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.
Get the TV Tech Newsletter
The professional video industry's #1 source for news, trends and product and tech information. Sign up below.