Sinclair Reports Loss During Third Quarter
Sinclair Broadcast Group reported a third-quarter loss as an increase in corporate operating expenses more than offset gains in revenue.
The company’s net loss was $60 million, or 64 cents a share, compared to net income of $64 million, or 62 cents, a year ago.
Revenue rose 47% to $1.125 billion. The company said media revenue increased 37% to $1.1 billion and political revenue fell to $6 million from $70 million during the 2018 election year quarter.
Distribution revenue doubled to $697 million from $331 million a year ago.
Digital revenue rose 36%.
“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,” commented Chris Ripley, president and CEO. “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.”
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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.