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TVB Staff / 11.24.2008 12:00AM
Sinclair Reports Small 3Q Uptick
Sinclair Broadcast Group (NASDAQ: SBGI) reported revenues of $150.1 million for 3Q, ending Sept. 30, up one-half a percent from $149.4 million a year ago and in line with Sinclair’s guidance. Net income came in at $11.7 million versus $9.9 million a year ago.
Political ads generated $8.7 million for SBGI compared to $1.1 million last year. Retransmission consent yielded $18 million.
Excluding political, local was down 1.7 percent (no figure given)--the category represents 68.6 percent of SBGI’s ad revenues. National was down nearly 14 percent compared to last year. Automotive, representing more than 18 percent of time sales, was down more than 15 percent for the quarter.
SBGI gave 4Q guidance of declining revenues in the low single digits, though political ad sales are expected to total around $25.6 million, or $41 million for the year--a record for Sinclair.
Shares of SBGI were trading mid-day at just under $3.
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Thursday 12:00AM
Broadcasters File Suit Against FCC’s Political File Rules
“The FCC decision to put the political files online will bring broadcasters into the 21st century, and will make already public information more easily accessible to everyone.” Free Press Senior Policy Counsel Corie Wright.