The Latest Breaking News from Chris Ripley

Sinclair Broadcast Group said it earned $2.59 billion — yes, with a B — in the first quarter as it “deconsolidated” its local sports segment from its financial statements.

Sinclair Broadcast Group, Inc (NASDAQ:SBGI) reported a first-quarter FY21 revenue decline of 14.8% year-on-year to $1.29 billion, missing the consensus of $1.53 billion. Total advertising revenues of $371 million were inline Y/Y. Distribution revenues of $873 million declined 21.3% Y/Y. Adjusted operating income increased 70% Y/Y to $114 million. EPS was $35.39 versus…

Sinclair Broadcast Group Inc (NASDAQ:SBGI) reported a fourth-quarter FY21 revenue decline of 2% year-on-year to $1.48 billion, missing the consensus of $1.56 billion. Lost revenues due to the cyber incident and the absence of political revenues in a non-political year affected the revenue growth. Total advertising revenues of $383 million decreased 31% Y/Y.…