5 Stocks That Credit Markets Expert Steve Ketchum Likes

3. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

Sound Point maintained its Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) position of 38,409 shares during Q3, owning a stake in the company valued at $1.22 million as of September 30. 19 hedge funds were long SBGI at the end of Q3, down from 29 at the end of 2020 and 43 at the end of 2017.

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)’s forthcoming streaming app just received a huge boost as the company finalized an agreement with the NBA that will allow Sinclair to stream games of the 16 NBA teams to which it has the local market rights. Sinclair has a similar deal in place with the NHL, while it continues to work on expanding its MLB deal as it looks to build a leading sports streaming destination for cord-cutters. Sinclair’s ad recovery continued to be strong in Q3, as core advertising grew across both its sports and broadcast segments during the quarter.