Sinclair Broadcast Group reported preliminary net broadcast revenue results for the third quarter of 2008, posting revenues of $150.1 million—essentially flat over the third quarter of 2007. That includes $8.7 million in political advertising.
Final third quarter results are announced November 5.
Sinclair President/CEO David Smith said a dismal economic outlook for the nation pushed Sinclair to change strategy. "The deepening economic turmoil that has recently thrown the financial markets into a state of crisis, diminished equity market values, dried up liquidity, and slowed advertising spending levels, has caused us to reconsider our value opportunities,” he said. “During the third quarter, we repurchased in the open market 2.7 million shares of our class A common stock, $22.3 million face value of our 8% senior subordinated notes and $12.0 million face value of our 6% subordinated convertible bonds."
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