Sinclair Broadcast Group Revenues Rise In Third Quarter

Q3 Results

SINCLAIR BROADCAST GROUP third quarter consolidated total revenue increased 37% year-to-year to $1.539 billion, driven by the addition of the FOX SPORTS regional cable sports networks and FOX COLLEGE SPORTS last AUGUST, plus political advertising revenue. Operating loss excluding impairment charges narrowed from $208 million to $61 million. Net loss attributable to the company was widened from $60 million to $3.21 billion versus net loss of $60 million, but excluding adjustments, SINCLAIR had net income of $161 million. The company does not break out results for its radio properties, News KOMO-A-F, News-Talk KVI-A, and Hot AC KPLZ (STAR 101.5)/SEATTLE.

"Driven by stronger than expected political and sports advertising revenue, and stringent cost control measures during the pandemic, Sinclair's results for the quarter, excluding the impairment, exceeded our expectations and guidance," said Pres./CEO CHRIS RIPLEY.  "While core advertising trends in our Broadcast segment continue to face challenges due to the pandemic, we did see improvement as we moved through the quarter, despite having to balance strong political demand that competed for inventory.

"COVID-19 has also exacerbated subscriber churn which has impacted results; however, SINCLAIR has numerous initiatives that are expected to be drivers of growth in the years ahead.   These include a new sports app planned to launch by the beginning of the baseball season in the spring of 2021, the continued roll-out of NEXTGEN TV expected to be available in approximately 45 markets by the end of 2021, and the premier(e) of THE NATIONAL DESK, our new headline news service launching in early 2021. We believe these initiatives, our free, over-the-top ad-supported digital platform STIRR, gamification and direct to consumer and legalized sports betting opportunities that the company is exploring, position SINCLAIR for continued success in the years ahead."

SINCLAIR's board of directors has also declared a quarterly cash dividend of $0.20 per share on its Class A and Class B common stock, payable DECEMBER 15th to shareholders of record on DECEMBER 1st.

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