Sinclair Broadcast Group Q1 Revenues Rise
April 29, 2013 at 12:40 PM (PT)
SINCLAIR BROADCAST GROUP, awaiting the takeover of FISHER COMMUNICATIONS' radio and television operations, reported first quarter net broadcast revenues up 32.5% to $252.9 million, with net income down about 42% to $17 million (21 cents/share). Local net broadcast revenues rose 32.8% (40% not including political ads), with national up 31.5% (33.2% not including political). Same station local net revenues rose 7.1%, and national fell 1.4%.
The company has also commenced a public offering of 14 million shares of Class A common stock and declared a 15 cents.share quarterly dividend. SINCLAIR is in the pricess of buying several TV stations from BARRINGTON BROADCASTING GROUP and COX MEDIA GROUP and is selling stations in SYRACUSE and PEORIA; In addition to the $373.3 million FISHER purchase, the company has former a new operating unit, CHESAPEAKE TELEVISION, INC., to buy TV stations in small markets. The company also recently closed on the sale of TV stations in LANSING and PROVIDENCE.