Sinclair Broadcast Group reported higher second-quarter earnings as revenue rose.
Net income increased to $42 million, or 45 cents a share, from $28 million, or 27 cents a year ago, a year ago. A year ago, the company had larger costs for legal, regulatory and transactions as it attempted to complete its ultimately failed acquisition of Tribune Media.
Revenue rose 5.6% to $771 million, despite a drop in political revenue to $3 million from $28 million a year ago. Media revenue was up 3.6% to $721 million and distribution revenue rose to $367 million from $319 million a year ago. Revenue from the company’s digital businesses increased 30%.
"We continue to make great strides in the transformation of Sinclair to a diversified media company," said CEO Chris Ripley.
"We have closed on the bond financing and successfully syndicated the bank financing to fund the acquisition of the Fox RSNs, which we anticipate, subject to regulatory approval, will close during the third quarter of 2019," Ripley said. “On the broadcast side, we achieved, and in some cases exceeded, our second quarter guidance in all key financial metrics, and we renewed a multi-year carriage agreement with one of the country's largest multi-video program distributors. As a leading news organization, our stations have won 328 news awards so far this year."
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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