It was an up-and-up day for Sinclair Broadcast Group shares on Thursday, thanks largely to its announcement that a new retransmission consent agreement has been signed with AT&T for its AT&T TV NOW vMVPD, U-Verse MVPD and DirecTV DBS offerings for the next few years.
At the Closing Bell on Nasdaq, SBGI was up 3.04% to $42.66.
It’s an important step in the right direction for Sinclair, which bears a 1-year target estimate of $59.11 and on Oct. 8 dipped to $38.62, its lowest price in six months.
On May 10, SBGI rose as high as $61.81 — largely on news that it was grabbing the FOX regional sports networks it needed to spin in order for The Walt Disney Co. to complete a merger between ABC and FOX.
Year-to-date, SBGI is still a winner, as it started 2019 at $28.39 per share.