Sinclair Broadcast Group Revenues, Income Down For First Quarter 2021

Down For The Quarter

SINCLAIR BROADCAST GROUP, INC. first quarter 2021 consolidated total revenue decreased 6% year-to-year to $1.511 billion, leading to net income falling from a gain of $123 million to a loss of $12 million ($1.35 to -16 cents/diluted share) and a 35% drop in Consolidated Adjusted EBITDA to $182 million. Total advertising revenues fell 7% to $371 million due to decreased political spending; core advertising revenues, which exclude political, rose 3% to $367 million. The company does not break out results from its SEATTLE radio cluster, its only radio properties.

“Results for the quarter were much better than expected and reflect a strong recovery in the core advertising market, cost controls and timing of games played,” said Pres./CEO CHRIS RIPLEY. “We are optimistic that the rebound in advertising spending bodes well for the rest of the year, where we are lapping easy comparisons to the prior year, which was significantly impacted by the pandemic.”

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

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