Sinclair Broadcast Group this morning reported that its third quarter 2019 media revenues grew 47% to $1.070 billion. Breaking down the media revenue:
- Political revenues were $6 million versus $70 million in 3Q 2018, an election year.
- Distribution revenues were $679 million versus $331 million.
- Revenues from digital businesses grew 36%
For the company as a whole, total revenue increased 47% to $1,125 million versus $766 million in 3Q 2018.
The company reported a net loss of $60 million versus net income of $64 million in the prior year period.
Operating income was a $6 million loss including $214 million of non-recurring costs for transaction fees, legal, litigation, and regulatory adjustments, versus operating income of $158 million in the prior year period, which included $13 million of adjustments.
Diluted earnings per common share were $(0.64) as compared to $0.62 in the prior year period.
Chris Ripley, president-CEO, said: “This past quarter marks a defining moment for Sinclair with the acquisition of 21 regional sports network brands, the largest transaction in our company’s history and establishing us as a leader in local sports and news, two of the most watched live content genres.
“Our legacy broadcast business, meanwhile, outperformed on all key financial targets in the third quarter. Looking ahead to 2020, we expect to benefit from our biggest political ad revenue year on our record, the successful launch of Marquee with the Chicago Cubs, and a seamless integration of our newly acquired RSNs.”
Read the company’s report here.
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