The Latest Breaking News from Sinclair

After a corporate reorganization involving its regional sports networks, Sinclair Broadcast Group is on solid footing, even in the face of a potential recession, the company’s CEO told shareholders Thursday.

CHICAGO — When the Chicago Cubs announced they were leaving their old TV home to start their own network, it was viewed by some as a prudent business decision that would create another vital revenue stream.

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…

While Sinclair Broadcast Group Inc (NASDAQ: SBGI) is a diversified media company, providing high-quality content via its local television stations, sports networks and digital platforms, the market seems to be valuing it as a traditional television broadcaster, according to EF Hutton.

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.…