Sinclair Broadcast Group Revenues Up, Income Off For Third Quarter

Q3

SINCLAIR BROADCAST GROUP third quarter 2019 total revenues increased 47% year-to-year to $1.125 billion, with media revenues up 47% to $1.07 billion, despite political revenues dropping from $70 million to $6 million. Distribution revenues doubled from $331 million to $679 million, and digital revenues increased 36%. Net income attributable to the company went from a gain of $64 million to a loss of $60 million (62 to -64 cents/diluted share). Results from the company's radio stations in SEATTLE were not broken out in the financial release.

Pres./CEO CHRIS RIPLEY 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."

The company's Board of Directors has also declared a quarterly cash dividend of $0.20 per share on SINCLAIR's Class A and Class B common stock, payable on DECEMBER 16th to shareholders of record on NOVEMBER 29th.

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