NEW YORK (TheStreet) -- Shares of Sinclair Broadcast Group Inc. (SBGI) are gaining 13.99% to $33.33 in mid-morning trading today, along with other TV broadcasting stocks, after the U.S. Supreme Court ruled against the online video streaming company Aereo, saying it violated copyright laws.
The Supreme Court Justices voted 6-3 against Aero saying online services cannot stream copyrighted TV programs without paying licensing fees, according to the Los Angeles Times.
Additionally, on June 23 Sinclair announced it entered into two agreements to sell the assets of its WHTM-TV to Media General (MEG) and WTAT-TV to Cunningham Communications for a combined total of $97.4 million.
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Separately, TheStreet Ratings team rates SINCLAIR BROADCAST GP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SINCLAIR BROADCAST GP (SBGI) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, robust revenue growth and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including relatively poor performance when compared with the S&P 500 during the past year and generally higher debt management risk."