Sinclair Second-Quarter Revenues Rise As Tribune Deal Hangs In The Balance

Waiting

While its acquisition of TRIBUNE MEDIA remains in peril, SINCLAIR BROADCAST GROUP saw revenues for its present portfolio rise 11.9% year-to-year in second quarter to $730.1 million, with net income attributable to the company falling from $44.6 million to $28 million (43 to 27 cents/diluted share), including $39 million in gross ticking fee costs related to the TRIBUNE deal. Revenues for the company's radio properties in SEATTLE are not broken out in its earnings releases.

Pres./CEO CHRIS RIPLEY said, "Second quarter results came in well ahead of guidance in all key financial metrics, and we expect the second half of the year to continue to be robust, underlined by increasing distribution revenues and strong political advertising spend.  This year's mid-term elections are expected by many to have the most spending in U.S. history with broadcast television a primary beneficiary.  In regards to the acquisition of TRIBUNE MEDIA COMPANY, we are working with them to analyze approaches to the regulatory process that are in the best interest of our companies, employees and shareholders."

SINCLAIR's Board of Directors also declared an 18 cents/share quarterly cash dividend, payable SEPTEMBER 17th to shareholders of record on AUGUST 31st.

« see more Net News