. Fortunately or unfortunately, a lot of the weight moved to NBC. And that's why as we head into World Cup and how we're overweighted on FOX, we're bullish on the end of second quarter going into third quarter by carrying 70 games on the FOX network.

是的，Aaron，第 4 季確實與體育相關。因此我們在 NBC 的比重偏低，而根據我們在 NBC 的表現，我們知道市場在核心廣告上仍有貢獻。幸或不幸，很多比重轉移到 NBC。也因此，當我們進入世界盃、且我們在 FOX 的比重偏高時，我們對第 2 季末進入第 3 季保持樂觀，因為 FOX 電視網將轉播 70 場比賽。

We're still comfortable with our guidance that we've given for the year on core. We will remain watching these headwinds, as mentioned in the Scripps that consumer confidence is starting to wane. The gas prices are increasing. And so the cost of goods being shipped most likely will be going up, and we'll see that domino effect. But we remain confident in our annual guidance that we will still achieve that guidance.

我們仍對今年給出的核心指引感到安心。我們會持續關注這些逆風；如同在 Scripps 的部分提到，消費者信心開始走弱，油價上升，因此運輸商品的成本很可能上升，我們會看到那種連鎖效應。但我們仍有信心，今年仍能達成我們的年度指引。

Aaron, just to add on to what Rob just mentioned. Also remember that say these are as reported numbers, and we did have station divestitures to Rincon and Yakima/Spokane, which impacted the reported number on core. So keep that in mind.

Aaron，補充 Rob 剛剛提到的。也請記得這些是按申報口徑（as reported）的數字，而我們確實有將電台資產剝離給 Rincon 以及 Yakima/Spokane，這影響了核心的申報數字。請把這點納入考量。

Okay. But overall, it sounds like your full year view on core hasn't changed despite kind of these moving parts that you've outlined?

好的。但整體聽起來，儘管你們提到這些變動因素，你們對全年核心的看法並沒有改變？

Yes. We're still comfortable with the full year view and as Chris mentioned and I mentioned, we're coming off of record or very high growth in live sports. And live sports between all our platforms drive significant revenue. So we're still comfortable with the annual outlook.

是的，我們對全年看法仍然有信心。正如 Chris 與我提到的，我們剛經歷直播體育賽事創紀錄或非常高的成長。而直播體育賽事在我們所有平台上都帶來可觀營收。所以我們仍對年度展望感到安心。

Okay. If I could squeeze one last one, and I appreciate the time. Just around political. It sounds like still a lot of optimism on that front for the year. CTV was the big mover in terms of share in 2024, expected to grow further this year.

好的。如果我可以再擠出最後一題，也感謝你們撥冗。主要是關於政治面向。聽起來今年在這方面仍然相當樂觀。CTV 在 2024 年就市占而言是最大的推動力，預期今年還會進一步成長。

Where do you think the share shift will come from going forward? Do you expect that broadcast TV can maintain its share? And can you also discuss the Campaign Finance limit case that's currently being debated in court? Help us understand how the potential outcomes could impact your political ad revenues, particularly related to the lowest unit rate or cost, if not for this midterm cycle, then potentially as we think ahead to '28?

你認為接下來的市占轉移會從哪裡來？你預期廣播電視能維持其市占嗎？另外也請談談目前在法院辯論中的競選資金上限案件。請協助我們理解，潛在結果可能如何影響你們的政治廣告營收，特別是與最低單位費率（lowest unit rate）或成本相關的部分；即便不是這次期中選舉週期，那麼放眼到 2028 年又可能如何？

Yes. I'll take the first part. We're comfortable. We think the shift to CTV, which is a natural shift that's coming from search in social and going into CTV. We have some TVB research which showcases on an 18-plus demo, which is the voting demo that if you extrapolate Amazon and Prime, which don't take political ads as well as YouTube, which is short video, that broadcast delivers 78% of the commercial inventory.

是的。我先回答第一部分。我們很有信心。我們認為轉向 CTV 是一個自然的趨勢，資金正從搜尋與社群轉移到 CTV。我們有一些 TVB 的研究顯示，以 18 歲以上族群（也就是投票族群）來看，如果把 Amazon 和 Prime（不接受政治廣告）以及 YouTube（短影音）排除在外，廣播電視提供了 78% 的商業廣告庫存。

And just recently, as we were talking earlier, I indicated that the faucets have now opened on broadcast political spend. We've seen significant buys from the GOP and the Dem PACs in North Carolina just started to have their expenditures. They have $1 billion estimated political funds. So we think we're situated in the markets where there are highly competitive rates and it's to capture that -- those dollars.

而且就在最近，如同我們先前談到的，我提到廣播端的政治廣告支出水龍頭已經打開。我們看到共和黨與民主黨的 PAC 在北卡羅來納州有大量採買，民主黨 PAC 也才剛開始支出。他們估計有 10 億美元的政治資金。因此我們認為，我們所處的市場競爭非常激烈，能夠抓住——那些資金。

And Aaron, in terms of your question around some of the back and forth on lowest unit rate cost. You've got this court matter. There's also a petition for reconsideration by the TVB around the recent FCC interpretation. And look, I think that all is important to some extent. I think there is a real case to question whether something like a lowest unit rate should -- is even constitutional, but that will all take some time to play out.

另外，Aaron，關於你問到最低單位費率成本（lowest unit rate cost）來回拉鋸的部分：目前有一個法院案件。同時 TVB 也針對近期 FCC 的解釋提出重新考慮的請願。坦白說，我認為這些在某種程度上都很重要。我確實認為有充分理由去質疑像最低單位費率這樣的規定是否——甚至是否符合憲法，但這些都需要時間才能有結果。

But I think what you should know is that we're not particularly concerned about that affecting the outcomes that we expect for the year. And that really plays into the dynamics of what goes on, on political ad spend. Number one, as I like to always say that politicians don't return the money to their donors once the elections are over. And so there's a real incentive to get advertisement on the air in the right places where it can impact voting leading up to the elections. And that is unequivocally on broadcast television and more specifically on our stations, which are in a lot of the battleground states and have a very large independent voter viewership that has a high propensity to vote.

但我認為你應該知道的是，我們並不特別擔心這會影響我們對今年的預期結果。而這其實回到政治廣告支出的運作動態。第一，我常說，政治人物在選舉結束後不會把錢退回給捐款人。因此他們有很強的誘因，要在選前把廣告投放到能影響投票的正確地點。而這毫無疑問是在廣播電視上，更具體來說是在我們的電視台——我們位於許多搖擺州，且擁有大量獨立選民收視族群，投票傾向很高。

So our local news audience is highly coveted when it comes to political advertising and political advertisers tend -- as things heat up, they tend to move into inventory categories, which have more protection in terms of their ability to be preempted. And those categories come with higher prices. And those don't tend to be where your general advertisers play. So we think that in terms of the yield component of this and the total demand, these things matter around the edges, but they will not have a meaningful impact on the outcomes.

因此，我們的地方新聞觀眾在政治廣告上非常搶手，而政治廣告主通常——隨著選情升溫——會轉向那些在被插播（preempted）方面更有保障的庫存類別。而這些類別的價格更高，且通常不是一般廣告主會投放的地方。所以我們認為，就收益率（yield）與總需求而言，這些因素在邊際上會有影響，但不會對結果造成實質影響。

Craig Huber, Huber Research.

Craig Huber，Huber Research。

My first question is you mentioned a few times that you're seeing modestly improving subscriber trends. Can you maybe quantify that? I mean, on a same-station basis, are you down, say, roughly 4% year-over-year on your subs? Reasonable?

我的第一個問題是，你們提到好幾次看到訂戶趨勢略有改善。你能否量化一下？也就是以同台（same-station）口徑來看，你們的訂戶年減大約 4%？這樣合理嗎？

So our overall subscriber churn in Q1 was mid-single digits. And that did have a very modest overall improvement. But more importantly, on the traditional MVPD side, we did see over 100 basis point improvement in churn there sequentially. And that is one of our biggest contributors. So we're -- it is improving and being driven by some of the larger MVPDs like Charter leading the way with its streaming bundling strategy.

我們第一季的整體訂戶流失率（churn）是中個位數百分比。整體確實有非常小幅的改善。但更重要的是，在傳統 MVPD 端，我們看到流失率相較前一季改善超過 100 個基點。這是我們最大的貢獻來源之一。所以——確實在改善，而主要是由一些大型 MVPD 推動，例如 Charter 以其串流綁定策略領先。

We think we've talked a lot about it in the past. It's a great strategy. It's working. You can see it in their numbers publicly. We are increasingly seeing it in what they report to us. And Comcast has also been doing better as well, and really, they're the two bellwethers of the space.

我們過去談過很多次。這是一個很棒的策略，而且有效。你可以從他們公開的數據看到。我們也越來越能從他們回報給我們的資料中看到這點。Comcast 的表現也在改善，而實際上，他們兩家就是這個領域的風向球。

Great. And my next question, if I could. Can you maybe touch on what your outlook is for your net retrans this year or if you want to do it on a two-year basis? Can you share that with us?

很好。那我下一個問題，如果可以的話。你能否談談你們今年淨轉播費（net retrans）的展望？或者如果你想用兩年期的角度也可以？能跟我們分享嗎？

So we do expect net retrans to grow over the long term. We haven't given any more specific guidance on net retrans. We do feel with the trends that we're seeing, as we talked about earlier on subscribers, seeing modest improvement there on our network affiliation costs, which we're about to have a big year on, the balance of power that we've talked about this in the past, and we feel like this trend is solid and intact with the balance of power has been swinging back towards the affiliates as the networks have played catch-up on retrans and the dollars there are very, very significant to the networks, really irreplaceable. And now you're seeing all the networks stream all of their content, even Fox now streams its content. And so really, it's just a simple equation when you think about they're monetizing their content on both broadcast and streaming, but the cost is almost exclusively borne by broadcast.

我們確實預期淨轉播費（net retrans）長期會成長。我們沒有提供更具體的淨轉播費指引。我們確實覺得，從我們看到的趨勢來看——如同先前談到訂戶端略有改善、以及我們的聯播網加盟成本（network affiliation costs）今年將迎來一個大年——再加上我們過去談過的權力平衡（balance of power），我們認為這個趨勢穩健且仍在延續：隨著聯播網在轉播費上追趕，權力平衡正回擺向加盟台（affiliates）。而這些轉播費美元對聯播網非常、非常重要，幾乎不可替代。現在你也看到所有聯播網都在串流其所有內容，連 Fox 現在也串流其內容。因此當你想到他們同時在廣播與串流上變現內容，卻幾乎是由廣播端獨自承擔成本時，這其實就是一個很簡單的方程式。

So just as there's a rebalancing that's happening within pay TV, where broadcast audience well exceeds its share of the pay TV pie and our growth in gross retrans is being driven by that rebalancing, while the cost of our network affiliations is also imbalanced. And the streaming components of our streaming divisions of the networks need to be paying a lot more of the cost of the programming relative to the network divisions. And that rebalancing, I think, is going to be tremendously helpful in reducing the cost of our network relationships going forward.

所以就像付費電視內部正在發生再平衡一樣：廣播的觀眾規模遠超過其在付費電視大餅中的占比，而我們總轉播費（gross retrans）的成長正是由這種再平衡所驅動；同時，我們的聯播網加盟成本也存在失衡。聯播網的串流部門（streaming divisions）相對於聯播網部門（network divisions），需要承擔更多節目成本。而我認為，這種再平衡將在未來大幅有助於降低我們與聯播網合作關係的成本。

I'm sorry, and to be clear on that point, I think you said earlier your network comp expense was down. I assume that was on an apples-to-apples basis, same-station basis. It was down in the quarter year-over-year.

抱歉，為了確認這點，我想你先前說你們的聯播網補償費用（network comp expense）下降了。我假設那是以可比口徑、同台（same-station）口徑來看，該費用在本季相較去年同期下降。

I did not say specifically. We don't have -- we don't disclose network comp specifically. And what I was saying is generally the balance of what is paid for, for the content between the streaming divisions and the network divisions at the networks. The payment balance needs to be skewed much more towards streaming than the networks in terms of equitably sharing between those two.

我沒有那樣具體地說。我們不會單獨揭露聯播網補償（network comp）。我剛才的意思是更一般性地談：在聯播網端，串流部門與聯播網部門之間，為內容所支付的成本分攤平衡。就公平分攤而言，支付比重需要更大幅地偏向串流，而不是聯播網部門。

Okay. Very good. So in other words, over time, you think it will evolve that direction favorably to your cost base, I think what you're saying over time.

好的。非常清楚。也就是說，隨著時間推進，你認為它會朝那個方向演變，對你們的成本基礎更有利——我理解你是在說長期。

Yes. That's right.

是的，沒錯。

Ben Soff, Deutsche Bank.

Ben Soff，德意志銀行。

I had a couple. But first, I wanted to ask a follow-up. You made a comment that you might have some strategies to mitigate potential challenges in future transactions. I was hoping you could unpack that a little bit.

我有幾個問題。不過首先我想追問一下。你提到你們可能有一些策略，來緩解未來交易中潛在的挑戰。我希望你能再多拆解說明一點。

Well, look, I think -- yes. I can't get into specifics in terms of how a transaction would play out and what specifically we would do. But just the setup alone, I think, would be different. Here, you had a number one and number two essentially coming together. You had a transaction that got closed almost immediately after the approvals.

嗯，你看，我想——是的。我無法就交易會如何進行、以及我們具體會做什麼，提供細節。但我認為光是前提設定就會不同。這裡的情況是，基本上是第一名和第二名合併。你們看到的是一筆在核准後幾乎立刻完成交割的交易。

Certain optics wouldn't be the same just naturally. And I think being the first large transaction where a new market definition has been defined by the DOJ, but yet not having anything on paper about that, I think is something that could be addressed more proactively.

某些觀感（optics）自然也不會一樣。而且我認為，作為第一筆大型交易——在 DOJ 已經定義了新的市場界定（market definition），但又沒有任何白紙黑字文件的情況下——這件事本身，我覺得可以更主動地加以處理。

Okay. Got it. And if there are divestitures from other deals, what's your appetite for buying station assets? Do you think you'd be allowed to create duopolies? And how should we think about potential synergies in those types of deals?

好的，了解。如果其他交易有資產剝離（divestitures），你們對於收購電視台資產的意願如何？你認為你們會被允許建立雙台壟斷（duopolies）嗎？我們應該如何看待這類交易的潛在綜效？

Sure. So we're very interested in double ups. Anywhere where we can add stations within a market, that's where we get the biggest efficiency gains. Also, it really does improve the news product that we supply to the marketplace. It both expands the number of stories that we cover, differentiates the products being offered to the marketplace. So in the areas where we can have multiple affiliates in a market, those are the ones that are going to be most interesting to us where we can have an accretive transaction and also be deleveraging as well.

當然。我們對「加倍布局」（double ups）非常有興趣。任何我們能在同一市場內增加電視台的地方，都是我們能取得最大效率提升的地方。同時，這也確實能改善我們提供給市場的新聞產品：一方面擴大我們報導的故事數量，另一方面也讓提供給市場的產品更具差異化。因此，在我們能在同一市場擁有多個加盟台（affiliates）的區域，會是我們最感興趣的標的——在那裡我們可以做出具增益（accretive）的交易，同時也能去槓桿（deleveraging）。

Got it. And my last question is just on ATSC. What are your latest thoughts there on the business opportunity? And can you remind us where we are on the path to commercializing it?

了解。那我最後一個問題是關於 ATSC。你們對那邊的商業機會最新看法是什麼？也能否提醒我們目前在商業化路徑上進展到哪一步？

So we have been making good progress on ATSC 3.0 with the founding of EdgeBeam. It is off and running. The team is assembled. There is significant work being done up in Boston where they're based. They're having a lot of traction around digital signage.

我們在 ATSC 3.0 方面透過成立 EdgeBeam 已取得良好進展。它已經啟動並運作中。團隊已組建完成。在他們所在的波士頓正進行大量工作。他們在數位看板方面獲得了很大的進展。

The EGPS product is up and running in several markets. And automotive is another area that we're very bullish on, it will be a little longer term. And I would put streaming offload as well in that same bucket. BPS, which is outside of EdgeBeam, but it's a sort of industry-wide effort led by the NAB has a lot of traction. There is a pilot going on right now in the energy sector, which we're expecting a readout from shortly.

EGPS 產品已在多個市場上線並運作。汽車也是我們非常看好的另一個領域，但會是較長期的機會。我也會把串流卸載（streaming offload）歸在同一類。BPS 不在 EdgeBeam 之內，但它是由 NAB 主導的、某種全產業的努力，目前也有很大進展。能源產業現在正在進行一個試點，我們預期很快就會收到結果讀出。

But we already know the answer in that BPS is the only practical solution to a backup to GPS, a lot of the experts have already weighed in, including government agencies that if we want a credible backup that can be rolled out on a timely basis that is not space-based and not vulnerable to jamming and disruption from our enemies, it needs to be BPS. And so that's a very unique opportunity for the entire industry powered by 3.0 and contributes to -- vitally contributes to American safety and security.

但我們其實已經知道答案：在 BPS 這件事上，它是唯一可行的 GPS 備援方案。許多專家（包括政府機構）都已表態：如果我們要一個可信的備援，能在及時的基礎上部署、不是太空基礎、且不易受到敵方干擾與破壞（jamming/disruption），那就必須是 BPS。因此，這對整個由 3.0 驅動的產業而言是非常獨特的機會，並且對美國的安全與國安具有至關重要的貢獻。

So I'm more bullish than I've ever been on the opportunities around 3.0. Of course, it improves picture quality, consumer experience, interactivity et cetera, and there'll be more content, better content put out to our audiences. But the real incremental revenue opportunities are going to be around data casting and other use cases. And that will be dramatically enhanced through the sunset of 1.0, which will unlock a lot more capacity to do these use cases and is in front of the FCC as we speak.

所以我對 3.0 周邊的機會比以往任何時候都更看多。當然，它能提升畫質、消費者體驗、互動性等等，也會有更多內容、更好的內容提供給觀眾。但真正的增量營收機會會在資料廣播（data casting）與其他使用情境上。而隨著 1.0 的日落（sunset），這些機會將被大幅強化，因為那會釋放更多容量來支援這些使用情境；而這件事目前正提交 FCC 審議中。

Dan Kurnos, StoneX.

StoneX 的 Dan Kurnos。

Chris, I'm sure you're super excited to answer another M&A question, but I just want to be crystal clear. Obviously, some timing, we have to kind of see how Nexstar plays out. I mean do you think with that court case ongoing and sort of the concentration ramifications, market definition ramifications, and to your previous answer, do you believe that you could put up a transaction or someone you could find a willing participant in this environment at this time? And given your current stance on your preference to spin Ventures in conjunction with M&A, does that mean that you're sort of willing to bide your time until you find the right transaction and this cleans up and you find the path forward? We're not saying it won't happen, but it may just take longer than we anticipate.

Chris，我相信你一定很期待再回答一個併購（M&A）問題，但我想把問題問得非常清楚。顯然在時點上，我們得看看 Nexstar 的情況會怎麼發展。我是說，在那個訴訟仍在進行、以及集中度影響、市場界定影響等因素下，再加上你剛才的回答，你是否認為在目前這個環境、這個時間點，你們能提出一筆交易，或找到願意參與的對手方？另外，鑑於你們目前偏好在併購同時分拆 Ventures，是否代表你們願意耐心等待，直到找到合適的交易、這些不確定性消除並找到前進路徑？我們不是說不會發生，但可能會比我們預期更久。

So Dan, I think it's fair to say that the Nexstar-Tegna transaction and what's going on at the state level is not ideal in terms of creating a good environment for M&A. It's certainly calls -- creates questions in people's minds, including your own or you wouldn't be asking the question. And so certainly, players within the industry are not immune to that. But I do think as they dig in and as we have, they will get more and more comfortable that this can be mitigated. And we have confidence that this deal should not hold up progress on M&A, and we think we'll be able to play through that.

Dan，我想可以說，Nexstar-Tegna 交易以及州層級正在發生的事情，對於營造良好的併購環境而言並不理想。這確實會引發——在人們心中產生疑問，包括你自己，否則你也不會問這個問題。因此，產業內的參與者當然也不會不受影響。但我確實認為，隨著大家深入研究、就像我們所做的那樣，他們會越來越放心，這些問題是可以被緩解的。我們有信心，這筆交易不應該阻礙併購的進展，我們也認為我們能在這樣的情況下繼續推進。

As it relates to the Ventures separation, we are -- there's a lot of work that goes into a spin. And so we're doing that work now. We're working on the carve-out audits. We are proceeding on getting ready. So we're not just letting time sort of waste away here.

至於 Ventures 的分拆，我們——分拆需要做大量工作。因此我們現在正在做這些工作。我們正在進行 carve-out 審計。我們正在推進準備工作。所以我們不是在這裡任由時間白白流逝。

But at the same time, as we've said pretty consistently, the ideal outcome is a separation of Ventures alongside a broadcast combination. And so there isn't a rush to separate Ventures. And we -- but we are going to make sure that we've got everything ready to go to do that.

但同時，正如我們一貫所說，最理想的結果是：在進行廣播業務的合併（broadcast combination）的同時分拆 Ventures。因此，並沒有急著要分拆 Ventures。我們——但我們會確保一切都準備就緒，隨時可以執行。

Okay. That makes sense. And then as we think about tennis, you guys spend a good amount of time talking about it today and sort of the strength that it has. I know Chris, in the past, you've talked about like, hey, anything could be core, not core, you're having -- it's having -- it seems like it's having a moment. Are you guys leaning more into tennis? How are you thinking about it sort of as a long-term asset within the portfolio, especially in the consideration of if you were to do transformational M&A on the local side?

好，這很合理。接著談網球，你們今天花了不少時間談它以及它的強勁表現。我知道 Chris 你過去曾說過，像是，嘿，任何資產都可能是核心或非核心——它現在看起來——似乎正處在一個高光時刻。你們是否更傾向加碼網球？你們如何把它視為投資組合中的長期資產，特別是在你們若要在地方端進行變革型併購（transformational M&A）的考量下？

Yes, we are leaning into Tennis Channel. So that is -- you're very right in thinking that. About a year ago, we hired Jeff Blackburn, who is a legend in the streaming industry, who had an amazing career at Amazon, and he is doing wonderful things at Tennis Channel. And the ratings this last quarter, up about 20%, subs up over 30%. The product is getting better.

是的，我們正在加碼 Tennis Channel。你這樣想完全正確。大約一年前，我們聘請了 Jeff Blackburn，他是串流產業的傳奇人物，在 Amazon 有非常精彩的職涯，而他在 Tennis Channel 正做出很棒的成果。上一季收視率成長約 20%，訂戶成長超過 30%。產品也在變得更好。

The moment, as you pointed out, there's sort of a Tennis momentum and interest in Tennis is at an all-time high. It continues to grow. And so there's a lot to like about what's going on at Tennis. So we are investing in the product. We're upgrading the rights.

如你所指出的，現在確實有一股網球動能，大家對網球的興趣也來到歷史新高，且持續成長。因此，Tennis 目前的狀況有很多值得喜歡的地方。我們正在投資產品，也在升級轉播權利（rights）。

We're upgrading the programming, and we're upgrading the direct-to-consumer experience. And a lot of that investment has been over the last year, and it really hasn't even come to light yet. But over the course of this year, you're going to see more and more upgrades to the product, to the experience. And so when we hired Jeff, that was a commitment to invest in Tennis Channel. And so I think it's going to be an amazing asset. It already is incredible. But as it translates its business more and more on to the streaming side where it already has all the rights it needs, it's going to be a really interesting asset.

我們正在升級節目內容，也在升級直面消費者（direct-to-consumer）的體驗。這些投資很多是在過去一年完成的，但其實還沒有完全反映出來。不過在今年的過程中，你會看到產品與體驗越來越多的升級。因此，當我們聘請 Jeff 時，那就是對投資 Tennis Channel 的承諾。我認為它會是一項非常出色的資產——它現在就已經很棒了。但隨著它的業務越來越轉向串流端（而它在那邊已經擁有所需的全部權利），它會成為一個非常有意思的資產。

We believe that -- over time that the asset right now, 20% of the audience is through digital. And the goal for Jeff and his team is to get to 50%. And so we're making that crossroads. And what helps those crossroads are -- we were asked the question a little over a year ago. What about with process retirement, Fed retirement.

我們相信——長期來看，這項資產目前約有 20% 的觀眾來自數位端。而 Jeff 與他的團隊目標是提升到 50%。因此我們正走到那個轉折點。而能推動這個轉折點的因素包括——我們在一年多前被問到的問題：像是費德勒退役、（可能還有）納達爾退役。

And now we have the next-generation rivalry with Sinner and Alcaraz and even though Alcaraz is out short term. That rivalry isn't going anywhere. And now the women this year, the rivalry has evolved between Gauff and Sabalenka, which will cause even further tune-in. And as you see in the 1,000s that took place out of Indian Wells and BNP Paribas, and Miami Open that was followed in Monte Carlo with record ratings. So when we increase this tech, next-generation and America has the next star in the horizon with Iva Jovic, it bodes well for the sport and for the network.

而現在我們有下一世代的對決：Sinner 與 Alcaraz，即使 Alcaraz 短期缺陣，那個對決也不會消失。今年女子方面，對決也在 Gauff 與 Sabalenka 之間演化，將帶來更多收視。你也看到在 Indian Wells 的 1,000 賽與 BNP Paribas、以及 Miami Open，接著到 Monte Carlo 都創下收視紀錄。因此，當我們提升這項科技、下一世代的熱度，以及美國還有下一位新星 Iva Jovic 在地平線上，這對這項運動與這個頻道都很有利。

Rob, can I stick with you for a second. Just talk a little more World Cup. Is there any way to kind of think about the incremental that we should expect from World Cup, number one. Number two, given how much Olympics sort of suck the oxygen out of the room in Q1, could we see that kind of event, especially in what is a particularly lackluster viewing time for television since we're in between seasons?

Rob，我可以再追問你一下嗎？再多談一點世界盃。第一，有沒有什麼方式可以思考我們應該期待世界盃帶來多少增量？第二，考量到奧運在第一季往往會吸走所有注意力，我們是否可能看到那種事件效應，特別是在目前處於季與季之間、電視收視相對平淡的時段？

And you also mentioned in your prepared remarks just around the digital acquisitions adding, you talked a little bit about getting prepared for a cross-sell with your digital assets, especially when you have this marquee event coming up. So maybe you could flesh out your thoughts there, just so we can get a little bit more sense on how you're going into this or game planning for it.

另外你在事先準備的講稿中也提到數位併購帶來的增益，你談到在這個指標性（marquee）賽事到來前，如何準備用你們的數位資產做交叉銷售（cross-sell）。也許你可以更具體說明你的想法，讓我們更清楚你們將如何切入或如何規劃。

We're super bullish and we've had a large advertising query already in the early phase of the selling. And 40 games are in Prime Time. And as you indicated, it's normally a weaker viewing as we head into the summer months and with most of the games and the final was happening here in the States, we're totally bullish. And what's great is we're set up across platform, as you indicated, that we have Landon Donovan and Tim Howe who played the most men's caps.

我們非常看多，而且在銷售的早期階段就已經收到大量廣告詢問。有 40 場比賽是在黃金時段（Prime Time）。如你所說，通常進入夏季月份時收視會較弱，而多數比賽以及決賽都在美國本土進行，所以我們完全看多。更棒的是，我們已如你所指出的那樣完成跨平台布局；我們有 Landon Donovan 和 Tim Howe，他們是出賽次數最多的男子球員。

And at the end of June, we are launching a female soccer team with Julie and Kealia, which is great because it also leads into the NFL season and Julie is married to Zach Ertz and Kealia is married to JJ Watts. So they have a very competitive household that will play out in audio as well as soccer and at the men's World Cup in a female perspective, and then that bodes well leading into 2027 in the Women's World Cup.

而在六月底，我們將與 Julie 和 Kealia 一起推出一支女子足球隊，這很棒，因為這也會銜接到 NFL 賽季；Julie 的丈夫是 Zach Ertz，而 Kealia 的丈夫是 JJ Watts。因此她們的家庭競爭性非常強，這種競爭不僅會在足球場上呈現，也會在音訊內容中呈現，並且會以女性視角切入男子世界盃的內容，進而為 2027 年女子世界盃的布局帶來正面助益。

So the way we've set this up to be able to take advantage with our stars on the audio side because you're going to see is Vince Carter and Trace McGrady doing an activation at the NBA draft is we have natural tie-ins between our audio and our broadcast. And then the third element is activations at these events. So it is a 360 offer to our advertising clients, and that's why we're seeing this early inquiry from the advertisers.

因此，我們的架構設計是為了能在音訊端善用我們的明星資源；因為你將會看到 Vince Carter 和 Trace McGrady 在 NBA 選秀上做一個行銷啟動（activation）。我們在音訊與廣播之間有天然的串聯點。第三個要素是在這些活動現場的各種啟動與互動。因此，對我們的廣告客戶而言，這是一個 360 度的整合方案，這也是為什麼我們會看到廣告主這麼早就開始詢問。

And maybe I'll just add to that. So undoubtedly, there's a great synergy between what we're doing on audio and video, as Rob mentioned. But this is the -- we haven't had a World Cup in this time zone for quite some time. And obviously, being in -- partially in the US, this is a bigger World Cup than we have seen. So the comps that's certainly different.

我也許再補充一下。毫無疑問，正如 Rob 提到的，我們在音訊與影音所做的事情之間有很強的協同效應。但這次是——我們已經有相當長一段時間沒有在這個時區舉辦世界盃了。而且很明顯，因為——部分在美國舉辦，這是一屆比我們過去所見更大的世界盃。所以可比基準（comps）確實不同。

We are going to do way better than we did, say, four years ago. I don't think it will be as big as the Olympics, unfortunately. I wish it was. But I -- but in terms of total impact, but it's definitely going to be a nice incremental pickup for us.

我們的表現會比例如四年前好得多。我不認為它會像奧運那麼大，遺憾的是；我希望能一樣大。但——就總體影響而言不會到奧運那種規模，不過它肯定會為我們帶來不錯的增量提升。

Okay. And if I could just tie this all together, I guess, and maybe bring Narinder into it, too. Just as I look at your year right now, you guys are pacing towards the high end of your prior revenue guide and towards the lower end of the imputed expense guide, especially based off of Q1. Now obviously, we have political and there's a lot of uncertainty out there. So I just want to be clear on what you guys are saying.

好的。如果我可以把這些串起來，我想也把 Narinder 一併拉進來。就我目前看你們今年的狀況，你們的營收進度正朝向先前營收指引的高端，而費用進度則朝向推算費用指引的低端，尤其是從 Q1 來看。當然，我們還有政治廣告等因素，而且外部有很多不確定性。所以我只是想釐清你們的意思。

It sounds like you guys are just being cautious given the macro. You're not necessarily seeing anything yet. But in all other circumstances, it feels like you guys would be potentially raising guidance at this point, but you just want to see how things play out given clearly the uncertainty out there, which I think is logical.

聽起來你們只是基於總體環境而保持保守；你們不一定已經看到什麼負面跡象。但在其他情況下，感覺你們此刻可能會上調指引，只是因為外部不確定性很明顯，所以想先觀察事情如何發展；我覺得這很合理。

Yes, Dan, thanks for the question. Nice question to set me up here. But I think you captured the puts and takes there properly. Look, if I look at core, as I mentioned, there are headwinds that have picked up from what we anticipated when we issued the guide. And the visibility is a little bit less than what we had before.

是的，Dan，謝謝你的提問。這個問題也很適合讓我接著說。我認為你把其中的利弊權衡（puts and takes）掌握得很到位。你看，如果我看核心業務（core），如我提到的，逆風比我們在發布指引時所預期的更強了一些，而且能見度也比之前低了一點。

but nothing that changes our view that will be outside the range as we gave you. On the distribution side, clearly pleased with all the things the traditional MVPDs are doing with their packaging. We are clearly seeing those results translate into our numbers now. So we are monitoring that trend going forward. But nothing there. A few months does not create a long-term trend. So obviously, you want to make sure that we see that consistently repeat itself before we say, okay, we have seen enough and now is the time to update our guidance.

但沒有任何事情會改變我們的看法：結果會落在我們給你的區間之外。在發行（distribution）方面，我們顯然對傳統 MVPD 在方案打包上所做的一切感到滿意。我們也清楚看到這些成果現在已反映在我們的數字上。因此我們會持續監控這個趨勢。但僅僅幾個月並不能形成長期趨勢。所以很明顯，在我們說「好，我們已經看到足夠證據，現在是更新指引的時候」之前，你會希望看到這種情況能夠持續且一致地重複出現。

And look, on the cost side of the equation, I mean, you know us very well. Expense management and expense control is built into our DNA. It's an ongoing process, and we continue to look at any and all efficiency measures. But we are also investing in the right assets. We talked about Tennis Channel.

再看成本端，我是說，你也很了解我們。費用管理與費用控制已經寫進我們的 DNA。這是一個持續進行的流程，我們也會繼續尋找任何與所有的效率提升措施。但同時，我們也在投資正確的資產。我們談過 Tennis Channel。

We are putting energy behind it. We think it's a great differentiated asset. And we are going to continue to do that where it makes sense for us. So if you take all of those things together, sitting here today too early in the year, same with political. There's no reason to say let's go ahead and change the ranges. Obviously, we'll continue to monitor it. And if there is a good reason to change that, we'll come back and tell you next quarter.

我們正在加大投入。我們認為這是一個很棒、差異化的資產；在對我們有意義的地方，我們會持續這麼做。把這些因素合在一起看，在今年還很早的此刻——政治廣告也是一樣——沒有理由就此去改變區間。我們當然會持續監控；如果有充分理由需要調整，我們會在下個季度回來告訴你。

David Hamburger, Morgan Stanley.

David Hamburger，Morgan Stanley。

I was wondering, could you just articulate why the separation of Ventures is contingent upon a broadcast station transaction? And have you provided any guidance at all as to how Ventures would be capitalized upon a spinoff or a separation?

我想請問，你們能否說明為什麼 Ventures 的分拆取決於一筆廣播電台（broadcast station）的交易？另外，你們是否曾提供任何指引，說明在分拆或分離後，Ventures 的資本結構（capitalization）會是什麼樣子？

So Ventures is not contingent. It's just our preference. And I think at some point in time, if we are unsuccessful getting a combination on broadcast, we would just move forward with the Ventures separation with the thinking that broadcast would then combine at some point on its own. But there is optionality that Ventures gives us. And when we think about various combinations, it has a decent amount of cash.

Ventures 並不是取決於此；那只是我們的偏好。我想在某個時間點，如果我們在廣播端無法促成合併（combination），我們就會直接推進 Ventures 的分拆，並認為廣播業務之後會在某個時點自行完成合併。但 Ventures 為我們提供了選擇性（optionality）。當我們思考各種合併方案時，Ventures 擁有相當可觀的現金。

It obviously has some other assets as well, which could be more or less attractive to varying partners that we're in discussions with. And so that's really the main reason is that it's having that -- those various levers to ensure that a combination gets done, that maximizes the outcome for all shareholders. And then in terms of the capitalization question, Ventures does not have any debt currently. So the four walls of Ventures is already very well defined. It's in our financials.

它當然也有其他一些資產，對於我們正在洽談的不同合作夥伴而言，吸引力可能更高或更低。因此主要原因就在於，透過這些——各種槓桿（levers），確保能完成一筆合併交易，並讓所有股東的結果最大化。至於你問的資本結構，Ventures 目前沒有任何負債。所以 Ventures 的「四面牆」範圍其實已經非常清楚界定，也都在我們的財報裡。

There is no debt on any of the Venture wholly owned subsidiaries, and it does sit on about $450 million of cash currently. So that is how it will be capitalized if you just split spin Ventures today. That could obviously change a little bit if it's done in conjunction with the combination on broadcast.

Ventures 旗下任何全資子公司都沒有負債，而且目前帳上大約有 4.5 億美元現金。因此，如果你今天就把 Ventures 分拆出去，它的資本結構就是如此。當然，如果分拆是與廣播端的合併同步進行，這可能會有一些變動。

And to clarify, you're saying a combination of broadcast or a combination of Ventures with another company?

我確認一下，你指的是廣播業務的合併，還是 Ventures 與另一家公司合併？

No, I am saying -- I'm just saying tying back to what I said earlier in that some of the assets of Ventures may play a role in a broadcast combination that you could see the mix within Ventures change depending on what happens on the broadcast side.

不，我的意思是——我只是呼應我先前說的：Ventures 的部分資產可能會在廣播端的合併中扮演角色，因此你可能會看到 Ventures 內部的組合，會隨著廣播端發生的事情而改變。

Okay. And how might that change? Kind of have you provided any sort of guidelines or guardrails around how that the complexion of that business might change? Or --

了解。那可能會怎麼改變？你們是否提供過任何指引或護欄（guardrails），說明該業務的樣貌可能如何變化？或者——

No. But I just went through, there's cash, there's other assets. There are -- in its simplest form, if more cash was needed in the combination, we could use some cash from Ventures in order to complete as an example. But since there is no specific transaction to talk about our broadcast, I can't give you any guidelines.

沒有。但我剛剛已經說過：有現金，也有其他資產。用最簡單的例子來說，如果合併需要更多現金，我們可以動用 Ventures 的部分現金來完成交易。但因為目前沒有任何具體的廣播交易可以談，所以我無法給你任何指引。

Sure. And at what point would you potentially make that determination that you would just proceed with the spin in the absence of effectuating a broadcast deal?

好的。如果在沒有完成廣播交易的情況下，你們可能會在什麼時點做出「直接推進分拆」的決定？

Yes. We are not going to lay out a specific time line on that at this point. But as I mentioned, we are doing work to get the necessary items in place to do the spin like a carve out, for instance. And so that will play into the ultimate timing.

是的。我們目前不會就此給出具體時間表。但如我提到的，我們正在進行相關工作，以便把分拆所需的必要事項準備到位，例如 carve-out（分割編製）。因此，這些工作會影響最終時點。

I think -- go ahead, David.

我想——請說，David。

I was just going to ask you a balance sheet question, but I don't know if you had a follow-up.

我本來想問一個資產負債表的問題，但我不確定你是否還有追問。

Yes. I was -- what I was going to say is, look, if you take a step back, and go back to the rationale for entertaining at Ventures separation. The Ventures has -- and then you can do the math, close to $1 billion of assets that we don't feel are fully reflected in our valuation. And so how do we do that? We can provide enhanced disclosures for investors to take a look at it and determine how they want to value those assets.

是的。我——我想說的是，你如果退一步看，回到我們考慮分拆 Ventures 的理由：Ventures 擁有——你可以自己算——接近 10 億美元的資產，而我們認為這些資產並沒有在我們的估值中得到充分反映。那我們要怎麼做？我們可以提供更完善的揭露，讓投資人去檢視，並自行判斷要如何為這些資產定價。

And if that's not happening, then we look at would these assets be fairly valued in the hands of other investors? And that was the thinking we had to separate Ventures. Now as that conversation continues, as Chris outlined, there's some optionality we want to preserve. So we are not under a specific time line to make that happen. We have started to work on Ventures separation.

如果這仍然沒有發生，那我們就會思考：這些資產在其他投資人手上是否能被公平定價？這就是我們想分拆 Ventures 的思路。隨著這個討論持續進行，如 Chris 所說，我們希望保留一些選擇性。因此我們並沒有一個硬性的時間表一定要完成。我們已經開始著手進行 Ventures 分拆的工作。

And we are going to be very thoughtful about it. So we are pursuing broadcast transaction in parallel, and we don't know what the contours of those are going to be sitting here today and talking to you about this. So we want to preserve that optionality. And as that picture starts to come into focus, we'll provide you more color on what that separation time line and what the capitalization, et cetera, would look like. But it's too early for us to give you a firm read on that today.

而且我們會非常審慎地推進。因此我們也在同步推進廣播交易，但就坐在這裡、現在跟你談的此刻，我們還不知道那些交易的輪廓會是什麼樣子。所以我們希望保留那個選擇性。當整體圖像開始更清晰時，我們會提供更多細節，包括分拆時間表以及資本結構等會長什麼樣子。但現在要我們給出明確判斷還太早。

Okay. And just one quick question around the balance sheet. Can you just talk about how you size the $165 million of loan buyback? Why specifically that amount? Or was there any specific goal you were looking to achieve?

好的。關於資產負債表我還有一個簡短問題。你們能否談談你們如何決定這筆 1.65 億美元的貸款回購規模？為什麼特別是這個金額？或者你們當時是否有任何特定目標想要達成？

And how could we think about that going forward, your appetite to do more of that?

以及往後我們該如何看待這件事，你們進一步做更多此類回購的意願如何？

Yes. I think, look, we had cash in STG and we looked at how to deploy that cash. And we have outlined that delevering STG balance sheet is a top priority for us. And this was a right time for us to go out and see if there would be any demand for us to take some of the debt investors out from our term loans. And we started the process with a certain number in mind that would be interesting for investors to participate in.

是的。我想，首先，我們在 STG 有現金，我們也在思考如何運用這些現金。我們已經說明，降低 STG 資產負債表的槓桿是我們的首要優先事項。當時對我們而言是合適的時點，去看看是否會有需求，讓我們從定期貸款中讓部分債務投資人退出。我們在啟動流程時，心中有一個數字，投資人參與會覺得有吸引力。

And as we went through the process, we looked at how much cash we want to deploy at this point, and that's where we drew the line and executed that transaction. Looking ahead, all options for us are on the table. Delevering is a top priority. As we generate more cash in a political year, you can expect us to continue to focus on that. No specific time line to give you here today when the next one is or the one after. But as those opportunities arise, we will obviously look at them and execute on those.

在流程推進的過程中，我們評估了此時此刻我們希望動用多少現金，並在那個點劃定界線、完成了這筆交易。展望未來，對我們而言所有選項都在桌面上。去槓桿仍是首要優先事項。隨著我們在政治年產生更多現金，你可以預期我們會持續聚焦於此。我今天無法給你具體時間表，說下一次或再下一次會在何時進行。但當這些機會出現時，我們顯然會評估並加以執行。

(inaudible), Barclays.

（聽不清），巴克萊。

I know you guys don't have any distribution contracts up for renewal this year, but it seems like some of your peers have been going into blackout and it's becoming more common and then DTV filed a private lawsuit against Nexstar-Tegna. So I guess just curious your thoughts. I know you guys have some in 2027, but do you think this is a sign that renewals are becoming more and more contentious going forward?

我知道你們今年沒有任何發行／分銷合約到期要續約，但看起來你們的一些同業正在進入斷訊期（blackout），而且這種情況愈來愈常見，另外 DTV 也對 Nexstar-Tegna 提起了私人訴訟。所以我想請教你們的看法。我知道你們有一些合約是在 2027 年，但你們是否認為這是續約談判未來將變得愈來愈具爭議性的跡象？

Look, we don't think this is anything new. There are some blackouts currently going on there was last year, and there was the year before that and the year before that. So we've been very fortunate that we really haven't had any meaningful blackout for many years now. And we see no reason to necessarily change that. But the reality is the broadcasters comprise about 50% of the viewership on pay TV and only get about one-third of the pay TV pie.

我們不認為這有什麼新鮮的。現在確實有一些斷訊正在發生，去年有，前年也有，再前一年也有。所以我們很幸運，多年來其實沒有出現任何重大的斷訊。我們也看不出有什麼理由一定會改變這點。但現實是，廣播電視台約占付費電視收視的 50%，卻只拿到付費電視收入大餅的大約三分之一。

And the process of rightsizing that to what arguably should be greater than 50% since we represent the most premium programming on pay TV is not easy. And that adjustment, that shift of share away from cable channels that increasingly are becoming completely irrelevant towards broadcast is a difficult process. And I don't see the activity that we're currently witnessing as really all that unusual from prior years. And I think the industry will manage through it as it always has.

而要把這個比例「調整到合理規模」（rightsizing），也就是調整到可說應該高於 50%——因為我們代表付費電視上最優質的節目內容——並不容易。這種調整、也就是把份額從那些日益變得完全無關緊要的有線頻道移轉到廣播端，是一個困難的過程。我不認為我們目前看到的情況相較於過去幾年有多不尋常。我也認為產業會一如既往地度過這段過程。

Okay. Great. And then just -- I know you guys have done a good job managing costs and are always looking to cut costs. I was wondering if you guys have been using any kind of AI tools and helping managing costs? Or is there anything in the pipeline that you guys can do that can enhance cost reductions going forward?

好的。很好。接著我想問——我知道你們在成本管理上做得很好，也一直在尋找降本方式。我想知道你們是否有使用任何 AI 工具來協助成本管理？或者是否有任何正在規劃中的措施，能在未來進一步強化成本降低？

So AI is a big focus for us, as I'm sure every company gets on calls and says. But for us, it is a true statement, and we've rolled out AI tools to our entire workforce. So we have both a bottoms-up organic strategy that we were bearing -- that's bearing fruit in terms of people in various areas coming up with ways to use AI tools to improve productivity. We also have a top-down strategy, a group dedicated to working on AI that is bringing new tools and workflows to the business.

AI 是我們的重點之一，正如我相信每家公司在電話會議上都會這麼說。但對我們而言這確實是真的，我們已經把 AI 工具推廣到全體員工。因此我們同時採取由下而上的有機策略——這已經開始結果，在各個領域的人提出使用 AI 工具提升生產力的方法。我們也有由上而下的策略，有一個專責團隊在做 AI，為業務帶來新的工具與工作流程。

And I think when you take -- when you consider just from a high level, the media business, beyond our newsrooms and our content creators and our orders. Almost everything else, you could see being facilitated or automated by AI because we don't deal in any sort of hard goods or products. It's really just information and bits going back and forth and largely people in front of computer screens. Now the content creators, those are the differentiators, right? But over time, you're going to see a lot of the other roles within -- certainly at Sinclair, and I imagine a lot of other media companies will follow suit, and we see a lot of potential for that in terms of creating greater efficiencies, but also opening up capacity for new revenue streams as well.

我認為，從高層次來看媒體業，除了我們的新聞編輯室、內容創作者以及我們的……（原文：orders）之外，幾乎其他所有事情你都可以想像會由 AI 來促成或自動化，因為我們不涉及任何實體商品或產品。我們處理的基本上只是資訊與位元在來回傳遞，主要是人坐在電腦螢幕前工作。當然，內容創作者才是差異化所在，對吧？但隨著時間推移，你會看到許多其他職能——至少在 Sinclair，且我想很多其他媒體公司也會跟進——我們在這方面看到很大的潛力，不僅能創造更高效率，也能釋放產能以開拓新的營收來源。

Yes. If I could maybe add on to that a little bit. The application of AI is not just in cost reduction. I think it's fundamentally reimagining and reinventing how we do things structurally. I think that's the way to look at it for this to be sustainable, and that's how we are looking at it.

是的，如果可以的話我再補充一點。AI 的應用不只是用來降低成本。我認為它是在根本上重新想像並重塑我們在結構上如何做事。我覺得要讓這件事可持續，就應該用這種角度來看，而這也是我們的看法。

And as Chris also mentioned, there are significant applications of the technology on the revenue growth side of it also. So I wouldn't take a very holistic view on it. We have been working with the technology for several years now. We have iterated on it, and we have some interesting opportunities in the pipeline that we are working with. So rest assured, like Chris mentioned at the start of his answer, this is not just a statement for us, it's actually true.

另外，正如 Chris 也提到的，這項技術在營收成長端也有很重要的應用。所以我不會只用單一面向看待它，而是會用非常整體的觀點。我們已經與這項技術合作／投入好幾年了，也持續迭代，並且有一些正在推進、相當有意思的機會在管線中。因此請放心，正如 Chris 在回答一開始所說，這對我們不是口號，而是確有其事。

Yes. I'll just add that trying to paint a picture of the revenue side is with our podcast just as one of our content creators, Tracy McGrady and Vince Carter, they have the big following in China, they're using AI tool sets to be able to convert their English language from English to Chinese and allow it to be distributed in China. There's just one opportunity that opens up what we're doing on a global basis, not just the United States basis. And that's what excites us about some of this technology. While we can put it in and we'll put it into the operations to make it more efficient, we're going to get greater velocity from these AI tool sets.

是的。我再補充一下，試著描繪營收端的例子：以我們的 Podcast 為例，作為內容創作者之一，Tracy McGrady 和 Vince Carter 在中國有很大的粉絲群，他們正在使用 AI 工具組合，把英文內容從英文轉成中文，並讓它能在中國發行。這只是其中一個機會，讓我們能在全球範圍內運作，而不僅僅是美國。這也是這些技術讓我們感到興奮的地方。當然我們會把它導入營運以提升效率，但我們也會從這些 AI 工具組合中獲得更高的速度與動能。

We've reached the allotted time for Q&A. I will now hand the conference back to Chris Ripley for closing remarks.

我們已到達問答時間上限。現在我將把會議交回 Chris Ripley 作結語。

Thank you, operator. We want to thank everyone for joining us for our Q1 earnings call. To the extent you have any follow-up questions that weren't already answered, please don't hesitate to reach out to us.

謝謝，接線員。我們也感謝各位參加我們第一季（Q1）財報電話會議。如果你們還有任何先前未能解答的後續問題，請隨時與我們聯繫。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation

謝謝。各位，今天的活動到此結束。您現在可以中斷連線，祝您有美好的一天。感謝您的參與。